Hong Kong indicated that crypto companies drawn by the city’s push to create a digital-asset hub should expect an exacting regulatory regime.
“Our regulation will be tight,” Hong Kong Monetary Authority Chief Executive Eddie Yue said in an interview at the Bloomberg Wealth Asia Summit on Tuesday. “We will let them create the ecosystem here and that actually brings a lot of excitement. But that doesn’t mean light-touch regulation.”
Further guidance for banks on servicing crypto clients is in the works, and the Securities and Futures Commission will soon announce the results of its deliberations on the scope of retail-investor participation, Yue said. In the US, officials have cracked down on digital-asset businesses with enforcement actions and lawsuits that are pushing companies abroad.
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