Julia Leung, chief executive of Hong Kong's Securities and Futures Commission (SFC), emphasized that Bitcoin "has gone through many boom and bust cycles." Leung stated that virtual assets are "highly speculative in nature" and that the regulator has taken security measures to protect investors.
Julia Leung, CEO of the Hong Kong Securities and Futures Commission, stated that Bitcoin has clearly demonstrated its staying power as an alternative asset.
Most central bankers and economists would say virtual assets like Bitcoin and Ether have no inherent value, Leung said in a speech at the Greenwich Economic Forum Hong Kong on Wednesday.
"I disagree. While the intrinsic value debate continues, it is a fact that 15 years later Bitcoin has gone through many boom and bust cycles and has clearly demonstrated its staying power as an alternative asset," Leung said. “More clearly, its core technology – DLT – is here to stay.”
Leung's comments on Bitcoin come as the SFC officially introduced a requirement for crypto trading platforms to obtain a license to serve retail investors in Hong Kong.
Hong Kong lawmaker Duncan Chiu expressed concern over "overly stringent" regulations for licensing crypto exchanges, criticizing that these rules prevent major global exchanges from entering Hong Kong and reduce market confidence.
In his speech, Leung stated that support for the Web3 ecosystem in Hong Kong "should not be taken as an endorsement of the VA asset class."
“As things stand, VAs are known for their highly speculative nature and extreme price volatility,” Leung added. "Therefore, while meeting investors' demands, we must ensure that we take comprehensive security measures to protect investors."
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So who will benefit?
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I EXPLAIN IN DETAIL.
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