Hong Kong securities regulatory body’s executive says “Bitcoin is here to stay”
Julia Leung appreciated the potential ability of Bitcoin by considering multiple supportive factors around Bitcoin technology.
Bitcoin was invented in 2008 & went live in Jan 2009. So we can roughly call Bitcoin’s age 16 years. In the last 16 years, Bitcoin saw many ups & downs in terms of ban, regulation, price pump & dump and currently trading at the price of $71k level.
On 5 June 2024, Julia Leung, CEO of Hong Kong
Securities & Futures Commission (SFC), said that Bitcoin easily survived multiple bear cycles & it is proof that Bitcoin has a better potential as an alternative investment asset.
Julia also praised Bitcoin’s Proof-of-work (PoW) distributed ledger technology (DLT) which makes Bitcoin free from restrictions & also decentralised. She said that Bitcoin is here to stay.
In Jan 2023, Julia Leung became the first woman to lead Hong Kong’s Securities and Futures Commission (SFC). Her time as CEO comes as Hong Kong tries to become a key player in the digital assets market.
In Dec of the last year, she said praised Crypto, blockchain, & Web3 technologies.
At the 2023 Boao Forum for Asia Annual Conference, Julio said Cryptocurrency platforms are part of the whole Web3 ecosystem and we are very supportive of the development of the whole Internet ecosystem.
Hong Kong, Crypto Adoption, & controversy
Hong Kong legalised retail crypto trading in the middle of 2023 and also invited top crypto exchanges to establish their global headquarters in the jurisdiction of Hong Kong under clear rules & laws.
In the initial phase, the Hong Kong government successfully attracted huge numbers of crypto companies but they failed to deliver the best crypto legal framework for the crypto companies, so that they can generate a sustainable profit from the crypto operations.
In the past few months, nearly a dozen Crypto companies withdrew VASP licenses from the Hong Kong SFC without telling the main reason publicly.
Just a few days ago, a Hong Kong legislator shared his opinion on Hong Kong’s crypto regulatory framework and stated that Hong Kong’s crypto license was not beneficial for crypto companies.
Read also: American SEC chairman says disclosures are not enough to protect crypto exchanges
