Hong Kong to Educate Public on Crypto and ICOs

Hong Kong authorities have launched a campaign to educate the public on the risks associated with ICO and cryptocurrency investment.

Kicking off yesterday, the campaign started on Jan. 29 and 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).

Aiming to reach citizens via a range of channels, including the city's metro system, TV and social media, the campaign comes as the latest government-led initiative in offering the public a holistic understanding of ICO and cryptocurrency investment following the recent rise in market interest.

"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.

In addition, the IEC has made ICO- and cryptocurrency-related resources available to the public through its website, called the Chin Family.

The initiative also follows recent warnings from the SFC which specified in September last year that tokens issued through ICOs could be regarded and thus regulated as securities. The financial regulator also stated last month that only licensed firms are allowed to offer bitcoin futures and other cryptocurrency-related financial instruments.

Hong Kong road crossing image via Shutterstock