Hong Kong’s financial regulator vowed to keep “policing” cryptocurrency and ICO markets Friday during a fresh warning to potential investors.
In an announcement from the territory’s Securities and Futures Commission (SFC), CEO Ashley Alder said that following a vetting of exchanges and ICO providers for compliance, “market professionals” should also play their role in ensuring the legality of token issuance and exchange. This echoes similar sentiments from US regulator the Securities and Exchange Commission (SEC) in December.
“We will continue to police the market and enforce when necessary,” he commented. “But we are also urging market professionals to do proper gatekeeping to prevent frauds or dubious fundraising and to assist us in ensuring compliance with the law.”
Hong Kong has sought to strike a balance between permissiveness and investor protection regarding cryptocurrency and ICO regulation.
In contrast to mainland China, where crypto trading and ICOs are…