Keith Choy, Interim Head of Intermediaries, Securities and Futures Commission (SFC), delivered a keynote speech at the Hong Kong Web3 festival on 12 April 2023. He shared the commission’s regulatory stance and policy initiatives on Decentralised Finance (DeFi) and Virtual Asset Trading Platforms (VATPs) as well as the SFC’s views on potential regulations under the current regime.

In this brief, KPMG outlines the key takeaway from this speech, including the regulatory issues, challenges with regulating DeFi and the regulator's views on DeFi.