Incorporating virtual assets into the regulatory system was crucial after FTX bankruptcy, believes Julia Leung Fung-yee, chief of Hong Kong's Securities and Futures Commission.
The CEO of Hong Kong's Securities and Futures Commission , Julia Leung Fung-yee,Hong Kong's embrace of Web3 regulation following the collapse of crypto exchange FTX last November, noting that crypto trading is an important part of the virtual asset ecosystem.
During a recent speech, Leung reportedly explained that the new licensing system for virtual asset providers will ensure that investors are protected while taking into account the risks that financial institutions face. In the chief's view, incorporating virtual assets providers into the regulatory system was the only way to embrace innovation and strengthen market trust after FTX bankruptcy.
Hong Kong used the FTX collapse to reduce regulatory risks associated with centralized exchanges. In December, nearly 30 days after the exchange crisis unfolded, its legislative council
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