Hong Kong Securities Commission (HKSRC): Inclusion of BD/FTF in suspicious investment products

On 23 August, the Hong Kong Securities Commission announced the inclusion of “Front/Foundation” in the suspicious investment products associated with digital coins. According to the CSRK, the product involved a digital token called the King Kong Currency, claiming that it represented a number of interests in a fund that invested in ancient works of art and historical relics, called the “Foundation of the King”, with a target annualized return of over 30 per cent. The previous outreach activities in Hong Kong had reached out to investors, who had been warned by the HKSRC about any social media accounts or postings related to the product。