Hong Kong's securities regulator followed the U.S. and France in seeking to regulate decentralized finance (DeFi). By lavender_au.
"Providing automated trading services is a regulated activity under the SFO," Choy said."If a decentralized platform allows trading in virtual assets, which constitutes securities or futures as defined under the SFO, the platform and operators are required to have a Type 7 license," he added.
Offering a collective investment scheme to the public in Hong Kong is subject to authorization requirements, Choy noted. DeFi presents regulators with issues of financial stability and limited transparency due to lack of data and unregulated firms and activities, Choy said, while also highlighting market integrity issues such as price oracle manipulation, front-running transactions and investor protection concerns.
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