SFC CEO Leung: virtual assets have become a tool ‘in the race for financial supremacy’
Leung says regulator’s next step is to focus on OTC trading and custodial institutions in the space
“Virtual assets have become a tool in the race for financial supremacy,” Leung told an audience of journalists, investors and government officials at the Caixin Summer Summit in Hong Kong on Friday.
“Beyond the trading platforms we’ve already licensed, our next step is to bring over-the-counter (OTC) trading and custodial institutions into our regulatory perimeter,” she added.
Last year, the Financial Services and the Treasury Bureau published proposals for licensing OTC virtual asset operators.
Leung said the SFC’s approach to virtual assets was the same as with traditional securities.
“A virtual asset exchange is, at its heart, an exchange for trading – and it also functions as a broker,” she said. “That’s why we require all platforms and brokers under our supervision to segregate client assets, maintain transparency, manage conflicts of interest and handle all related matters appropriately.”