With cryptocurrency gaining traction it is important to know about all its aspects. The Hong Kong government has therefore taken it upon itself to educate its citizens about the risks associated with ICO and cryptocurrency investment.
The campaign that was started on the 29th of January this year was launched by the government’s Financial Services and the Treasury Bureau (FSTB) and the Investor Education Centre (IEC), a subsidiary of the Securities and Futures Commission (SFC).
To provide the public with a thorough understanding ICO and cryptocurrency the government in leaving no stones unturned. The campaign aims to reach all of the public through a variety of media, including the city’s metro system, TV and social media. ICO- and cryptocurrency-related resources will also be made available to the public by the IEC through its website, called the Chin Family.
“Through this series of public education initiatives, the government aims to provide the public with a correct and comprehensive understanding of ICOs and ‘cryptocurrencies’, so that they can thoroughly assess the risks before making transactions or investment decisions,” said Joseph Chan, the under secretary of the FSTB.
Recent warnings from the SFC in September last year suggesting that tokens issued through ICOs could be regarded and thus regulated as securities were also addressed by the government led initiative. The financial regulator also stated last month that only licensed firms are allowed to offer bitcoin futures and other cryptocurrency-related financial instruments.