Hong Kong Securities and Futures Commission: In the future, the scope of supervision should be expanded to virtual assets and unlicensed cryptocurrency transactions should be cracked down

Fung-yee Leung, deputy chief executive of the Hong Kong Securities and Futures Commission, said that there have been many cases of virtual asset fraud in the market. Since virtual assets are not securities or payment methods, they are not within the jurisdiction of the Securities and Futures Commission. However, as many investors have suffered huge losses, the Securities and Futures Commission believes that it has a responsibility to expand the scope of supervision or to issue licenses.

She also pointed out that while developing cryptocurrencies, it is also necessary to crack down on unlicensed cryptocurrency transactions and strengthen investor education. The Securities and Futures Commission is constantly strengthening its supervision of over-the-counter derivatives and will launch a transaction data repository to report transactions in the future.