The Hong Kong Securities and Futures Commission (SFC) has announced that it will take a number of measures to strengthen the regulation of unregulated virtual trading platforms in order to protect the interests of investors. This is a series of initiatives in response to public concerns about virtual trading platforms and aims to improve the effectiveness of information dissemination and investor education.
To increase transparency and accuracy, the SFC will publish four lists of virtual assets on its official website, including a list of licensed platforms, a list of closed platforms, a list of platforms treated as licensed and a list of new applicants. This will help investors better understand the situation of each platform and avoid investment risks.
The SFC of Hong Kong In order to raise public awareness of unregulated virtual asset trading platforms, the SFC will also publish a list specifically for suspicious virtual asset trading platforms. This will assist the public to better identify local platforms with unlicensed or suspicious business practices and provide more information on unregulated virtual asset platforms through the SFC's website so that the public can be alerted at an early stage.
In addition to the above measures, the SFC will also join hands with the Investor and Financial Education Council (IFEC) to launch a series of public awareness campaigns to raise public awareness of fraud prevention. Investor education will be strengthened through the media, social media, seminars and other forms, so that the public can better understand fraudulent behaviors related to the risks associated with virtual assets.
In addition, to better combat illegal activities, the SFC will step up intelligence gathering and follow up and take legal action against trading platforms suspected of violating the law. For suspected frauds, the SFC will refer them to the police for action at the earliest opportunity and encourage the public to lodge complaints through the SFC complaint form.
The SFC will also work with the police to set up a dedicated channel for sharing information on suspicious activities and irregularities of virtual asset trading platforms. At the same time, the SFC will continue to work closely with the SAR Government to constantly review the regulatory regime in light of new market trends to better respond to market changes.
Through the above measures and initiatives, the SFC in Hong Kong will further strengthen the supervision of unregulated virtual trading platforms to protect the legitimate rights and interests of investors. This will also promote the stable development of Hong Kong's financial market, enhance market confidence and provide investors with a safer and more reliable investment environment.
The extensive application of new technologies such as blockchain, artificial intelligence, cloud computing and big data provides efficient new ways for payment, settlement, lending, fund-raising, insurance and other investment activities, bringing unprecedented opportunities for innovation in the financial sector. The recent incident is an episode that will not affect Hong Kong's plan to promote financial innovation and will enable the SAR Government to gain a deeper understanding of the risks and challenges of financial innovation. However, as long as we act scientifically and do our best to keep up with the times in terms of regulation, it will continue to strengthen Hong Kong's identity as a leader in the crypto industry.
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