Cointime

Download App
iOS & Android

Li Jiachao calls on citizens to strengthen investor education when trading on licensed platforms

Hong Kong Chief Executive Carrie Lam attended a meeting with the media before the meeting today and expressed concern about the case. The Securities and Futures Commission and the police will explain the incident this afternoon. When asked whether the current relevant regulations are insufficient, Carrie Lam responded that the government needs an effective regulatory system to protect investors. She believes that this incident shows that citizens must invest in regulated and licensed platforms and emphasizes that the current licensing system can ensure that platforms provide sufficient protection for investors, including distinguishing between funds held by platforms for investors and operating funds of the company, and ensuring that the company's debt capacity is regulated and restricted.

Carrie Lam said that the case reflects the importance of regulation and the importance of understanding the risks of virtual assets. She reiterated the government's clear policy on the development of virtual assets, including ensuring effective regulatory systems to protect investors; information dissemination must be open and transparent; and attaching importance to and promoting investor education to ensure that the public fully understands the risks and operations.

Carrie Lam pointed out that the Securities and Futures Commission will monitor market changes and developments to ensure that the interests of investors are fully protected, and will also vigorously promote investor education, especially the need to invest in regulated and licensed trading platforms. She reminded citizens that if they are interested in investing in virtual assets, they must not only understand their operations and risks, but also invest in regulated and licensed platforms.

Comments

All Comments

Recommended for you

  • El Salvador’s Bitcoin position has made more than 40% profit and has no plans to sell it yet

    Salvadoran President Nayib Bukele tweeted that with the rise in Bitcoin prices, El Salvador's Bitcoin holdings have made profits of over 40%. Bukele also stated that El Salvador has no plans to sell Bitcoin.
  • Hong Kong Financial Secretary: The first phase of the currency bridge project is expected to be launched this year

    The Financial Secretary of the Hong Kong Special Administrative Region Government, Paul Chan Mo-po, mentioned the latest developments of the Digital Hong Kong Dollar and Digital Renminbi in Hong Kong when releasing the "Budget for 2024-2025". Regarding digital finance, Chan Mo-po stated that the Hong Kong Monetary Authority completed the first phase of the pilot program for "Digital Hong Kong Dollar" (i.e. "Digital Currency at Cyberport") in October last year, studying local retail use cases in multiple categories, such as programmable payments, offline payments, tokenized deposits, etc. The second phase of the pilot program is about to be launched to further study new use cases. Another key project, the "mBridge" (also known as the "Currency Bridge Project") for the cross-border network of central bank digital currencies, has also made progress, and the first phase of services is expected to be launched this year, becoming one of the first projects in the world to settle cross-border transactions of enterprises using central bank digital currencies. In addition, the trial scope of the digital renminbi will be expanded in Hong Kong, and citizens will be able to easily open and use digital renminbi wallets and add value through Hong Kong's fast retail payment system "Faster Payment System", further improving cross-border payment efficiency and user experience.
  • Hong Kong Financial Secretary: Digital RMB will expand pilot scope in Hong Kong

    Hong Kong Special Administrative Region Government released a new financial budget. Hong Kong SAR Financial Secretary Paul Chan Mo-po stated that "digital RMB" will expand its pilot scope in Hong Kong, and citizens will be able to easily open and use digital RMB wallets, and increase value through "Transfer Faster", further enhancing cross-border payment efficiency and user experience. (Jinshi)
  • Pantera Capital Research Report: The total value of DeFi applications in the Bitcoin ecosystem is expected to reach up to US$450 billion

    Cryptocurrency investment firm Pantera Capital recently released a research report stating that based on historical data, the total value of Bitcoin's DeFi applications is expected to reach $225 billion (25% of Bitcoin's market value), compared to Ethereum's DeFi applications accounting for 8% to 50% of Ethereum's market value. Over time, the total value of Bitcoin's DeFi applications could range from $72 billion to $450 billion (8% to 50%) (based on current Bitcoin market value assumptions).
  • Cointime February 24 News Express

    1. Ethena Labs explains the reason for the significant reduction in sUSDe APY: to ensure a slow and controlled product launch
  • Trump: Bitcoin may need some regulation

    Former US president and Republican front-runner Donald Trump stated that Bitcoin has become "self-contained" and may require some regulation. Trump said in an interview at a municipal hall event in South Carolina, "Many people are using Bitcoin. I have always liked the US dollar and Bitcoin may need some regulation." Previously, Trump had said that central bank digital currencies (CBDCs) were dangerous and vowed not to allow their use if elected.
  • Sources: U.S. Senate Banking Committee not ready to take immediate action on crypto money laundering bill

    Insiders familiar with the committee's plans revealed that the US Senate Banking Committee is not yet ready to take immediate action on a series of anti-money laundering proposals related to cryptocurrencies, including legislation proposed by Senator Elizabeth Warren, one of the Senate's biggest cryptocurrency critics.
  • Xu Zhengyu: The government believes that it is necessary to bring OTC into supervision

    Hong Kong Financial Secretary and Treasury Bureau Director, Paul Chan Mo-po, stated that the government believes there is a need to regulate over-the-counter (OTC) virtual currency trading platforms and will consult on the proposed regulatory framework in the short term, hoping that citizens and stakeholders will actively express their opinions. We are not sure how short this short term is, but what is certain is that OTC virtual currency trading in Hong Kong will usher in a compliant era. As an old international financial center, Hong Kong has always been relatively open and inclusive in its attitude towards virtual currencies. Hong Kong does not regard virtual currencies as legal tender or financial instruments, but defines them as "virtual assets" and takes corresponding regulatory measures based on the activities and risk levels involved.
  • Hong Kong Securities and Futures Commission: Beware of suspicious investment products involving "Hong Kong International Financial Center Token"

    Hong Kong Securities and Futures Commission reminded the public to beware of suspicious investment products, related projects and arrangements involving "Hong Kong International Financial Center Tokens" (IFCT). The related promotional materials claim that the product has been officially approved in Hong Kong, but in fact it has not been approved by the Securities and Futures Commission for sale to the Hong Kong public.
  • Hong Kong Securities and Futures Commission: The public needs to be wary of suspicious cryptocurrency investment products “Floki Staking Program” and “TokenFi Staking Program”

    The Hong Kong Securities and Futures Commission has warned the public to be cautious of two suspicious cryptocurrency-related products named "Floki Staking Program" and "TokenFi Staking Program". The two products involve cryptocurrency staking services and claim to provide high-level annualized returns of 30% to over 100%. These two products have not been approved by the Securities and Futures Commission for public sale in Hong Kong, and their managers have not been able to demonstrate to the Securities and Futures Commission how these products achieve their high-level annualized return targets. The Securities and Futures Commission has noted that the Hong Kong public can view these two products and their related information on the internet, and therefore on January 26, 2024, the Securities and Futures Commission will publish these two products and their related information on the suspicious investment product alert webpage.