The FTX domino effect continues: Financial Secretary of Hong Kong recommends being steady and cautious when promoting crypto innovations.
amid the FTX collapse, the Financial Secretary of Hong Kong called for a stronger focus on transparency and proper supervision when dealing with virtual assets.
In October, the Hong Kong government issued a policy — Policy Declaration on the Development of Virtual Assets in Hong Kong — introducing a regulatory framework and risk-based regulatory direction. In addition, the government proposed several pilot initiatives to test and enhance the technologies powering virtual assets.
Chan didn’t take offense at FTX’s collapse. Instead, he highlighted the importance of maintaining safety and properly managing risks, explaining that:
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