In response to the recent crash in the crypto market, the Financial Deputy Secretary of Hong Kong has published a blog suggesting a regulatory regime would effectively avoid crypto exchange crash scenario amid the so-called “crypto winter”.
Emphasizing transparency, the blog mentioned the use of regulations and how they can help monitor the development of the virtual assets industry in Hong Kong. The article reads, “While actively embracing innovation, there must be a regulatory package that adapts and keeps pace with the times to properly manage risks and create prerequisites for the orderly and vigorous development of the market.”
Though the Financial Secretary’s Office in the blog did not mention the recent collapse of the FTX exchange but seemed only to be highlighting valuable points and advice. Expressing how important it is to maintain safety and adequately manage risks, the Financial Secretary’s Office noted:
“We…
