Hong Kong Legislative Council Member Ng Kit-chong: SFC Has Not Clearly Disclosed Which Institutions Are Applying for Licenses
On September 19, Hong Kong Legislative Council member Ng Kit-chong commented again on the JPEX virtual asset trading platform case during a radio program, stating that the Hong Kong SFC could have acted earlier to warn citizens of risks. According to him, over 100 virtual trading platforms are currently operating without formal licenses, and due to the one-year transition period set by Hong Kong regulators, there is no clear disclosure of which institutions are applying for licenses.
On September 19, Hong Kong Legislative Council member Ng Kit-chong commented again on the JPEX virtual asset trading platform case during a radio program, stating that the Hong Kong Securities and Futures Commission (SFC) could have acted earlier to warn citizens of risks. According to him, over 100 virtual trading platforms are currently operating without formal licenses, and due to the one-year transition period set by Hong Kong regulators, there is no clear disclosure of which institutions are applying for licenses.
Hong Kong Baptist University Associate Professor Mak Sui suggested that regulatory authorities should learn from this lesson and proactively inspect existing virtual trading platforms, collect trading intelligence to identify potential trading risks, and strengthen investment education. (Hong Kong Economic Journal)