# Leung Fung Yee: Hong Kong SFC focuses on virtual assets and other categories, Web3 and generative AI are major opportunities

By [sixtysix](https://paragraph.com/@sxitysix) · 2023-06-08

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According to China Fund News, on June 5, the Chief Executive Officer of the Hong Kong Securities and Futures Commission, Ms. Leung Fung Yee, said in a speech at the annual meeting of the Hong Kong Investment Funds Association, "The Hong Kong Securities and Futures Commission has made it its mission to drive growth. We understand the need to push the boundaries of investment products in the market to keep up with the times and meet the changing needs of investors. We are currently focusing on three main areas: environmental, social and governance (ESG), virtual assets, and RMB-denominated products."

Commenting on the work related to virtual asset products, Ms. Leung said, "Demand for these products has been rising in recent years and we have introduced measures to encourage responsible technology innovation and support the fintech industry. Two weeks ago, we issued guidelines for operators of licensed virtual asset trading platforms. As with the virtual asset futures ETFs, we have taken a number of measures to protect investors' interests, such as setting out requirements for the inclusion of tokens that can be traded by retail investors."

In addition, while noting that the investment environment is still tough, Fung Yee said, "We do not forget that there are opportunities in the crisis, such as the reboot of the Chinese economy, the digital transformation, the third generation of the Internet (Web3) and generative AI, which are all significant opportunities to drive innovation and sustainable investment. There are significant opportunities to drive innovation and sustainable investment."

She said, "We must all learn to live with AI in our work and in our lives. AI is rapidly evolving, and because it has convinced the skeptics by simplifying the day-to-day work of financial advisors, portfolio construction and big data analysis, it will soon permeate all areas around us. This will free up time and energy for asset managers to develop better strategies and achieve better investment performance."

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*Originally published on [sixtysix](https://paragraph.com/@sxitysix/leung-fung-yee-hong-kong-sfc-focuses-on-virtual-assets-and-other-categories-web3-and-generative-ai-are-major-opportunities)*
