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HK SFC Intermediaries Division Executive Director: Companies Claiming to Apply for Stablecoin License See Stock Price Rise, Investors Need to Beware of Risks
Summary: According to Ming Pao, Ye Zhi-heng, Executive Director of the Intermediaries Division of the Hong Kong Securities and Futures Commission, noted that some companies have seen their stock prices rise after claiming to apply for a license or intending to apply for a stablecoin license following the implementation of the Stablecoin Regulations. He pointed out ...
According to Ming Pao, Ye Zhi-heng, Executive Director of the Intermediaries Division of the Hong Kong Securities and Futures Commission, noted that some companies have seen their stock prices rise after claiming to apply for a license or intending to apply for a stablecoin license following the implementation of the Stablecoin Regulations. He pointed out that investors' reactions have been enthusiastic, urging them to remain rational. The Hong Kong SFC is concerned about the increased risk of fraud. Ye Zhi-heng mentioned that in the first half of this year, there were 265 complaints related to virtual asset trading, mainly involving overseas investors and financial losses due to scams, asset theft through platform hacking, platforms not recognizing winnings, or counterparties being accused of money laundering leading to sudden fund freezes. He emphasized that when investors trade virtual assets without using licensed platforms, they are essentially taking risks and playing Russian roulette.
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Link: HK SFC Intermediaries Division Executive Director: Companies Claiming to Apply for Stablecoin License See Stock Price Rise, Investors Need to Beware of Risks [Copy]
