Viewpoint: At present, none of the four major regulators in Hong Kong has the authority to manage Web3 to assist clients in handling entrusted assets through trusts
2025-04-03 04:52:45
There are trust institutions involved in the 500 million US dollar fraud case, cryptocurrency tycoon Sun Yuchen believes that it is a problem in Hong Kong's system. Chan Zhenying, a member of the financial sector of the Hong Kong Legislative Council, explained that trusts in the mainland mainly invest in wealth management products or do wealth management through banks, but trust companies in Hong Kong assist customers in handling entrusted assets. For example, the business involving the Mandatory Provident Fund is managed by the MPFA, the insurance is managed by the Insurance Regulatory Authority, and the investment is managed by the Securities Supervision Commission. If it is a company entrusted to the trust company for management, this means that the four major regulators have no right to manage, and investors must carefully investigate the background of the company.
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