According to a circular published Friday, the Hong Kong Monetary Authority ( HKMA ) and Securities and Futures Commission ( SFC ) determined spot markets for virtual assets are “largely unregulated at present, [so] they are more likely to present investor protection issues, ranging from a lack of pricing transparency to potential market manipulation.” The HKMA and SFC are issuing the new guidance after receiving “an increasing number of enquiries” from various service providers interested in offering virtual asset -backed products to their customers, the circular said. Virtual asset -linked products like ETFs have become increasingly popular, particularly after U.S....