TechFlow reports that on June 2, according to the Hong Kong Economic Journal, in response to concerns raised by Hong Kong Legislative Council members regarding potential regulatory gray areas involving financial KOLs (key opinion leaders) in the virtual asset space, Ye Zhiheng, Executive Director of the Intermediaries Division at the Securities and Futures Commission (SFC) of Hong Kong, stated that financial KOLs represent a new business norm—not the traditional relationship between individuals and licensed brokers, but rather the relationship between individuals and platforms. However, many such platforms are not based in Hong Kong, and their reach is borderless, posing a shared challenge for global regulators. The SFC has already begun closely engaging with the industry to understand the landscape and discuss whether new regulatory considerations—including enhancements to licensing requirements and codes of conduct—are warranted.
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