Xu Zhengyu: Regulatory agencies will review the requirements related to cryptocurrency activities as needed

ChainCatcher news, the Secretary for Financial Services and the Treasury of the Hong Kong Special Administrative Region, Xu Zhengyu, stated that with the development of the cryptocurrency industry, regulators will review the requirements related to cryptocurrency activities as needed.

Xu Zhengyu said today that the Hong Kong Monetary Authority and the Securities and Futures Commission will "closely monitor market developments and review the regulations related to virtual asset activities when appropriate." He made the above comments when a legislator asked whether regulators would expedite the review process for cryptocurrency licenses and relax the rules for intermediaries distributing crypto assets.