fbpx
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA
Tuesday, March 28, 2023
Online Crypto College
CREATE FREE ACCOUNT
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Altcoin
    • Blockchain
    • Regulation
    • Trading
  • Learn Crypto For Free
  • Login
No Result
View All Result
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Altcoin
    • Blockchain
    • Regulation
    • Trading
  • Learn Crypto For Free
  • Login
No Result
View All Result
Online Crypto College
No Result
View All Result

Regulator in Hong Kong Warns Users Against NFT Trading Risks

June 7, 2022
in Blockchain
Reading Time: 2 mins read
A A
Regulator in Hong Kong Warns Users Against NFT Trading Risks
ShareShareShareShareShare

The Securities and Futures Commission (SFC) of Hong Kong has stepped up its awareness campaign and this time, it is in relation to the risks inherent in the trading of Non-Fungible Tokens (NFTs).

Related articles

Titanium Blockchain CEO Sentenced to Four Years in Prison

Titanium Blockchain CEO Sentenced to Four Years in Prison

March 28, 2023
Coinbase Identifies Four Key Innovations for its Layer-2 Network

Coinbase Identifies Four Key Innovations for its Layer-2 Network

March 27, 2023

As announced by the regulator, the trading of NFTs has soared in recent times with more Hong Kong residents getting aboard the bandwagon. The commission is admonishing investors not to participate in the trading of digital collectables if they do not fully understand the associated risks therein.

“The Securities and Futures Commission (SFC) wishes to remind investors of the risks associated with investing in non-fungible tokens (NFTs), which have increased in popularity in recent years,” the announcement reads, “As with other virtual assets, NFTs are exposed to heightened risks, including illiquid secondary markets, volatility, opaque pricing, hacking, and fraud. Investors should be mindful of these risks, and if they cannot fully understand them and bear the potential losses, they should not invest in NFTs.”

The SFC noted that NFTs are growing in popularity in Hong Kong and there are a number of NFTs that purely represents the digital representation of an underlying asset and in which case, it has little role to play in the trading of those assets. However, the regulator said there are NFTs that are portrayed as securities and these types must be licensed before it is offered to residents.

“The majority of NFTs which the SFC has observed are intended to represent a unique copy of an underlying asset such as a digital image, artwork, music, or video. Generally, where an NFT is a genuine digital representation of a collectible, the activities related to it do not fall within the SFC’s regulatory remit,” it said adding, 

“However, the SFC has recently noted NFTs which cross the boundary between a collectable and a financial asset, for instance, fractionalised or fungible NFTs structured in a form similar to ‘securities,’” in which case is required to be authorized.

Non-Fungible Tokens are continually becoming a major source of concern to regulators as there are no frameworks that govern them even in countries where crypto regulations are quite developed.

Image source: Shutterstock

Credit: Source link

ShareTweetSendPinShare
Previous Post

Australian mayor suggests crypto as tax payment option

Next Post

Lawsuit Claims US Labor Department’s Crypto Guidance Is Unlawful – Regulation Bitcoin News

Related Posts

Titanium Blockchain CEO Sentenced to Four Years in Prison

Titanium Blockchain CEO Sentenced to Four Years in Prison

March 28, 2023

In a cryptocurrency fraud scheme that took place in late 2017 and early 2018, investors purchased BARs, a crypto token,...

Coinbase Identifies Four Key Innovations for its Layer-2 Network

Coinbase Identifies Four Key Innovations for its Layer-2 Network

March 27, 2023

Coinbase, a leading cryptocurrency exchange, has outlined four critical innovations that should be built on its newly launched layer-2 network,...

Investors Flock to US Money Market Funds Amid Banking Crisis

Investors Flock to US Money Market Funds Amid Banking Crisis

March 27, 2023

As the global banking crisis continues to fuel concerns among investors, the popularity of US money market funds is surging....

Venezuela Shuts Down Crypto Mining Operations

Venezuela Shuts Down Crypto Mining Operations

March 27, 2023

Venezuela, a country known for its volatile political climate, has recently made headlines for shutting down several crypto mining facilities...

Euler Finance Hacker Returns Majority of Stolen Funds

Euler Finance Hacker Returns Majority of Stolen Funds

March 27, 2023

In a dramatic turn of events, the hacker behind the $196 million exploit on the lending protocol Euler Finance has...

Load More
Next Post
Lawsuit Claims US Labor Department’s Crypto Guidance Is Unlawful – Regulation Bitcoin News

Lawsuit Claims US Labor Department's Crypto Guidance Is Unlawful – Regulation Bitcoin News

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Crypto exchange Sushiswap receives SEC subpoena

Crypto exchange Sushiswap receives SEC subpoena

March 21, 2023
US Crypto Crackdown Could Stifle Innovation and Weaken Dollar

US Crypto Crackdown Could Stifle Innovation and Weaken Dollar

March 24, 2023
Binance Employees Reportedly Help Chinese Customers Bypass KYC Verification

Binance Employees Reportedly Help Chinese Customers Bypass KYC Verification

March 24, 2023
Congressman Emmer introduces bill providing ‘safe harbor’ to miners, developers and wallets

Congressman Emmer introduces bill providing ‘safe harbor’ to miners, developers and wallets

March 23, 2023
Dogecoin core developer announces libdogecoin 0.1.2 release

Dogecoin core developer announces libdogecoin 0.1.2 release

March 25, 2023

About Us

We provide the latest crypto news, trading tools, and up-to-date education to students and traders all over the world.

ENROLL FOR FREE

Latest Crypto Headlines

  • Titanium Blockchain CEO Sentenced to Four Years in Prison
  • Do Kwon’s Montenegro detention extended, registered Serbian company before arrest as fugitive
  • SD lawmakers fail to override Gov. Noem's cryptocurrency regulation veto – Fox News
  • Coinbase Identifies Four Key Innovations for its Layer-2 Network
  • Crypto Twitter reacts to CFTC lawsuit against Binance
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Altcoin
    • Blockchain
    • Regulation
    • Trading
  • Learn Crypto For Free
  • Login
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2022 - OnlineCryptoCollege.com - All rights reserved!

No Result
View All Result
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Altcoin
    • Blockchain
    • Regulation
    • Trading
  • Learn Crypto For Free
  • Login

© 2018 JNews by Jegtheme.

  • bitcoinBitcoin(BTC)$27,847.00-0.34%
  • ethereumEthereum(ETH)$1,764.22-0.74%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • tetherTether(USDT)$1.00-0.11%
  • binancecoinBNB(BNB)$328.680.48%
  • usd-coinUSD Coin(USDC)$1.00-0.09%
  • rippleXRP(XRP)$0.4876436.23%
  • cardanoCardano(ADA)$0.356168-1.16%
  • dogecoinDogecoin(DOGE)$0.0754450.37%
  • staked-etherLido Staked Ether(STETH)$1,760.54-0.76%
  • matic-networkPolygon(MATIC)$1.08-2.09%
  • binance-usdBinance USD(BUSD)$1.00-0.33%
  • solanaSolana(SOL)$20.65-1.09%
  • polkadotPolkadot(DOT)$6.060.22%
  • litecoinLitecoin(LTC)$92.33-1.53%
  • shiba-inuShiba Inu(SHIB)$0.0000110.92%
  • tronTRON(TRX)$0.064286-0.08%
  • avalanche-2Avalanche(AVAX)$16.92-1.74%
  • daiDai(DAI)$1.00-0.12%
  • uniswapUniswap(UNI)$5.80-0.04%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$27,900.00-0.23%
  • chainlinkChainlink(LINK)$7.18-0.76%
  • cosmosCosmos Hub(ATOM)$11.15-1.58%
  • ToncoinToncoin(TON)$2.163.72%
  • leo-tokenLEO Token(LEO)$3.39-1.80%
  • moneroMonero(XMR)$163.960.62%
  • ethereum-classicEthereum Classic(ETC)$20.12-0.78%
  • okbOKB(OKB)$43.223.02%
  • stellarStellar(XLM)$0.0949002.60%
  • Aerarium FiAerarium Fi(AERA)$7.15-13.10%
  • bitcoin-cashBitcoin Cash(BCH)$123.66-1.69%
  • filecoinFilecoin(FIL)$5.56-0.14%
  • AptosAptos(APT)$11.66-2.02%
  • true-usdTrueUSD(TUSD)$1.00-0.09%
  • lido-daoLido DAO(LDO)$2.20-1.14%
  • hedera-hashgraphHedera(HBAR)$0.060751-1.88%
  • quant-networkQuant(QNT)$123.670.53%
  • crypto-com-chainCronos(CRO)$0.068078-2.21%
  • nearNEAR Protocol(NEAR)$1.93-1.63%
  • vechainVeChain(VET)$0.022637-1.96%
  • ArbitrumArbitrum(ARB)$1.25-3.18%
  • apecoinApeCoin(APE)$4.01-3.08%
  • algorandAlgorand(ALGO)$0.206856-1.89%
  • internet-computerInternet Computer(ICP)$4.90-1.65%
  • blockstackStacks(STX)$0.94-3.66%
  • eosEOS(EOS)$1.140.44%
  • the-graphThe Graph(GRT)$0.139626-1.49%
  • fantomFantom(FTM)$0.439912-1.74%
  • the-sandboxThe Sandbox(SAND)$0.62-3.27%
  • elrond-erd-2MultiversX(EGLD)$42.35-0.76%