In 2018, the crypto world was seen to be of marginal importance to the global financial system. The Financial Stability Board, which is basically the G20’s financial regulatory arm, concluded last year that, although blockchain “currencies” such as Bitcoin were problematic from an investor protection angle, they did not yet pose any significant financial stability risks.
But then came Facebook’s Libra, and the international regulatory community had to get its act together very rapidly.
So, today I want to run through some of what has happened over the past twelve months from a regulatory perspective. And, as I did last year, I will outline some important announcements we will be making later today about the regulation of crypto assets in Hong Kong.
Read More: https://www.sfc.hk/web/EN/files/ER/PDF/Speeches/Ashley_FinTech_Week_speech.pdf