Hong Kong Legislative Council member Yip Lau Suk-yee: Hong Kong should further relax virtual asset regulations to expand the industry scale

ChainCatcher news, according to a report by the Hong Kong Commercial Daily, Hong Kong Legislative Council member Yau Liu Shuyi stated that as the only region in the country capable of developing cryptocurrency trading, Hong Kong should further relax regulations to expand the industry scale. She pointed out that although the SAR government released a policy declaration for the development of virtual assets in October 2022 and established a relevant regulatory framework, the current industry scale is still relatively small.

Yau Liu Shuyi emphasized that the fintech industry is particularly suitable for development in Hong Kong, as it is a "light asset" industry that does not require significant infrastructure investment and mainly relies on technological innovations such as blockchain. She suggested accelerating the improvement of the regulatory framework to create a more favorable environment for industry development.