Popular meme coin FLOKI (FLOKI) has responded to the Hong Kong Securities and Futures Commission (SFC).
Hong Kong’s regulatory authority, SFC, classified FLOKI and TOKEN’s staking passive income programs as “suspicious” in a recent statement. After this move, which created controversy among investors, a detailed answer came from the FLOKI team.
In a blog post published by the team on January 30, the SFC’s stance was “extremeWhile it is stated that FLOKI and TOKEN It has a very healthy staking structure emphasized.
On the other hand, FLOKI and TokenFi staking pages read “Not suitable for Hong Kong usersThe team stated that they added the phrase ” Increased the size of restrictions on Hong Kong stated:
We have taken steps to alleviate concerns in jurisdictions where the regulatory framework does not specifically cover or address satking programs. We have placed prominent notices on the Floki and TokenFi staking websites to warn users in Hong Kong that they are not eligible to participate in the staking program. Additionally, we have taken other practical measures to prevent Hong Kong users from participating in the staking program.
Is the high rate of return sustainable?
In the details of the statement, it is stated that FLOKI and TOKEN are supportive of each other. staking They have a structure and appear high to the eye. APY reward rates are sustainable was recorded.
During the launch of FLOKI and TOKEN that they launched without involving large investment companies. It was stated that in this way, they were able to offer many more tokens to the service of users.
The team announced that the TokenFi offering 54% Floki provides stakers and supply 7% rewards are allocated to those who stake TokenFi. VCs instead of FLOKI in the hands of those who believe in the ecosystem He emphasized that they ensured the collection of:
We focused on allocating rewards to the FLOKI ecosystem rather than VCs, with 54% of the TokenFi supply allocated to Floki stakers and 7% of the supply to TokenFi stakers. Based on TokenFi’s current market capitalization, determined solely by market factors, the total rewards for those who stake FLOKI and TOKEN over a four-year period are worth $156,709,000.