Page 244 - 《期货和衍生品行业监管动态》（2022年合集）

期货和衍生品行业监管动态

2. 《证券及期货条例》附表 1 所界定的“集体投资计划”一般包含四

项要素：须涉及就财产而作出的安排；参与者对所涉财产的管理并无日

常控制；该财产整体上是由运营有关安排的人或代该人管理的，或参与

者的供款和用以付款给他们的利润或收益是汇集的；及有关安排的目的

或作用是使参与者能够分享或收取从上述财产取得或管理而产生的利润、

收益或其他回报。

3. “受监管活动”在《香港证券及期货条例》附表 5 第 1 部有所指明。

4. 有意从事涉及虚拟资产的受监管活动的公司，可以从金融科技联

络办事处网页获取相关资料。

SFC Reminds Investors of Risks Associated with Non-fungible Tokens (2022/6/6)

The Securities and Futures Commission (SFC) wishes to remind investors of the

risks associated with investing in non-fungible tokens (NFTs), which have increased

in popularity in recent years.

As with other virtual assets, NFTs are exposed to heightened risks including

illiquid secondary markets, volatility, opaque pricing, hacking and fraud. Investors

should be mindful of these risks, and if they cannot fully understand them and bear

the potential losses, they should not invest in NFTs.

The majority of NFTs which the SFC has observed are intended to represent a

unique copy of an underlying asset such as a digital image, artwork, music or video.

Generally, where an NFT is a genuine digital representation of a collectible, the

activities related to it do not fall within the SFC’s regulatory remit.

However, the SFC has recently noted NFTs which cross the boundary between a

collectible and a financial asset, for instance, fractionalised or fungible NFTs
structured in a form similar to “securities” (Note 1), or in particular, interests in a

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