TechFlow reports that on April 12, Cai Zhonghui, Interim Head of the中介机构 Department at the Hong Kong Securities and Futures Commission (SFC), said at today's "2023 Hong Kong Web3 Festival" that DeFi projects need to be regulated by the SFC. Automated trading services also fall under SFC regulation, and decentralized exchanges involving virtual assets must apply for licenses. Some DeFi protocols are nominally decentralized, but in reality, a small number of developers hold large amounts of governance tokens; therefore, their substance should be analyzed rather than relying on surface claims.
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