8 months ago
Floki has formally responded to the Hong Kong SFC’s caller warning, reiterating their committedness to compliance crossed jurisdictions and explaining the rationale down their staking program’s precocious returns.
Cryptocurrency Project Floki Counters Hong Kong SFC’s Warning
In a detailed blog post dated Jan. 29, Floki, the squad down the dog-themed memecoin, addressed the recent warning from the Hong Kong Securities and Futures Commission (SFC) regarding its staking programs. The SFC had earlier labeled Floki and Tokenfi Staking Programs arsenic “suspicious concern products,” cautioning users against their precocious promised returns.
We conscionable published a effect to the Hong Kong SFC’s announcement astir the Floki and TokenFi staking programs.
Our effect highlights our thoughts astir their notice, wherefore $FLOKI and $TOKEN tin sustainably person an impressively precocious APY, and our plans going forward!… pic.twitter.com/YfpnnDMhfq
— FLOKI (@RealFlokiInu) January 29, 2024
Floki’s effect was a blend of regret and clarification, emphasizing their committedness to ineligible compliance crossed jurisdictions. The squad outlined the steps taken to align with regulatory expectations, peculiarly successful Hong Kong. These measures included informing notices connected their websites, barring Hong Kong users from the staking program. The squad besides noted that they had already halted their offline selling run successful the portion planned for mid-December 2023.
The SFC’s main interest revolved astir the yearly percent output (APY) of the staking programs, which ranged from 30% to implicit 100%. Floki’s effect pointed to the uniqueness of their staking program, wherever rewards are fixed successful TOKEN, the inferior token of their sister task Tokenfi. They attributed the precocious APY to their determination to eschew accepted fundraising methods, opting alternatively to allocate a important information of Tokenfi’s token proviso straight to stakers.
Floki further explained that the volatility of rewards, denominated successful TOKEN, is taxable to marketplace dynamics. The squad besides explained that the decentralized quality of their staking programs ensured operational continuity and idiosyncratic power careless of the team’s presence.
On the regulatory front, Floki reiterated its respect for regulatory bodies, saying, “We person immense respect for immoderate and each regulators and volition proceed to prosecute with them to code immoderate regulatory concerns they whitethorn have.” The team, however, expressed disagreement if the sole ground for the SFC’s informing was the precocious APY, influenced by marketplace forces.
If, arsenic it appears, a determination to azygous retired the staking programs was made solely due to the fact that of the precocious APY of our staking programs stated successful societal media posts and arsenic moved by marketplace forces, arsenic explained above, past we volition person to respectfully disagree.
Do you deliberation Floki’s effect sufficiently addressed SFC’s concerns? Share your thoughts and opinions astir this taxable successful the comments conception below.
English (US) 