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The Hong Kong (HK) Securities and Futures Commission (SFC) CEO Julia Leung Fung-yee has <a href="https://gbcode.rthk.hk/TuniS/news.rthk.hk/rthk/ch/component/k2/1706032-20230623.htm?spTabChangeable&#61;0" rel="noopener noreferrer nofollow">reportedly</a> stated that Hong Kong’s virtual asset ecosystem requires bringing virtual asset service providers (VASPs) under the purview of regulation. The SFC CEO asserted that while mainland China has banned cryptocurrencies, Hong Kong&#39;s cryptocurrency licensing system signals China’s &#34;one country, two systems&#34; model.As per the SFC CEO, the goal of the virtual asset ecosystem of Hong Kong is not to make Hong Kong a cryptocurrency trading hub,” but acknowledges crypto as a vital part of the virtual asset ecosystem. Fung-yee added that after the FTX fiasco, pro-crypto jurisdictions started to introduce tougher regulations. The SFC CEO reasoned that following a cold winter in the cryptocurrency market in 2022, instances of default or bankruptcy of some VASP companies occurred.Chinese reporter Colin Wu took to Twitter to share insights on the VASP statement by Hong Kong SFC CEO on his Twitter page Wu Blockchain:Read full article at <a href="https://cryptotale.org/hk-sfc-ceo-spotlights-chinas-one-country-two-systems-model/" rel="noopener noreferrer nofollow">CryptoTale.</a>

HK SFC CEO Spotlights China’s ‘One Country, Two Systems’ Model

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