{"id":509668,"date":"2022-11-13T14:16:35","date_gmt":"2022-11-13T11:16:35","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/hong-kong-to-avoid-ftx-like-scenario-through-transparency-and-supervision\/"},"modified":"2022-11-13T14:16:35","modified_gmt":"2022-11-13T11:16:35","slug":"hong-kong-to-avoid-ftx-like-scenario-through-transparency-and-supervision","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/hong-kong-to-avoid-ftx-like-scenario-through-transparency-and-supervision\/","title":{"rendered":"# Hong Kong to avoid FTX-like scenario through transparency and supervision"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a326b5313f28\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a326b5313f28\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/hong-kong-to-avoid-ftx-like-scenario-through-transparency-and-supervision\/#%E2%80%9D_Hong_Kong_to_avoid_FTX-like_scenario_through_transparency_and_supervision_%E2%80%9C\" >&#8221; Hong Kong to avoid FTX-like scenario through transparency and supervision &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Hong_Kong_to_avoid_FTX-like_scenario_through_transparency_and_supervision_%E2%80%9C\"><\/span>&#8221; Hong Kong to avoid FTX-like scenario through transparency and supervision &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvZDk5NmY0MDQtN2U5ZC00OWYzLTk5MGEtZjZmNjNkNzA2NGQyLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-e13e51fa>Just days after Binance CEO Changpeng \u201cCZ\u201d Zhao warned about the onset of greater regulatory scrutiny amid the FTX collapse, the Financial Secretary of Hong Kong called for a stronger focus on transparency and proper supervision when dealing with virtual assets.<\/p>\n<p>Financial Secretary Paul Chan highlighted the importance of being \u201csteady and cautious\u201d when promoting the development of the virtual asset industry in Hong Kong. A poster accompanying Chan\u2019s post, roughly <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fso.gov.hk\/sim\/blog\/blog20221113.htm\">translated<\/a> to:<\/p>\n<blockquote><p>\u201cWhile actively embracing innovation, there must be a regulatory package that adapts and keeps pace with the times to properly manage risks, create prerequisites for the orderly and vigorous development of the market.\u201d<\/p><\/blockquote>\n<p>In October, the Hong Kong government issued a policy \u2014 Policy Declaration on the Development of Virtual Assets in Hong Kong \u2014 introducing a regulatory framework and risk-based regulatory direction. In addition, the government proposed several pilot initiatives to test and enhance the technologies powering virtual assets. <\/p>\n<p>According to Chinese reporter Colin Wu, Chan\u2019s post can be seen as a manifesto to welcome cryptocurrency companies around the world. In her <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/WuBlockchain\/status\/1591684879812820992\">words<\/a>:<\/p>\n<blockquote><p>\u201cThe Financial Secretary of Hong Kong said that because of the bankruptcy of FTX, transparency and proper supervision must be strengthened.\u201d<\/p><\/blockquote>\n<p>Chan didn\u2019t take offense at FTX\u2019s collapse. Instead, he highlighted the importance of maintaining safety and properly managing risks, explaining that:<\/p>\n<blockquote><p>\u201cWe must not only make full use of the potential brought by innovative technologies, but also be careful to guard against fluctuations and potential risks that may be caused by them, and avoid these risks and impacts from being transmitted to the real economy.\u201d<\/p><\/blockquote>\n<p>In addition, his advice for crypto companies was to maintain separate accounts for keeping client assets. As pointed out by Wu, Chan also recommended crypto businesses set aside actual operating expenses for at least 12 months, among other requirements.<\/p>\n<p>On an end note, Chan reiterated that a stable and sustainable crypto industry would become a reality with transparent operations and proper and <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ropriate supervision.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>FTX\u2019s ongoing saga: Everything that\u2019s happened until now<\/em><\/strong><\/p>\n<p>FTX CEO Sam Bankman-Fried and two of his associates are currently planning to shift bases away from the United States to evade possible prosecution. However, the plan to flee Dubai may not be feasible due to a treaty signed between the two nations.<\/p>\n<p>If the FTX members attempt to reach Dubai, the agreement between the two nations will allow authorities to detain the fugitives at the airport and send them back to the United States.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/hong-kong-to-avoid-ftx-like-scenario-through-transparency-and-supervision\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Hong Kong to avoid FTX-like scenario through transparency and supervision &#8220; Just days after Binance CEO Changpeng \u201cCZ\u201d Zhao warned about the onset of greater regulatory scrutiny amid the FTX collapse, the Financial Secretary of Hong Kong called for a stronger focus on transparency and proper supervision when dealing with virtual assets. Financial Secretary&#8230;<\/p>\n","protected":false},"author":1,"featured_media":509669,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvZDk5NmY0MDQtN2U5ZC00OWYzLTk5MGEtZjZmNjNkNzA2NGQyLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[95292,106277,74355,71511,43256,70934],"class_list":["post-509668","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-innovators","tag-virtual-currencies","tag-adoption","tag-government","tag-hong-kong","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/509668","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=509668"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/509668\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/509669"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=509668"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=509668"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=509668"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}