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Julia Leung, the chief executive of the Hong Kong Securities and Futures Commission, highlighted bitcoin’s resilience as a valid alternative asset during her speech at the Greenwich Economic Forum. Despite acknowledging the intrinsic value debate, Leung praised Bitcoin for weathering various economic cycles over 15 years and recognized the permanence of its underlying distributed ledger technology (DLT).
As Hong Kong initiates a licensing requirement for crypto trading platforms, concerns rise among local lawmakers, like Duncan Chiu, over stringent regulations deterring major global exchanges. These rules aim to balance investor protection with the growth of the Web3 ecosystem, though they’ve been criticized for potentially stifling market confidence.
In addition, the SFC is advancing regulations on stablecoins and exploring a central bank digital currency with Project Ensemble, focusing on tokenized financial products. These steps signal Hong Kong’s commitment to both innovating in the digital currency space and maintaining robust safeguards for investors.
