CEO of the Hong Kong Securities and Futures Commission marks Libra as a serious threat

In his speech during the fintech week meeting in Hong Kong on November 6th, chief executive officer of the Hong Kong Securities and Futures Commission (SFC), said that ‘Libra and other “Big Tech” stablecoin projects pose a deep threat’, adding that ‘ international regulatory community had to get its act together very rapidly’. He also addressed the security issues by stating that ’safe custody of a user’s crypto-assets and cybersecurity are major concerns’. In his words states can only regulate the financial instruments that are recognized in the current framework, like bonds or financial securities. He added at the end that ‘jury is still out on whether some virtual assets –especially those that have no intrinsic value –have a useful social function or can be considered as equivalent to conventional financial assets. Read the full statement here.