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Hong Kong’s Financial Secretary defends crypto regulation


Financial Secretary Paul Chan Mo-po defended Hong Kong's new licensing regime for virtual assets, asserting that stringent regulation supports market development, despite the recent fallout of the unlicensed JPEX cryptocurrency exchange. Chan emphasised the government's commitment to applying the “same activity, same risks, same regulation” principle to crypto assets. At the same event, Hong Kong Monetary Authority (HKMA) Chief Executive Eddie Yue Wai-man highlighted the importance of stablecoin regulation for financial stability and sustainable development, noting ongoing work on industry feedback regarding stablecoin-related business activities supervision. Securities and Futures Commission (SFC) Chief Executive Julia Leung Fung-yee expressed openness to asset tokenisation trials, with forthcoming guidance to address associated risks.

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