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Hong Kong Securities Regulator Eyes DeFi Regulation

The Hong Kong securities regulator is considering regulating decentralized finance (DeFi) projects by subjecting them to licensing requirements, according to Cai Zhonghui, the interim head of the intermediary department at the Hong Kong securities regulatory commission. Zhonghui stated that automatic trading services like decentralized exchanges fall under the regulator's authority, and any DEX that lists virtual assets must apply for licenses. He added that most DeFi projects are not truly decentralized because only a few people tend to control most tokens, and the financial regulatory agency must look beyond the description of these projects to their substantive context. Other countries, including the US and France, have also released reports highlighting the need to regulate DeFi.

(By Oluwapelumi Adejumo)

Hong Kong DeFi
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