The Financial Secretary of Hong Kong, Mr. Paul Chan, called for a stronger focus on transparency and proper supervision when dealing with virtual assets. The Financial Secretary highlighted the importance of being “steady and cautious” when promoting the development of the virtual asset industry in Hong Kong to facilitate the orderly and vigorous development of the market. The Financial Secretary noted that a stable and sustainable crypto industry would become a reality with transparent operations and proper and appropriate supervision. The Financial Secretary’s comments follow the Hong Kong government’s publication of its policy statement on the development of virtual assets in Hong Kong in October 2022 which covers Hong Kong’s regulatory framework for virtual assets and various proposed pilot initiatives to explore their application.
Sources: https://cutt.ly/OMYHa7n
