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Eddie Yue, Chief Executive of the Hong Kong Monetary Authority, stated during a forum that an appropriate regulatory environment helps address the risks associated with cryptocurrencies. It also aids in maintaining financial stability and promoting the orderly and sustainable development of the industry. In January, the Hong Kong Monetary Authority completed a consultation on cryptocurrencies and stablecoins and, based on industry feedback, is bringing relevant business activities under regulatory oversight.
Yue Weiweng emphasized that regulation and market development complement each other and have a mutually reinforcing relationship. Cryptocurrencies and crypto-assets were once seen as a means to escape traditional regulatory oversight, but a lack of self-regulation led to issues such as mismanagement of customer assets. However, with cryptocurrencies now attracting mainstream investor attention, the government and regulatory authorities have expedited the introduction and enhancement of relevant regulatory measures. Given the borderless nature of cryptocurrencies, creating globally consistent regulatory rules to address their risks is crucial.
Regarding the licensing of virtual asset trading platforms, Eddie Yue mentioned that the Securities and Futures Commission can regulate these platforms through the licensing system, while the platforms must also comply with anti-money laundering and counter-terrorism financing regulations. Banks can cooperate with licensed platforms to provide distribution channels for more investment management products.
He further stressed that as a crucial gateway connecting mainland China and the international community, Hong Kong plays a significant role in two-thirds of investments between the mainland and the rest of the world. In this context, Hong Kong needs to maintain a robust regulatory framework. Eddie Yue emphasized that Hong Kong encounters challenges similar to those faced by other regions globally and expressed the hope that the city's regulatory framework would be of high quality and in line with international standards, as strong and effective regulatory rules contribute to the long-term development of the financial industry. |
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Post time 8-11-2023 10:00:20
