SFC warns against investing in virtual assets

Hong Kong’s Securities and Futures Commission has warned retail investors to be more careful when investing in virtual assets. The warning comes in the wake of the collapse of FTX, one of the world's largest crypto exchanges, which is still sending shock waves through the crypto world. FSC deputy chief executive Leung Fung-yee said that the current regulatory framework for virtual assets is focused on investor protection. The SFC will launch a public consultation on the appropriate extent to which retail investors can trade in virtual assets. Meanwhile, Bitfront, a US crypto exchange backed by Japanese social media firm Line Corp, has suspended new sign-ups and credit card payments as it counts down to ceasing operations in a few months despite efforts to overcome challenges in the rapidly evolving industry.