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Hong Kong's Securities and Futures Commission to Update Virtual Currency Sales Policies and Requirements

The Securities and Futures Commission (SFC) of Hong Kong will be updating its policies on virtual currency sales and requirements due to recent market developments and industry inquiries. The updated guidelines will limit certain virtual currency products to professional investors and require intermediaries to assess their clients' knowledge of investing in virtual assets before handling transactions. The SFC considers virtual assets to be complex products and subject to the same guidelines as similar financial products. The update comes after the JPEX crypto exchange scandal, and the SFC's increased efforts to keep crypto investors informed of risks.

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