Cointime

Download App
iOS & Android

Visiting professor of the Hong Kong Institute of Financial Management: Hong Kong may slow down the development of virtual asset trading

Yang Yuchuan, a guest professor at the Hong Kong Institute of Financial Management, said that the cryptocurrency boom has risen rapidly in the past few years. High-risk operations have exploded in an unregulated environment, and celebrity politicians have supported the formation of this currency circle storm. The virtual trading platform is first and foremost a trading virtual currency, which is inherently risky and has no guarantee of its value, which is characterized by high risk. It is not easy for the government to incorporate these (virtual asset transactions) into regulation. Hong Kong should slow down the development of virtual asset transactions, and the government should strengthen investment risk propaganda and educate investors to be cautious and vigilant. It is not recommended for ordinary retail investors to invest in such projects.

Comments

All Comments

Recommended for you

  • Google asks appeals court to overturn Epic Games antitrust victory

    Google has requested the US Appeals Court to overturn a lower court's ruling on Epic Games' antitrust lawsuit, which would force Google to allow third-party app stores and payment solutions to operate through its Play Store app marketplace.
  • Ansem: Coinbase is very likely to list top virtual ecosystem tokens, as it has already listed DEGEN

    On November 29th, KOL Ansem stated on social media, "I bet that the likelihood of top Virtual ecosystem tokens being listed on Coinbase is very high - especially since they have already listed DEGEN."
  • Musk calls for abolishing the Consumer Financial Protection Bureau

     on November 27th, Musk called for the abolition of the Consumer Financial Protection Bureau (CFPB) on social media platform X, stating that "there are too many redundant regulatory agencies."
  • Andy Ayrey: Truth Terminal treasury funds are being migrated, users do not need to panic

    On November 27th, Truth Terminal founder Andy Ayrey posted on X, stating that the Truth Terminal treasury is undergoing its final migration. There is no need to panic due to changes in funds, as all funds are being transferred to an appropriate, globally distributed multi-signature.
  • U.S. consumer confidence improves again in November, reaching a two-year high

    Dana M. Peterson, Chief Economist of the World Large Enterprises Federation, said, "US consumer confidence continued to improve in November, reaching the highest level in the past two years. The growth in November was mainly due to consumers' more positive assessment of the current situation, especially in the labor market. Compared with October, consumers' optimism about future employment opportunities has also greatly increased, reaching the highest level in nearly three years. At the same time, consumers' expectations for future business conditions have not changed, while their optimism about future income has slightly declined." Earlier, the US Conference Board Consumer Confidence Index for November recorded 111.7, a new high since July 2023.
  • Starknet: Phase 1 of STRK staking is now live on the mainnet

    Starknet announced that the first stage of STRK staking has officially launched on the mainnet.
  • CZ: Not trying to end the meme craze, just encouraging more builders

    CZ posted on X platform today, saying: "I am not against Meme coins, but Meme coins have become 'a little' strange now. Let's use blockchain technology to build practical applications." Some community users said that even Musk is a supporter of Meme coins, and it is very difficult to end this frenzy. CZ responded that "there is no attempt to end anything, everyone has the right to choose to invest or hold what they want. Just encourage more builders."
  • ZachXBT: Suspected insiders made $3.8 million in profits on RTR

    On August 10th, Chain Detective ZachXBT posted on social media that 4 addresses made a profit of $3.8 million in the RTR sell-off, with the 9G1ELG and GHoW2 addresses belonging to the same person and receiving 500 SOL in new funds within minutes after the TGE. Previously, it was reported that Restore The Republic (RTR) had its TGE on the evening of August 8th, with rumors circulating in the community that it was related to a new project by the Trump family. The RTR token reached a high of $0.156 on August 9th at midnight. Afterwards, Eric Trump, the current Executive Vice President of the Trump Organization and son of Donald Trump, warned on social media to "be careful of false tokens" and that the only official Trump project has yet to be announced and will be announced on Twitter first. After the statement was released, RTR quickly dropped by about 95%, with a trading volume of $164 million within just 15 hours of its creation.
  • The U.S. Internal Revenue Service has released a new draft of the crypto tax form, which no longer requires filling in wallet addresses and transaction IDs

    The US Internal Revenue Service (IRS) released an updated draft version of tax form 1099-DA for cryptocurrency brokers and investors to report certain transaction income. The public has 30 days to provide feedback to the IRS on this version. Starting in 2026, cryptocurrency investors who use brokers (currently mainly Coinbase and Kraken, among others) will receive 1099-DAs from these brokers to report certain cryptocurrency sales and trades as taxable events to the IRS. IRS officials say this form will "bring more convenience and clarity" to users who pay US cryptocurrency taxes.
  • Cointime July 27th News Express

    1. As of July 25, BlackRock IBIT held more than 338,000 bitcoins, an increase of more than 1,092 bitcoins from the previous day.