Hong Kong said it remains upbeat on digital assets after FTX debacle
Hong Kong remains bullish on virtual assets in the financial sector after the FTX debacle, while maintaining the view that regulation of businesses is a prerequisite for market development, said Hong Kong’s Financial Secretary Paul Chan in a blog post published on Sunday.
See related article: Hong Kong seeks to allow crypto futures ETFs
Fast facts
- Chan said Hong Kong continues to welcome the introduction of virtual asset exchange-traded funds (ETFs), and that its Securities and Futures Commission will launch a public consultation on protection requirements for retail investors.
- Chan also highlighted the potential benefits that blockchain technology, distributed ledgers, and non-fungible tokens (NFTs) could bring to the financial industry.
- “The bursting of the Internet bubble in 2000 made many people wary of technological development, but the technology still follows its path, developing the platform economy and a network economy in a mobile terminal and the network environment,” he said.
- Regulations will “create the prerequisites for an orderly and robust market.”
- Chan said that the industry has reached a consensus that corporate governance regulation, financial and operational disclosure and investor protection will benefit the crypto industry in the long run.
See related article: Hong Kong announces policies to win back role as digital asset hub
