Hong Kong to Prevent Case Related to FTX Via Openness and Oversight
Hong Kong to Emphasize Growth of Virtual Assets
Paul Chan, Hong Kong's financial secretary, emphasized the significance of being slow and careful when encouraging the growth of the virtual asset business. Chan's post was accompanied by a poster stating that while aggressively demonstrating the ability, there needs to be a regulatory framework that develops and keeps pace with the trends to appropriately manage risks and establish conditions for the orderly and robust growth of the economy.
In October, the Hong Kong government released a strategy called Policy Declaration on the Development of Virtual Assets in Hong Kong, which established a legislative structure and risk-based regulatory guidance. Additionally, the government launched several pilot projects to check out and improve the technology underlying virtual assets.
Stable and Durable Crypto Business
Chinese journalist Colin Wu claims that Chan's statement might be interpreted as a manifesto welcoming cryptocurrency businesses worldwide. Additionally, he suggested that cryptocurrency businesses keep client funds in separate accounts. Wu said that Chan suggested that crypto firms set aside genuine operational expenditures for at least 12 months. Chan concluded that a stable and durable crypto business would materialize with open operations and adequate oversight.
