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Crypto Platforms Need Regulation As Form of Investor Protection: HK’s SFC Chief

Julia Leung, head of the Hong Kong Securities and Future Commission, has stated that cryptocurrency platforms must be regulated from the perspective of investor protection, as they are part of the Web 3.0 ecosystem. This follows Hong Kong's efforts to develop the Web3 industry and regain its status as a financial and crypto hub, with over 80 companies expressing interest in building Web3 businesses in the city. At least eight crypto-related firms could receive licenses by the end of 2023. Meanwhile, at the Boao Forum for Asia 2023, vice-governor of China's central bank Xuan Changneng praised the convenience of stablecoins in cross-border payments, while warning of their susceptibility to scams and illegal trading.

(By TOM ZUO)

Crypto Hong Kong
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