Wu Qing, Chairman of the China Securities Regulatory Commission: We need to conduct in-depth analysis and treat new business models such as crypto assets with caution.

According to Odaily Planet Daily, at the 8th Member Congress of the Securities Association of China, Wu Qing, Chairman of the China Securities Regulatory Commission (CSRC), delivered a speech on the high-quality development of the securities industry. Wu Qing pointed out that securities companies must firmly grasp the key to improving governance effectiveness, truly implement the rigid requirements of corporate governance and equity management, improve mechanisms for preventing conflicts of interest such as related-party transaction management, resolutely prevent shareholders from illegally interfering in operations, and resolutely eliminate unqualified shareholders.

Wu Qing stated that it is necessary to further strengthen transaction management, enhance the ability and targeting of transparent management, improve the fairness of transaction services for different types of investors, safeguard the legitimate rights and interests of small and medium-sized investors, and strictly prevent illegal arbitrage and disruption of transaction order. It is crucial to strengthen risk prevention in key areas, paying close attention to businesses requiring special attention such as margin trading, over-the-counter derivatives, and private asset management, as well as institutions requiring special attention such as subsidiaries with headquarters in other locations. Key risks such as credit, liquidity, and compliance must be closely monitored to prevent problems before they arise. New business models such as crypto assets must be thoroughly analyzed and treated prudently; businesses that are unclear or unmanageable should not be operated, and illegal or irregular activities should be resolutely avoided. (Securities Times)