The CEO of the Securities and Futures Commission of Hong Kong, Julia Leung Fung-yee,Hong Kong’s embrace of Web3 regulation following the collapse of crypto exchange FTX in November 2022, stating that crypto trading is an important part of the virtual asset ecosystem.
During the speech, Leung reportedly explained that the new licensing system for virtual asset providers would ensure that investors are protected while considering the risks that financial institutions face. In her view, incorporating virtual assets providers into the regulatory system was the only way to embrace innovation and strengthen market trust after FTX’s bankruptcy.
Hong Kong used the FTX collapse to reduce regulatory risks associated with centralized exchanges. In December 2022 — less than a month after the exchange crisis unfolded — its legislative council
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