Hong Kong Securities and Futures Commissionissue circular，Point out that some futures and commodity exchanges in the United States have launched or will soon launch Bitcoin futures contracts，Hong Kong investors can trade these contracts through intermediaries。However，Providing trading services and related services (including conveying or transmitting trading instructions) to Hong Kong investors in relation to these contracts constitutesregulated activities。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. Liang Fengyi, Executive Director of the Intermediary Department of the China Securities Regulatory Commission emphasized that，A person or institution that delivers relevant Bitcoin futures contract trading instructions to Hong Kong investors without applying for a relevant license from the Securities and Futures Commission.，possible criminal offense。
The China Securities Regulatory Commission also warned investors，When buying and selling cryptocurrency futures contracts and other related investment products，There are a number of significant risks that must be noted。The speculative nature of the underlying asset (i.e. the cryptocurrency) itself，Leverage built into stacking products，May cause significant price fluctuations，and intensify the risk of insufficient liquidity。also，Customer assets have been stolen or misappropriated on cryptocurrency trading platforms，Some platforms have also closed down。Buying and selling cryptocurrency-related products also faces lack of liquidity、Risks such as high price volatility and potential market manipulation。Investors should carefully weigh their risk tolerance，prudent decision making。
License categories and regulatory requirements for Bitcoin futures contracts
- 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”。The relevant exchanges are regulated by the U.S. Commodity Futures Trading Commission，And has been approved by 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, a license is required to carry outType 2 regulated activity(Futures contract trading)。
- Funds promoting investment in Bitcoin typically constituteType 1 regulated activity(Securities trading)，The management of such funds may constituteType 9 regulated activity（Provide asset management）。
- Providing advice on Bitcoin futures contracts，may also constituteType 5 regulated activity(Advising on futures contracts)。
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