{"id":29257,"date":"2024-09-14T22:54:38","date_gmt":"2024-09-14T19:54:38","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=29257"},"modified":"2024-09-14T22:54:38","modified_gmt":"2024-09-14T19:54:38","slug":"first-digital-ceo-hong-kong-must-accelerate-crypto-regulation-to-stay-competitive","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/first-digital-ceo-hong-kong-must-accelerate-crypto-regulation-to-stay-competitive\/","title":{"rendered":"First Digital CEO: Hong Kong Must Accelerate Crypto Regulation to Stay Competitive"},"content":{"rendered":"

First Digital Trust, a company providing crypto custody services, has urged Hong Kong to accelerate its efforts in regulating the cryptocurrency sector, warning that the city may lag behind the rapid pace of industry development if action isn\u2019t taken swiftly. Although Hong Kong aims to become a global hub for cryptocurrency, only two fully licensed virtual asset trading platforms\u2014Hash Blockchain and OSL Digital Securities\u2014are currently operational, with many others awaiting approval.<\/p>\n

Vincent Chok, CEO of First Digital, acknowledged that Hong Kong’s cautious approach prioritizes investor protection but expressed concern that the slow regulatory progress could hinder the city’s position in the fast-evolving crypto space. He emphasized the need for Hong Kong to act faster to keep up with industry trends.<\/p>\n

As of June 1, operating an unlicensed virtual asset trading platform in Hong Kong became a criminal offense, with the city’s Securities and Futures Commission (SFC) publishing an “alert list” of suspicious or unlicensed crypto platforms. While regulation for USD-backed stablecoins is not yet in place, Chok hopes that Hong Kong will implement such measures soon. He noted that cities like Dubai have adopted a more global approach to stablecoin regulation.<\/p>\n

In a related move, Jingdong Coinlink Technology Hong Kong Limited recently announced plans to launch a stablecoin pegged to the Hong Kong dollar (HKD), marking a step forward in local stablecoin development, supported by the Hong Kong Monetary Authority’s Sandbox program.<\/p>\n

\n

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our\u00a0Telegram,\u00a0<\/strong><\/a>YouTube<\/strong><\/a>,\u00a0and\u00a0Twitter<\/strong><\/a>\u00a0channels for the latest news and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

First Digital Trust, a company providing crypto custody services, has urged Hong Kong to accelerate its efforts in regulating the cryptocurrency sector, warning that the city may lag behind the rapid pace of industry development if action isn\u2019t taken swiftly. Although Hong Kong aims to become a global hub for cryptocurrency, only two fully licensed<\/p>\n","protected":false},"author":6,"featured_media":12961,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,2],"tags":[1469,7052,8617],"class_list":["post-29257","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-news","tag-hong-kong","tag-hong-kong-crypto","tag-hong-kong-crypto-regulation"],"yoast_head":"\nFirst Digital CEO: Hong Kong Must Accelerate Crypto Regulation to Stay Competitive - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/first-digital-ceo-hong-kong-must-accelerate-crypto-regulation-to-stay-competitive\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"First Digital CEO: Hong Kong Must Accelerate Crypto Regulation to Stay Competitive - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"First Digital Trust, a company providing crypto custody services, has urged Hong Kong to accelerate its efforts in regulating the cryptocurrency sector, warning that the city may lag behind the rapid pace of industry development if action isn\u2019t taken swiftly. 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