Christopher Hui, Hong Kong’s Secretary for Financial Services and the Treasury, outlined a raft of regulations planned for the tokenization sector. He was talking today during the Hong Kong Fintech Week.
First off he addressed the JPEX scandal in which the crypto exchange collapsed owing to alleged fraud. “We’ve been asked many times whether JPEX will affect our determination to grow the web3 market. The answer is a clear no,” said Mr. Hui.
This June new regulations came into force for cryptocurrency exchanges. But most of the coming regulatory work is not in the crypto sector. However, Mr Hui mentioned plans to expand the virtual asset regulations beyond exchanges. On the one hand, that could mean DeFi. But it’s more likely to focus on token issuance, wallets and the like.
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