South China Morning Post: The crypto bear market is an ideal time for Hong Kong to impose regulations on virtual assets

ChainCatcher news, the South China Morning Post published an article today titled "Cryptocurrency bear market is an ideal time for Hong Kong to put its regulatory stamp on virtual assets." The article points out that the Hong Kong Financial Services and the Treasury Bureau released a policy statement on virtual assets just a few days after FinTech Week, followed by the bankruptcy of FTX which triggered market turmoil. Some critics believe the policy statement came too late.

However, if Hong Kong aims to become an international virtual asset center, demonstrating its strength and developing regulations during a chaotic bear market, rather than a bull market, would appear much stronger. This storm serves as a good stress test for Hong Kong regulators to develop a framework, on which a sustainable and resilient international virtual asset center can be built. (Source link)