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Hong Kong's CEO Addresses Web3 Regulation and Virtual Asset Licensing System

June 24 (Cointime) - Julia Leung Fung-yee, CEO of Hong Kong's Securities and Futures Commission (SFC), spoke about the importance of crypto trading in the virtual asset ecosystem and the need to incorporate virtual asset providers into the regulatory system to strengthen market trust. The new licensing system for virtual asset providers will ensure investor protection while considering the risks faced by financial institutions. Hong Kong used the FTX collapse to reduce regulatory risks associated with centralized exchanges and introduced strict AML guidelines and investor protection laws for virtual exchanges. Hong Kong's cryptocurrency licensing system is an example of China's "one country, two systems" policy, promoting a welcoming environment for crypto business, with over 150 Web3 firms establishing operations in Hong Kong's Cyberport over the past year.

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