Hong Kong should try to speed up crypto regulation: First Digital CEO
First Digital Trust, which provides crypto custody services for institutions, says that Hong Kong is not yet ready to regulate USD-backed stablecoins.
Hong Kong-based First Digital Trust expressed hopes that the city will accelerate the regulation of the digital assets sector, warning that it risks falling behind the rapid pace of industry development if it does not.
Hong Kong, aiming to position itself as a global hub for cryptocurrency, currently has only two fully licensed virtual asset trading platforms: Hash Blockchain and OSL Digital Securities. Many other crypto exchanges are still awaiting full operational licenses in the city.
“It is understandable its (Hong Kong’s) current approach to regulation in trading is more conservative and slower than some other jurisdictions since it prioritizes the protection of investors,” Vincent Chok, CEO of First Digital, told Cointelegraph in an exclusive interview. However, he pointed out:
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Author: Pradipta Mukherjee
