Hong Kong Securities Chief Highlights Global Regulatory Challenges in Crypto

According to PANews, the Chief Executive Officer of the Hong Kong Securities and Futures Commission, Leung Fung-yee, addressed the Vietnam State Securities Commission seminar, highlighting the significant challenges posed by global regulatory differences on the liquidity and compliance of crypto assets. She noted that the Hong Kong Securities and Futures Commission recently released a virtual asset roadmap titled 'ASPIRe,' which outlines the polarized global crypto landscape with varying regulatory intensities, ranging from light oversight to strict scrutiny and prohibition. Leung pointed out that while European jurisdictions are implementing unified standards, the United States, despite leading in virtual asset exchange-traded products and derivatives, faces issues of regulatory fragmentation. This situation underscores the role of the International Organization of Securities Commissions in setting standards. She emphasized that regulation should be seen as a friend to innovation, not an adversary, as it helps create an environment that allows innovators to grow responsibly. This approach supports the sustainable development of the technological ecosystem.