• News
    • Bitcoin
    • Altcoins
  • Blockchain
  • NFT
  • Metaverse
  • Regulation
  • Learn
  • Market Cap
What's Hot

Exploring 10 AI-based Crypto Projects with Potential for Massive Profits

2023-03-25

Polygon [MATIC] sees uptick in these metrics, what does the future hold

2023-03-25

Huobi believes SEC impact is over

2023-03-24
Facebook Twitter Instagram
Top Coin Spot
  • News
    • Bitcoin
    • Altcoins
  • Blockchain

    Chainlink Labs, PwC Germany Partner for Enterprise Blockchain Adoption

    2023-03-23

    Atlanta Home Tokenized on Ethereum, Nets $214,882 in Under 3 Minutes

    2023-03-23

    Blockchain tech could save municipalities money but adds risks, Moody’s says

    2023-03-22

    Celer Network Releases Brevis to Provide More Opportunities for Smart Contracts and DApps

    2023-03-22

    Blockchain messaging is going to replace Telegram and Discord

    2023-03-22
  • NFT

    A Guide to Gods Unchained

    2023-03-24

    A Conversation with Lady Phe0nix

    2023-03-24

    Do You Believe in (Bitcoin) Magic?

    2023-03-24

    Metaverse Project Proposes On-chain Reputation Scores for NFT Projects

    2023-03-24

    Tarzan Swings Into the Metaverse With Official NFT Drop

    2023-03-24
  • Metaverse

    Metaverse Trading Hits All-Time High

    2023-03-24

    Exploring the Metaverse: A Guide to Investing in Metaverse Stocks

    2023-03-20

    A Guide to Virtual Land Staking in the Metaverse

    2023-03-20

    Nissan Doubles Down on Web3 Innovation

    2023-03-13

    As Fashion Moves into the Metaverse, What Other Industries Could Be Next

    2023-03-13
  • Regulation
  • Learn

    In Search of Legal Personality & Limited Liability

    2023-03-23

    Best NFT Wallets in 2023

    2023-03-21

    What are Dapps (Decentralized Applications) Crypto?

    2023-03-17

    How to Short Sell Bitcoin

    2023-03-17

    Are There Any Free Play-to-Earn Crypto Games?

    2023-03-16
  • Market Cap
Top Coin Spot
Home»Regulation»Hong Kong to avoid FTX-like scenario through transparency and supervision
Regulation

Hong Kong to avoid FTX-like scenario through transparency and supervision

2022-11-13No Comments3 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email

Simply days after Binance CEO Changpeng “CZ” Zhao warned concerning the onset of higher regulatory scrutiny amid the FTX collapse, the Monetary Secretary of Hong Kong known as for a stronger deal with transparency and correct supervision when coping with digital property.

Monetary Secretary Paul Chan highlighted the significance of being “regular and cautious” when selling the event of the digital asset business in Hong Kong. A poster accompanying Chan’s publish, roughly translated to:

“Whereas actively embracing innovation, there should be a regulatory package deal that adapts and retains tempo with the occasions to correctly handle dangers, create conditions for the orderly and vigorous improvement of the market.”

In October, the Hong Kong authorities issued a coverage — Coverage Declaration on the Growth of Digital Belongings in Hong Kong — introducing a regulatory framework and risk-based regulatory route. As well as, the federal government proposed a number of pilot initiatives to check and improve the applied sciences powering digital property.

In line with Chinese language reporter Colin Wu, Chan’s publish could be seen as a manifesto to welcome cryptocurrency corporations around the globe. In her words:

“The Monetary Secretary of Hong Kong mentioned that due to the chapter of FTX, transparency and correct supervision should be strengthened.”

Chan didn’t take offense at FTX’s collapse. As a substitute, he highlighted the significance of sustaining security and correctly managing dangers, explaining that:

“We should not solely make full use of the potential introduced by revolutionary applied sciences, but in addition watch out to protect towards fluctuations and potential dangers that could be attributable to them, and keep away from these dangers and impacts from being transmitted to the actual economic system.”

As well as, his recommendation for crypto corporations was to keep up separate accounts for retaining consumer property. As identified by Wu, Chan additionally beneficial crypto companies put aside precise working bills for a minimum of 12 months, amongst different necessities.

See also  Shiba Inu Price Hits Yearly Lows: SHIB Might Face Worst Case Scenario in Coming Week

On an finish notice, Chan reiterated {that a} secure and sustainable crypto business would turn out to be a actuality with clear operations and correct and acceptable supervision.

Associated: FTX’s ongoing saga: All the things that’s occurred till now

FTX CEO Sam Bankman-Fried and two of his associates are at present planning to shift bases away from the USA to evade potential prosecution. Nevertheless, the plan to flee Dubai might not be possible attributable to a treaty signed between the 2 nations.

If the FTX members try to succeed in Dubai, the settlement between the 2 nations will permit authorities to detain the fugitives on the airport and ship them again to the USA.



Source link

avoid FTXlike Hong Kong scenario supervision transparency
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Huobi believes SEC impact is over

2023-03-24

SEC issues investor alert over crypto investments

2023-03-24

Congressman Emmer introduces bill providing ‘safe harbor’ to miners, developers and wallets

2023-03-24

U.S. SEC Continues Broadside Against Digital Asset Market, Issues Investor Alert About ‘Crypto Asset Securities’

2023-03-24
Add A Comment

Leave A Reply Cancel Reply

Top Posts

Binance Coin Revives Its Bullish Strength Above $290; Will Bulls Defend This Area?

2022-11-26

Mastercard to allow crypto payments in Web3 via USDC settlements

2023-02-21

‘Metaverse’ a top 3 contender for Oxford’s Word of the Year

2022-11-23

Subscribe to Updates

Get the latest news and Update from Top Coin Sports about Crypto, Metaverse, NFT and more.

About
About

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, Defi, NFT, Metaverse and more.

We're social. Connect with us:

Facebook Twitter Instagram Pinterest YouTube
Top Insights

Exploring 10 AI-based Crypto Projects with Potential for Massive Profits

2023-03-25

Polygon [MATIC] sees uptick in these metrics, what does the future hold

2023-03-25

Huobi believes SEC impact is over

2023-03-24
Get Informed

Subscribe to Updates

Get the latest news and Update from Top Coin Sports about Crypto, Metaverse, NFT and more.

  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
© 2023 Topcoinspots.com - All rights reserved.

Type above and press Enter to search. Press Esc to cancel.

  • bitcoinBitcoin(BTC)$27,620.00-2.11%
  • ethereumEthereum(ETH)$1,756.20-2.24%
  • USDEXUSDEX(USDEX)$1.080.18%
  • tetherTether(USDT)$1.010.38%
  • binancecoinBNB(BNB)$325.130.44%
  • usd-coinUSD Coin(USDC)$1.010.42%
  • rippleXRP(XRP)$0.4494804.48%
  • cardanoCardano(ADA)$0.362471-0.60%
  • dogecoinDogecoin(DOGE)$0.075098-0.68%
  • staked-etherLido Staked Ether(STETH)$1,750.96-2.38%