The Hong Kong Securities and Futures Commission has sent letters to seven cryptocurrency exchanges regarding their listings of securities tokens without a license. Most of the exchanges took immediate rectification measures, including removing problematic cryptocurrencies from their platforms.
Hong Kong Takes Action.
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Hong Kong Cracks Down on Securities Tokens - 7 Exchanges Targeted
REGULATION
5 hours ago | Kevin Helms | 7100 | 4
Hong Kong Cracks Down on Securities Tokens – 7 Crypto Exchanges Targeted
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The Hong Kong Securities and Futures Commission has sent letters to seven cryptocurrency exchanges regarding their listings of securities tokens without a license. Most of the exchanges took immediate rectification measures, including removing problematic cryptocurrencies from their platforms.
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Hong Kong Takes Action
Hong Kong Cracks Down on Securities Tokens - 7 Crypto Exchanges TargetedThe Hong Kong Securities and Futures Commission (SFC) announced on Friday that it “has taken regulatory action against a number of cryptocurrency exchanges and issuers of ICOs.”
The agency sent letters to seven cryptocurrency exchanges in Hong Kong or in connection with Hong Kong, warning “them that they should not trade cryptocurrencies which are ‘securities’ as defined in the Securities and Futures Ordinance (SFO) without a licence.”
This regulatory action follows the FSC’s warning last September that digital tokens may be considered securities as defined by the SFO, “and subject to the securities laws of Hong Kong.”