Page 245 - 《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

“collective investment scheme” (CIS) (Note 2).

Where an NFT constitutes an interest in a CIS, marketing or distributing it may

constitute a “regulated activity” (Note 3). Parties carrying on a regulated activity,

whether in Hong Kong or targeting Hong Kong investors, require a licence from the

SFC unless an exemption applies (Note 4).

In addition, where an arrangement in relation to an NFT involves an offer to the

Hong Kong public to participate in a CIS, authorisation requirements under the SFO

may also be triggered.

Notes:

1. As defined in Section 1 of Part 1 of Schedule 1 to the Securities and

Futures Ordinance (SFO).

2. As defined in Schedule 1 to the SFO, a “CIS” generally has four

elements: it must involve an arrangement in respect of property; participants
do not have day-to-day control over the management of the property; the

property is managed as a whole by or on behalf of the person operating the

arrangements or the contributions of the participants and the profits or

income from which payments are made to them are pooled; and the purpose

or effect of the arrangement is for participants to participate in or receive

profits, income or other returns from the acquisition or management of the

property.

3. “Regulated activities” are specified in Part 1 of Schedule 5 to the

SFO.

4. Information for businesses which intend to engage in regulated

activities involving virtual assets is available from the SFC Fintech Contact
Point.

https://apps.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?

refNo=22PR34

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