Hong Kong Securities Regulatory Commission official original text: If DeFi involves securities and futures trading, it also needs to be licensed
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Speecher:Keith Choy, Interim Head of Intermedlaries Division, Hong Kong Securities and Futures Commison(Chairman of Fintech Advisory Group) Editor:@null_aez, WuBlockchain Link: https://www.web3festival.org/hongkong2023/live?lang=zh-CN Good morning. It’s an honor to be invited to speak at this wonderful festival. Over the past few years, there have been many amazing developments and breakthroughs across various technologies. For example, we’ve seen enterprises incorporating artificial intelligence within their bussinesses, central banks, financial insititions are exploring the benefits of using distributed ledger technology (DLT). Just a few weeks ago, I experienced firsthand the wonders of Chatgpt. The potential applications of this technology and the like, and their reifications are huge. We’ve seen news report that financial firms are testing the tool and using it to write research reports. I must confess the thought of using Chatgpt to write this speech has also come across my mind. But I have forbidden it, that’s beacause the knowful technology has its own limitations and false including the fact that it sometimes produces possible something but incorrect responses to questions. Give you one example. An asset manager asked Chatgpt to give him ten stocks that would benefit from virtual reality. Chatgpt provided 7 names, so, the asset manager prompted from the three remaining ones and Chatgpt made up 3 fake names. Now this story highlights the importance of harnessing the benefits of innovative technologies in a responsible way. And just as the emergence of web3, which is built on DLT, promises to bring with the enormous economic benefits and the potential to change the internet and the way we interact. We must also be aware of the potential risk and manage them properly. To be clear, the SFC (the Securities and Futures Commission) recognize the opportunity presented by web3 . Indeed, our ceo Ms Julia Leung, though, has already stated in her statements on last year’s hong kong fintech week that the sfc is attuned to the potential impact of web3, virtual assets, NFTs, metaverse and GameFi in our daliy life and that we are supportive of the underlying DLT technology and responsible or innovation, so let me take the opportunity today to share with you: the SFC and policy initiatives in relation to two very important topics — Centralized VA trading platform and decentralized finance.
Hong Kong Securities Regulatory Commission official original text: If DeFi involves securities and futures trading, it also needs to be licensed
Hong Kong Securities Regulatory Commission…
Hong Kong Securities Regulatory Commission official original text: If DeFi involves securities and futures trading, it also needs to be licensed
Speecher:Keith Choy, Interim Head of Intermedlaries Division, Hong Kong Securities and Futures Commison(Chairman of Fintech Advisory Group) Editor:@null_aez, WuBlockchain Link: https://www.web3festival.org/hongkong2023/live?lang=zh-CN Good morning. It’s an honor to be invited to speak at this wonderful festival. Over the past few years, there have been many amazing developments and breakthroughs across various technologies. For example, we’ve seen enterprises incorporating artificial intelligence within their bussinesses, central banks, financial insititions are exploring the benefits of using distributed ledger technology (DLT). Just a few weeks ago, I experienced firsthand the wonders of Chatgpt. The potential applications of this technology and the like, and their reifications are huge. We’ve seen news report that financial firms are testing the tool and using it to write research reports. I must confess the thought of using Chatgpt to write this speech has also come across my mind. But I have forbidden it, that’s beacause the knowful technology has its own limitations and false including the fact that it sometimes produces possible something but incorrect responses to questions. Give you one example. An asset manager asked Chatgpt to give him ten stocks that would benefit from virtual reality. Chatgpt provided 7 names, so, the asset manager prompted from the three remaining ones and Chatgpt made up 3 fake names. Now this story highlights the importance of harnessing the benefits of innovative technologies in a responsible way. And just as the emergence of web3, which is built on DLT, promises to bring with the enormous economic benefits and the potential to change the internet and the way we interact. We must also be aware of the potential risk and manage them properly. To be clear, the SFC (the Securities and Futures Commission) recognize the opportunity presented by web3 . Indeed, our ceo Ms Julia Leung, though, has already stated in her statements on last year’s hong kong fintech week that the sfc is attuned to the potential impact of web3, virtual assets, NFTs, metaverse and GameFi in our daliy life and that we are supportive of the underlying DLT technology and responsible or innovation, so let me take the opportunity today to share with you: the SFC and policy initiatives in relation to two very important topics — Centralized VA trading platform and decentralized finance.