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Hong Kong’s Securities and Futures Commission (SFC) has issued a cautionary statement, alerting the public to be wary of high-yield crypto investment schemes including the “Floki Staking Program” and “TokenFi Staking Program.”  SFC warn investors  According to a recent announcement, the Hong Kong Securities and Futures Commission (SFC) has made it clear that both the “Floki Staking Program” and “TokenFi Staking Program” lack authorization for offering to the Hong Kong public.  The regulator says both offerings involve crypto currency staking services that claim to deliver notably high annualized returns, ranging from 30% to over 100%, therefore, investors must exercise caution and diligence in light of these potentially suspicious schemes. Additionally, the administrator overseeing these products has been unable to satisfy the SFC regarding the feasibility of achieving the high annualized return targets. Highlightin...

In response to the ongoing Crypto scandal in Hong Kong involving the JPEX Crypto exchange, a collaborative effort has been initiated. This joint endeavor brings together the Hong Kong Police Force (HKPF) and the Securities and Futures Commission (SFC), establishing a dedicated Crypto -focused task force to tackle illicit Crypto exchange activities. In a statement released on October 4th, the SFC revealed that this alliance was formed following a meeting held on September 28th with the HKPF. This development comes in the midst of ongoing arrests and evolving events connected to the Dubai-based JPEX exchange. Just prior to this pivotal meeting, 11 individuals were apprehended for questioning regarding their potential involvement in the JPEX scandal. The SFC has accused the firm of promoting its services within the region without the necessary license. The primary objective of this collaborative working group is to elevate the level of monitoring and investigation concerning ill...

Hong Kong -based financial service firm HashKey ’s $100 million digital asset fund is set to significantly invest in Altcoins . Contrarily, less than half of the fund’s holdings will be in Bitcoin and Ethereum. Revealing the reason behind this move, the company’s Portfolio Manager, Jupiter Zheng, said that the fund’s goal was to outperform the market leader, Bitcoin. The entity will draw on its crypto venture investment experience to diversify allocations to Altcoins . Zheng revealed that a part of the fund’s holdings will also be in cash. Also Read: U.S.’s First Futures Bitcoin ETF Reacts Ironically: Nullifies 7% Spike Investors Wish to Chase ‘Alpha’ Returns in Crypto: HashKey Portfolio Manager The fund was launched by asset manager HashKey on Friday, Sept. 1. Zheng said that potential clients, especially high-net-worth individuals and investment firms catering to rich Asian families, have already been roped in. HashKey has over $1 b...

Hong Kong has already taken serious steps to develop the Web3 industry and its Financial Secretary says now is the right time to keep moving forward. Now is the "right time" for Hong Kong to push forward with Web3 despite the crypto market fluctuations, according to the Financial Secretary of Hong Kong, Paul Chan. In an April 9 blog post, Chan explained that one of the three major directions he has proposed in the city's budget was for the further development and application of Web3. Translated, Chan wrote that for " Web3 to steadily take the road of innovative development" Hong Kong will "adopt a strategy that emphasizes both 'proper regulation' and 'promoting development.'" Chan says the region also plans to focus on financial security, preventing systemic risks and focus on investor education, protection, and measures around anti-money laundering. Paul Chan appearing via Zoom to deliver opening remarks for a Hong Kong financial co...