Hong Kong Legislative Council Plans to Discuss Stablecoins and Over-the-Counter Trading New Regulations This Year
Publication Time:2024-07-29 15:36:08
Recently, LegCo member Ng Chak-pong revealed that with the issuance of red notices by Interpol against Wong Chi-chi and Mo Chun-tin, he firmly believes that the police have gathered sufficient evidence to prove the roles of these involved persons in their case, and noted that blockchain and the internet are also subject to laws, and fraudsters will eventually be punished by law. Ng Chak-pong further stated that in light of the growing virtual asset market, the Legislative Council plans to review two new regulations for the first time by the end of this year or early next year, mainly targeting stablecoins and off-exchange trading, aiming to provide clearer market regulations and protect investors' rights. He warned the public to be cautious when investing in virtual currencies and avoid being misled by promises of low risk and high returns, and advised them to purchase investment products through legal channels and refer to relevant information released by the Securities and Futures Commission. In addition, in order to enhance public understanding of investment knowledge, the government intends to provide more investor education resources.
stablecoins
over-the-counter trading
Hong Kong Legislative Council
new regulations