Government officials confirmed the city’s crypto commitments at the Hong Kong Web3 Festival this week as it aims to become a fully regulated crypto hub. to attract investment and Web3 startups
On April 12, Finance Secretary Paul Chan Mo-po reiterated that Proper regulation and supervision are of the utmost importance.
followreport The Hong Kong Securities and Futures Commission (SFC) also wants to regulate decentralized finance. The agency believes that DeFi platforms will need a license. Which basically means they are not DeFi.
SFC head Keith Choy said that DeFi should be considered the same as CeFi. It will also be subject to the same regulatory requirements that apply to traditional financial activities.”
Lily King, COO of crypto asset custody Cobo, commented: “If Hong Kong really intends to regulate DeFi, this means it will have [สภาพแวดล้อม] stricter than Singapore.
New regulations that took effect in June require all crypto exchanges in Hong Kong to be licensed by the SFC. However, the licensing process is very strict. There are strict requirements for the tokens they can list.
refer : LINK
The post Hong Kong Confirms Commitment to Crypto, DeFi Regulation at Hong Kong Web3 Festival appeared first on Bitcoin Addict.