MAY 23, 2023
Hong Kong SFC concludes consultation on regulation of virtual asset trading platforms, what are the seven key points?
by Colin Wu, WuBlockchain
Regarding the comments on the requirement for a non-security token to have at At least a 12-month track record, this requirement was proposed specifically due to the inherent difficulties platform operators may face when conducting due diligence. While a 12-month requirement may not have prevented the recent collapses of some tokens, this requirement aims to reduce the risk of reasonably hard-to-detect Fraud as well as the possible impact on the price of a token of the marketing efforts leading up to its initial offering, especially since token offerings are generally unregulated and not subject to the safeguards which are present in the traditional securities markets.
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