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Hong Kong highlighted the importance of being transparent and cautious in Crypto

Just days after Binance CEO Changpeng “CZ” Zhao warned of more regulatory scrutiny in the aftermath of the FTX crash, Hong Kong’s Financial Secretary urged for a greater emphasis on openness and adequate supervision when dealing with virtual assets.

Financial Secretary Paul Chan emphasised the significance of being “steady and careful” in fostering the growth of the Hong Kong virtual asset market. A poster that accompanied Chan’s post, approximately translated:

“While actively embracing innovation, there must be a regulatory package that adapts and keeps pace with the times to properly manage risks, create prerequisites for the orderly and vigorous development of the market.” 


Finally, Chan said that with transparent operations and competent and suitable monitoring, a stable and sustainable crypto sector will become a reality.

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