Julia Leung, the chief executive of the SFC, said that bitcoin has 'survived multiple cycles of boom and bust.'
Julia Leung, the chief executive of the Hong Kong Securities and Futures Commission, said that bitcoin has clearly shown its staying power as an alternative asset.
“I do not disagree with this view. While the intrinsic value debate will continue, it is a fact that, 15 years on, Bitcoin has survived multiple cycles of boom and bust, clearly showing its staying power as an alternative asset,” Leung said. “More clearly, its underlying technology — DLT — is here to stay.”
Duncan Chiu, a Hong Kong lawmaker, has raised concerns over the “excessively stringent” regulations for crypto exchanges to obtain a license, criticizing that these rules have pushed major global exchanges away from entering Hong Kong and have dampened market confidence. “As things currently stand, VAs are highly speculative in nature with extreme price volatility,” Leung added. “Therefore, while meeting investors’ demand, we have made sure that wide-ranging safeguards are in place to protect investors.”The SFC is also working towards regulating stablecoins. “Preparations for a new regime to regulate fiat-referenced stablecoins are underway,” Leung said.
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