Ammann Enterprises: Hong Kong remains a forward-looking cryptocurrency hub

Time:2022-01-12 Source: 844 views Trending Copy share

On January 13, the Hong Kong Monetary Authority earlier released a discussion paper on encrypted assets and stablecoins, inviting the industry and the public to comment on the regulatory model.

Henry Chambers, Senior Director of Alvarez & Marsal, a corporate consulting service company, said at the seminar that, from the consultation documents, it can be seen that the HKMA has taken a very positive step in maintaining Hong Kong's status in the industry by referring to regulations around the world, attracting companies to continue to use Hong Kong as the base. He also pointed out that the consultation paper mentioned that stablecoins may be used for payment in the future, showing that the HKMA is very forward-looking.

Henry Chambers described the consultation paper as very timely, showing that Hong Kong remains a forward-looking cryptocurrency hub.

Diao Jiajun, executive director of BC Technology Group, pointed out that two years ago, if traditional financial institutions said that they did not engage in virtual asset products and services due to risk management reasons, it could be considered a reasonable approach; but now many customers are investing Virtual assets, and many through unregulated platforms, will increasingly impact the operation of regulated platforms. Traditional financial institutions and regulators need to understand the operation and technology behind virtual assets, and the industry will also face more supervision.

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