Hong Kong Securities and Futures Commission's Ye Zhiheng: When a company claims to apply for a stablecoin license, its stock price rises, and investo
Ye Zhiheng, Executive Director of the Intermediaries Division of the Hong Kong Securities and Futures Commission, said on the wireless program "Explaining Clearly" that after the recent implementation of the "Stable Coin Regulations", some companies claimed to have applied for a license or intended to apply for a license, causing their stock prices to rise. He pointed out that investors' reactions are enthusiastic, and urged investors to stay "rational", as the Securities and Futures Commission is concerned about the increased risk of fraud.
Ye Zhiheng stated that in the first half of this year, there were 265 complaints about virtual asset transactions, mainly involving overseas investors and overseas investments, resulting in financial losses. The reasons include falling victim to fraud, assets being stolen after platform intrusion, platforms not acknowledging winnings, or the counterparty being accused of money laundering and funds being suddenly frozen. He pointed out that when investors trade virtual assets without using a licensed platform, they are actually taking risks and playing "Russian roulette". In addition, he mentioned that the Securities and Futures Commission stated that they are still investigating the JPEX fraud case.
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