Page 760 - 《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

It is an offence (Note 5) under the SFO for a person to issue an advertisement,
invitation or document which is or contains an invitation to the Hong Kong public to

acquire an interest in or participate in a CIS, unless the issue has been authorised by

the SFC or an exemption applies. Moreover, it is also an offence (Note 6) under the

SFO for a person to carry on a business of marketing or distributing interests in a CIS

in Hong Kong or targeting Hong Kong investors without an SFC licence unless an

exemption applies.

The SFC takes breaches of the SFO seriously and will take robust enforcement

action promptly to safeguard investors’ interests.

Investors and parties engaging in VA Arrangements in doubt about the nature

and regulatory status of any VA platforms or VA Arrangements are advised to seek

professional advice.

Notes:

1.The Investor and Financial Education Council (IFEC), a subsidiary of the SFC,

has issued a range of investor education materials on VA warning investors of the

associated risks, including articles on VA deposits and unregulated VA platforms. For

more information, please visit the IFEC’s website:

https://www.ifec.org.hk/web/en/financial-products/fintech/ico-bitcoin/index.page

2.There are many different staking models available in the market, and the rights

and obligations of the users and the platform under each staking service arrangement

may be different. In some cases, users may deposit their VAs onto the platforms

which offer staking services and the platforms may, in return, pay each user the

respective staking rewards after a period of time.

3.Under the SFO, a “CIS” generally has four elements: (i) it must involve an

arrangement in respect of property; (ii) participants do not have day-to-day control
over the management of the property; (iii) the property is managed as a whole by or

on behalf of the person operating the arrangements and/or the contributions of the

participants and the profits or income from which payments are made to them are

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