The Hong Kong Monetary Authority stated that they will allow the crypto ecosystem to form, but this will happen in the light of strict regulations.
Hong Kong, which has made the crypto industry experience a short-term rise in the past months, is tightening its steps on crypto. Hong Kong, which is in the lead role of the developments called the Asian rush, has also started to provide clarity on the regulations.
Hong Kong Focused on Crypto Regulations
In an interview with Bloomberg, Hong Kong Monetary Authority Chief Executive Eddie Yue gave the message that crypto regulations will be strict.
Driven by the desire to strengthen the digital asset sector and become the center of sophistication, Hong Kong has now set its sights on regulation.
In addition, Hong Kong plans to start the licensing process for cryptocurrency exchanges and digital asset providers on June 1. Sharing his opinion on the matter, Yue said that they are ready to provide further guidance for banks in serving their crypto customers.
During the interview, Sue said, “We’re going to let them build the ecosystem here, and that actually brings a lot of excitement. But that doesn’t mean light-touch editing.” said.
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