TechFlow reports on August 17, according to Ming Pao, Timothy Ng, Executive Director of the Intermediaries Division at the Hong Kong Securities and Futures Commission (SFC), said in an interview with the TVB program "Straight Talk" that after the recent implementation of the Stablecoin Ordinance, some companies have claimed they are applying for or planning to apply for licenses, causing their share prices to rise. He noted investors have reacted enthusiastically, urging them to maintain a "rational line," as the SFC is concerned about rising fraud risks.
Timothy Ng stated that in the first half of this year, there were 265 complaints related to virtual asset transactions, primarily involving overseas investments by foreign investors who reported financial losses due to scams, platform hacks resulting in asset theft, platforms refusing to honor winnings, or funds being suddenly frozen due to allegations of money laundering against counterparties. He emphasized that when investors trade virtual assets through unlicensed platforms, they are essentially taking risks and playing "Russian roulette." He also mentioned that the SFC is still investigating the JPEX fraud case.
