Hong Kong's law to Regulate Crypto Money Funds

By HowToVids | Crypto Blockchain News | 6 Oct 2019


Working on crypto laws going on in almost every country. Governments either working to create laws for the convenience of the people and institutions for trading and managing digital currency data. Or some countries and individuals working and creating laws for the ban of crypto as not considering the crypto as a currency. Both have their own opinions.

Hong Kong’s securities and Exchange creating laws for the crypto funds to regulate and manage them. It's done in difficult political situations. But it was now necessary due to unpredicted crypto trading in the last days.

The Law framework says that:
“Participation in Initial Offerings

Where a Virtual Asset Fund Manager participates in an initial offering of Virtual Assets on behalf of funds managed by it, it should ensure that:

(a) the allocation of Virtual Assets received in the offering provides for a fair and equitable allocation amongst the funds it manages;

(b) preferential allocations are prohibited; and

(c) records of (i) the intended basis of allocation before a transaction is effected; (ii) the actual allocation after the transaction is effected; and (iii) the reasons for the differences between the intended and actual allocations, are made.”

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