Singapore—March 15, 2023—WikiBit, a global blockchain exchange regulatory inquiry platform, organized a roundtable discussion on "What is behind the new crypto hub in Hong Kong?" on March 10th.
BYDFi, the fastest-growing cryptocurrency exchange, was invited to participate in this event. BYDFi's CMO, Michael Hung, was a guest at the meeting, along with other attendees including Karen Kao, CMO of BOXTradEx, a Co-Founder and Director of AAG Ventures, and Karl, the product manager of Metaone wallet. They shared their perspectives on the topic.
Therefore, although it seems that Hong Kong’s regulatory direction for the blockchain seems strict, many people are still optimistic about the blockchain industry in Hong Kong. Michael Hung, CMO of BYDFi said,” Currently, the largest markets in the world are the United States and China. After the FTX incident, people began to pay attention to the development of blockchain in Asia. As the financial center of Asia, Hong Kong has many financial talents and enterprises, and despite seemingly strict regulatory restrictions, it still has enormous market potential. This is why people have high expectations for Hong Kong and are very optimistic about its prospects.”
Karen Kao, CMO of BOXTradEx said, “Hong Kong has been actively promoting the application of innovative technologies in the financial sector, actively exploring new concepts and technologies to improve the efficiency, transparency, and security of financial transactions. Hong Kong is ahead of other jurisdictions, the SFC has identified since 2018 that risks associated with virtual asset activities are not limited to money laundering but also include investor protection concerns. Indeed, the SFC was one of the first few major financial regulators to introduce a comprehensive framework to regulate a wide range of virtual asset-related activities.“
Regarding Hong Kong’s regulatory policies, Michael Hung mentioned that in the FTX incident, investment funds disappeared for US users, but Japanese users received compensation. Regulation is crucial to ensuring market integrity and protecting investors. For Michael Hung, it is even more important to find an appropriate balance between innovation and regulation for long-term success.
In general, the attendees of the roundtable discussion were optimistic about the future of cryptocurrency in Hong Kong and looked forward to how the market would develop.
About BOXTradEx
BOXTradEx is a one-stop crypto platform for GameFi ecosystem providing a user-friendly platform. We aim to build the web 3 GameFi portal infrastructure to enable access to NFT and open metaverse.
About BYDFi
BYDFi is a cryptocurrency trading platform for global investors. It has continued to bring professional, convenient and new trading services to global users since 2020. BYDFi provides users with a trading solution through Spot, Contracts for Differences (CFDs), Inverse perpetual contracts, USDT perpetual contracts, Grid trading, and Copy-trading services.
BYDFi: https://www.bydfi.com
Media Contact: Jeanne Hsieh
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