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Hong Kong’s SFC has issued a document warning traders against using unlicensed third parties as an intermediary through to trade bitcoin futures.
The document states “Bitcoin Futures have been or will soon be launched by certain well-established futures and commodities exchanges in the United States which are regulated by the U.S. Commodity Futures Trading Commission and authorized by the Securities and Futures Commission (“SFC”) to provide automated trading services. Hong Kong investors may be able to trade in Bitcoin Futures through an intermediary which is a member of these exchanges…...The industry is reminded that a party is required to have an appropriate license with the SFC if it provides any other business services relating to Bitcoin Futures which constitute a ‘regulated activity’. This is irrespective of whether the party is located in Hong Kong, so long as its business activities target the Hong Kong public.”

The SFC also states that “some cryptocurrency-related investment products may be regarded as ‘securities’…parties dealing in, advising on, or managing such products in Hong Kong, or targeting such services to investors in Hong Kong, may be subject to the SFC’s licensing, conduct and authorization requirements,” adding that “Parties engaging in the above activities without a relevant licence or authorization from the SFC may be committing a criminal offence.”
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