The Securities and Futures Commission of Hong Kong stated，Some futures and commodity exchanges in the United States have launched or will soon launch Bitcoin futures contracts，Hong Kong investors can also trade these contracts through intermediaries。
However，Providing trading services and related services (including …【市商网2017年12月12日讯】 香港证监会表示，Some futures and commodity exchanges in the United States have launched or will soon launch Bitcoin futures contracts，Hong Kong investors can also trade these contracts through intermediaries。
However，The provision of trading services and related services (including conveying or transmitting trading instructions) in respect of these contracts to Hong Kong investors constitutes a regulated activity，regardless of whether the relevant business is located in Hong Kong，are required to apply for a license from the Securities and Futures Commission。Ms. Leung Fengyi, Executive Director of the Intermediaries Department of the Hong Kong Securities and Futures Commission said：“Persons or institutions that pass relevant Bitcoin futures contract trading instructions to Hong Kong investors without applying for relevant licenses from the Securities and Futures Commission may commit criminal offences.。
"The Securities and Futures Commission of Hong Kong also reminds investors to pay attention to，Customer assets have been stolen or misappropriated on cryptocurrency trading platforms.，Some platforms have also closed down。Other risks of buying and selling cryptocurrency-related products include illiquidity、High price volatility and potential market manipulation。Investors should consider these factors，Carefully weigh your own risk tolerance。
The following is a reminder from the Hong Kong Securities and Futures Commission on cryptocurrency-related products and derivatives. The Securities and Futures Commission (SFC) today issued a circular.，Investors are urged to be aware of the risks associated with Bitcoin futures contracts and other cryptocurrency-related investment products (Note 1)，It also reminds financial service providers to pay attention to the legal and regulatory requirements when targeting Hong Kong customers.。
The circular stated，Some futures and commodity exchanges in the United States (Note 2) have launched or will soon launch Bitcoin futures contracts，Hong Kong investors can also trade these contracts through intermediaries。However，The provision of trading services and related services (including conveying or transmitting trading instructions) in respect of these contracts to Hong Kong investors constitutes a regulated activity，regardless of whether the relevant business is located in Hong Kong，All companies must apply for a license from the Securities and Futures Commission (Note 3)。
Ms. Liang Fengyi, Executive Director of the Intermediary Department of the China Securities Regulatory Commission, said：“Persons or institutions that pass relevant Bitcoin futures contract trading instructions to Hong Kong investors without applying for relevant licenses from the Securities and Futures Commission may commit criminal offences.。
China Securities Regulatory Commission warns investors，When buying and selling cryptocurrency futures contracts and other related investment products，The speculative nature of the underlying assets (i.e. cryptocurrencies) and the leverage inherent in these products，May cause significant price fluctuations，and exacerbating the risk of illiquidity。"in addition，Investors should also pay attention to，Customer assets have been stolen or misappropriated on cryptocurrency trading platforms.，Some platforms have also closed down。
Other risks of buying and selling cryptocurrency-related products include illiquidity、High price volatility and potential market manipulation。Investors should consider these factors，Carefully weigh your own risk tolerance。Remark：1.Bitcoin futures contracts offered by regulated exchanges have the traditional characteristics of “futures contracts” as defined in the Securities and Futures Ordinance。
Even if the underlying assets are not regulated by the Securities and Futures Ordinance，But as far as the Securities and Futures Ordinance is concerned，These Bitcoin futures trades are still considered “futures contracts”。
- These exchanges are regulated by the U.S. Commodity Futures Trading Commission，And obtained approval from the China Securities Regulatory Commission to provide automated trading services。
- Persons or institutions operating Bitcoin futures contract trading business (including those who convey or transmit trading instructions for them) unless exempted，Otherwise, you must be licensed to carry out Type 2 regulated activity (dealing in futures contracts)。Funds promoting investment in Bitcoin would generally constitute Type 1 regulated activity (dealing in securities)，The management of such funds may constitute Type 9 regulated activity (provision of asset management)。
Advising on Bitcoin futures contracts may also constitute Type 5 regulated activity (Advising on futures contracts)。
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