First Digital CEO: Hong Kong should speed up cryptocurrency regulation

Mars Finance News, according to Cointelegraph, First Digital Trust, a Hong Kong-based stablecoin issuer, said that Hong Kong should speed up regulation in the field of digital assets to avoid falling behind in the rapidly developing industry. Although Hong Kong is committed to becoming a global cryptocurrency center, there are currently only two virtual asset trading platforms with full licenses, Hash Blockchain and OSL Digital Securities, and many other exchanges are still waiting for full operating licenses.

First Digital CEO Vincent Chok said in an interview that Hong Kong's current more conservative and slow approach to trading regulation is understandable because it prioritizes investor protection. However, he pointed out that he hopes to see regulation accelerate to ensure that it does not lag behind the development speed of the industry. First Digital Trust believes that Hong Kong is not yet ready to regulate dollar-backed stablecoins, while Dubai has taken a more global approach. Chok said he looks forward to Hong Kong launching dollar-backed stablecoin regulation in the near future.

In addition, Chok does not think banks will rush to provide digital asset custody services because it is beyond their risk tolerance. Many companies have established trust structures to provide cryptocurrency custody services.