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The team behind the leading memecoin Floki Inu (FLOKI) has responded to the inclusion of FLOKI’s staking program in Hong Kong’s list of suspicious investment products. The team has taken steps to alleviate the concerns of Hong Kong’s securities market regulator, the Securities and Futures Commission (SFC).
Floki Inu Team Takes Action Following SFC’s Move
Following the inclusion of the Floki Inu staking program in Hong Kong’s list of suspicious investment products, the Floki Inu team has taken steps to address the concerns of the securities regulator SFC. In a Medium post, the team stated, “We have taken some steps to alleviate concerns in jurisdictions where the regulatory framework does not specifically cover or address staking programs,” adding that “as indicated by the SFC’s statement, the high Annual Percentage Yield (APY) of the Floki Inu and TokenFi staking programs was seen as the main source of concern.”
The Floki team has taken measures such as issuing warning notifications, blocking the staking program for Hong Kong users, and pausing offline marketing campaigns in the region, and it was noted that no Hong Kong user has been allowed to participate in the program to date.
In the article, the team emphasized that Floki Inu’s staking program operates with a high APY through a unique reward system using TOKEN from its successful sibling project TokenFi, a market-sensitive APY, a decentralized and community-centered allocation strategy, and without raising funds from VCs or pre-sales.
SFC Issued Its First Warning in December 2022
The SFC issued its first warning in December 2022, cautioning investors about the high risks and unregulated nature of cryptocurrency platforms offering deposit, savings, or staking services, and advised caution due to potential losses.
The warning from the SFC noted that “While some digital assets are often labeled or marketed as deposit or savings products, they are unregulated and are not the same as bank deposits. No protection is provided to investors.”
