Hong Kong’s encryption industry authority clarified

Hong Kong gathered the world’s top organizations and Web 3 teams this week. In addition to the fact that Hong Kong has announced a Web3-friendly development policy, more than 100 Web3-related offline activities in Hong Kong this week are also the reason why global encryption industry elites flock here.

In addition to Chen Maobo, the Financial Secretary of Hong Kong, representatives of the Hong Kong Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) also sent speeches at the “2023 Hong Kong Web3 Carnival” event that kicked off today.

Cai Zhonghui, interim director of the Intermediary Department of the Hong Kong Securities and Futures Commission (SFC), said that the SFC currently mainly reviews centralized virtual asset trading platforms (VATP, CEX), and will also supervise some DeFi platforms in the future, because the SFC found that some DeFi platforms claimed to be Decentralization, but actually controlled by the core developers, makes these platforms very likely to be manipulated by a few people to control the voting results of DAO, resulting in the risk of investors’ virtual assets on these platforms.

Cai Zhonghui emphasized that in the future, SFC will also formulate procedures similar to the supervision of centralized virtual asset trading platforms, to examine the security of these DeFi platforms, and to effectively supervise these platforms from the identity of the core developer.

Chen Jiaqi, Assistant President (Currency Management) of the Hong Kong Monetary Authority mentioned at the meeting that the main work of the Hong Kong Monetary Authority (HKMA) in supporting Web3 policies in Hong Kong is to focus on the development of stable coins and central bank digital currency (CBDC), and HKMA will try to To ensure that the stable currency is really “stable”, HKMA will not allow the USDC decoupling event to occur. In addition, HKMA will cooperate with international organizations to study the feasibility of developing CBDC.