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Senate Banking Committee to Hold Key Hearing on Crypto Regulations

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  • The U.S. Senate Banking Committee will hold a hearing on bipartisan crypto regulations on February 26.
  • Lawmakers will discuss stablecoin regulations, market structure, and a potential strategic Bitcoin reserve.
  • Industry experts from Kraken and Lightspark will provide insights on regulatory clarity and innovation.

The U.S. Senate Banking Committee will hold a hearing on February 26 to discuss bipartisan crypto regulation frameworks for digital assets. The session aims to provide clear guidelines for the crypto industry amid growing regulatory concerns and stalled legislative efforts. Lawmakers will address market structure, stablecoin regulations, and the potential establishment of a strategic Bitcoin reserve.

Senate Banking Committee to Revisit Crypto Regulation

The Senate Banking Committee, led by Senator Tim Scott, will assess how regulation can foster innovation while ensuring financial stability. Industry experts from Kraken and Lightspark will provide insights on balancing oversight with economic growth. The committee aims to position the U.S. as a leader in digital finance by shaping a practical regulatory framework.

Witnesses include Lewis Cohen from Cahill Gordon & Reindel LLP, Jonathan Jachym from Kraken, and Jai Massari from Lightspark. They will discuss compliance measures and the impact of current regulatory actions on the industry. Additional speakers may be added to the panel before the hearing.

The hearing will be hybrid, allowing both in-person and virtual participation. It will be webcast live, but access will be granted only once proceedings begin. Individuals needing accessibility services must contact the committee clerk three business days in advance.

Crypto Subcommittee Formation and Leadership

The Senate Banking Committee is set to establish its first crypto subcommittee, with Senator Cynthia Lummis expected to lead. This move follows the House Financial Services Committee’s creation of a similar subcommittee in 2023. Lawmakers believe this initiative will provide more focused oversight and legislative direction for digital assets.

Senator Scott has prioritized forming the subcommittee to streamline discussions on crypto-related policies. The committee oversees financial agencies like the SEC, making this step crucial in shaping future regulations. The subcommittee’s creation signals a shift toward structured policymaking for the digital asset sector.

Lummis has actively supported pro-crypto policies and previously advocated for clearer regulatory guidelines. She recently filed an amicus brief backing Coinbase’s appeal against the SEC, challenging the agency’s authority in crypto enforcement. Her leadership in the new subcommittee may bring more clarity to regulatory discussions.

Potential Impact on U.S. Crypto Regulation

The hearing is critical for the industry, as regulatory uncertainty has slowed growth and investment. Lawmakers will discuss bipartisan solutions to establish a balanced approach that encourages innovation while protecting consumers. A well-defined framework could position the U.S. as a competitive player in the global crypto economy.

President Donald Trump’s administration has expressed support for reducing regulatory overreach in the crypto space. Lummis has backed Trump’s proposal for a strategic Bitcoin reserve, emphasizing its role in financial stability. If lawmakers align on key crypto regulations, the hearing could pave the way for a more structured regulatory landscape.

SEC and CFTC Explore Strategic Collaboration to Strengthen Crypto Regulation

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  • SEC and CFTC aim to revive a joint committee for clearer crypto regulation.
  • Brian Quintenz’s CFTC appointment signals a pro-crypto shift in U.S. oversight.
  • Crypto market cap rises to $3.18 trillion amid regulatory discussions and shifts.

The United States Securities and Exchange Commission and the Commodity Futures Trading Commission are reportedly developing joint regulations for cryptocurrency markets. The two agencies are exploring ways to revive the CFTC-SEC Joint Advisory Committee (JAC) from its inactive status since 2014. The body was initially formed in 2010 to resolve shared regulatory issues. The proposed reforms for the committee occur as the regulatory environment evolves since regulators aim to establish better clarity around digital assets.

The revived committee will establish better cooperation between the SEC and CFTC regarding their shared responsibilities for crypto asset regulation. These agencies plan to work jointly to resolve emerging jurisdictional questions affecting digital asset prominence in financial markets. The agencies’ combined efforts would create better mutual understanding between the officials and produce more transparent regulatory guidance for market participants.

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SEC and CFTC Explore Strategic Collaboration to Strengthen Crypto Regulation 2

Leadership Changes Signal Shift in Regulatory Focus

The SEC and CFTC demonstrate their combined efforts following recent leadership transitions at both organizations. Mark T. Uyeda assumed the SEC chair role acting after Gary Gensler left his position. Additionally, investors in the crypto sphere expect Paul Atkins to bring a more favorable approach toward digital currency. The community is currently considering him to take over the agency. The pro-crypto stance of candidate Paul Atkins means he could establish beneficial new strategies toward blockchain technology and digital assets during his potential tenure.

Furthermore, Brian Quintenz’s appointment to the CFTC represents a major development that favorably impacts the crypto industry. Before joining a16z, Quintenz served as chief of crypto policy, where he demonstrated continuous support for defined regulations governing digital assets. Under this appointment, the CFTC leadership might create a structured framework that enables innovation and investor safeguards.

Ongoing Legal Moves and Market Reactions

The ongoing crypto regulatory exploration between agencies occurs alongside legal sector proceedings that question enforcement methods. For instance, SEC and Binance submitted a request for sixty days of suspension of legal proceedings as their case progressed, which sparked theories about similar delays affecting major existing lawsuits. The SEC’s enforcement direction might transform due to new leadership as they inspect alternative litigation methods instead of maintaining aggressive investigation activity.

The crypto market capitalization has increased to $3.18 trillion, representing a total market growth of 1%. Bitcoin’s price remains at $96,100, having risen 0.3% last day. According to the Crypto Fear and Greed Index, consumer sentiment in the market has transitioned from fear to neutral.

Crypto Giants Upbit, Bithumb Unleash Massive $2.5M User Compensation

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  • Upbit allocates 3.14 billion won for compensation.
  • Bithumb sets aside 377 million won for users.
  • FSS ensures upgrades, scrutinizes AML policies.

South Korea’s premier crypto exchanges, Upbit and Bithumb, have committed to paying out over $2.5 million in compensation. This decision comes in the wake of severe technical disruptions that left countless users at a standstill during a crucial trading period last December.

South Korea’s Crypto Giants Commit to Major Payouts

In a landmark settlement, South Korean crypto exchanges Upbit and Bithumb will pay over $2.5 million to users. This compensation addresses losses from system disruptions during an unprecedented surge in trading activity. The payout is the largest of its kind in South Korea’s cryptocurrency market history.

Both exchanges suffered significant technical failures last December when an unexpected martial law announcement drove a massive increase in user traffic. Upbit experienced a user surge from 100,000 to 1.1 million, resulting in 99 minutes of downtime. Meanwhile, Bithumb faced 62 minutes of service disruption, during which users were unable to execute trades or withdraw funds.

The massive influx of users caused considerable service interruptions, and Bitcoin’s value plummeted. Consequently, Upbit has allocated over 3.14 billion KRW to compensate 596 cases, while Bithumb will distribute 377 million KRW across 124 cases. These compensations are under final discussions, and the total may slightly increase upon conclusion of these talks.

Regulatory and Compliance Issues Facing the Exchanges

South Korea’s Financial Supervisory Service (FSS) has intensified its scrutiny of the exchanges, especially after the disruptions late last year. The FSS is focussed to ensure that both platforms fulfill their commitments to upgrade server capacities and enhance emergency response protocols. Additionally, regulators are focusing on Upbit for potential violations of anti-money laundering rules and shortcomings in its customer verification processes.

The Financial Intelligence Unit (FIU) has recently issued a notice to Upbit, potentially suspending its operation for up to six months. Even though existing customers could continue trading, a suspension could prevent the exchange from adding new users. Upbit must respond to these allegations by January 20 to avoid suspension.

South Korea’s Crypto Regulation Outlook

Financial authorities have emphasized the need for robust institutional frameworks to protect investors following these challenges in South Korea’s cryptocurrency market. The authorities have urged exchanges to take practical measures, such as server expansions and improved business continuity planning, to prevent future failures. 

These developments underscore the growing challenges in a rapidly changing digital asset marketplace, highlighting the critical balance between innovation and user protection in the fintech sector.

South Korea’s Crypto Shift: Corporations, Stablecoins, and New Regulations

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  • South Korea plans to allow corporations to invest in crypto by enabling corporate real-name accounts tied to exchanges.
  • Regulators accelerate efforts on stablecoins and second-phase crypto legislation to align with global policy shifts.
  • The FIU is reviewing potential sanctions on Upbit for violating KYC rules and engaging with unregistered businesses.

The South Korean regulators are planning to come up with new measures to allow corporations to engage in the buying of cryptocurrencies. The government is also ramping up efforts to address stablecoins and continue the second phase of the crypto bill.  

Global Shifts and Crypto Regulation

According to a recent report, Mr. Kim Byung-hwan, Chairman of the Financial Services Commission (FSC) provided the following information at the press conference on 22 January. The change of the global crypto policy due to the second Trump administration has led to South Korea accelerating the process of regulating the crypto market.  

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Source: Financial Services Commission

Kim underlined the importance of the development of the industry as well as the protection of investors. ”We have heard concerns about how the virtual asset industry should be developed, and how investors should be protected,” he said. However, Kim pointed out that the US is expected to be more aggressive in its approach to crypto, which may put pressure on South Korea to move faster on regulation.  

A new change in the coming months is the ability of corporations to establish real-name accounts related to virtual asset exchanges. Neither of these accounts can be used by businesses at the moment, which means that companies cannot easily invest in crypto. The FSC is trying to extend the ban on the accounts step by step to allow corporate accounts.  

Stablecoin Legislation Acceleration

Officials are also working to quickly create a legal framework for stablecoins since these types of tokens are becoming more popular. These digital assets, anchored to fiat currencies such as the US dollar have been a focus of the second wave of crypto legislation. Kim said that the second phase would be dedicated to stablecoins which had not been fully examined in the first phase. “We will speed up this process,” he said.  

Other than these policy changes, Kim was also questioned on the sanctions check by the Financial Intelligence Unit (FIU) on Upbit, one of South Korea’s biggest exchange. Upbit has acted contrary to the Know Your Customer (KYC) norms and has engaged in transactions with unregistered companies. The FIU is still considering possible measures at the moment. The country has been quick to establish better regulations and this could send the market into a new direction in the next few years.

Legal Victory for Tornado Cash: Court Overturns Harsh OFAC Sanctions

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  • U.S. District Court reverses OFAC sanctions against Tornado Cash.
  • Developer Pertsev remains under arrest for money laundering.
  • Ruling signals potential shift toward innovation-friendly crypto regulation.

A U.S. District Court has ruled in favor of Tornado Cash, overturning sanctions imposed by the Treasury Department in 2022. However, developer Alexey Pertsev continues to face charges of money laundering in the Netherlands.

U.S. Court Reverses Sanctions Against Tornado Cash Protocol

The U.S. District Court for the Western District of Texas has reversed sanctions against Tornado Cash, a cryptocurrency mixing protocol. This ruling comes after the U.S. Treasury’s Office of Foreign Assets Control (OFAC) imposed sanctions in August 2022. OFAC had accused Tornado Cash of assisting North Korea’s Lazarus Group in laundering more than $455 million worth of stolen digital assets.

Tornado Cash
Legal Victory for Tornado Cash: Court Overturns Harsh OFAC Sanctions 5

The court’s ruling marks a major victory for privacy-focused technologies, which have been under scrutiny in recent years. Experts view the ruling as a potential shift in crypto regulation toward more innovation-friendly policies. The reversal signals a change in the way authorities handle decentralized platforms and privacy-focused technologies in future.

Tornado Cash’s legal battle highlights the ongoing debate over responsibility in decentralized systems. Tornado Cash is a decentralized, non-custodial service that enables users to mix cryptocurrency transactions for privacy reasons. However, the service has been linked to illicit activities, raising concerns among regulators about its potential to facilitate money laundering.

No Reprieve For Tornado Cash Developer 

However, Tornado Cash developer Alexey Pertsev remains under arrest in the Netherlands. Pertsev faces money laundering charges from the operation of the service. He was convicted in the s-Hertogenbosch Court of Appeal and sentenced to five years and four months in prison for allegedly laundering $1.2 billion worth of illicit assets.

Pertsev argues that he should not be held accountable for the illegal activities conducted by users of the Tornado Cash protocol. He argues that the platform, being non-custodial, did not control or hold the funds in question. However, the court rejected his defense, stating that if the developers truly wanted to prevent criminal misuse, they should have implemented additional security measures.

Reversal of OFAC Sanctions Could Shape Crypto Regulation

The reversal of the sanctions against Tornado Cash could set a precedent for future legal battles involving privacy-oriented technologies. The court’s decision might encourage other innovators in the crypto space to continue developing privacy-focused solutions without the fear of similar sanctions. However, Pertsev’s legal challenges demonstrate that crypto developers are not out yet of legal risks.

The future of decentralized finance and privacy protocols remains uncertain in the legal landscape. However, the balance between protecting privacy and preventing criminal activity will continue to shape the future of crypto regulation.

Ripple Vs SEC: Judge Grants Motion to Seals 64 Legal Documents

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  • Court seals Ripple and SEC documents as case moves to appeals stage.
  • XRP not being a security ruling adds legal momentum.
  • Speculation grows over Trump’s possible influence on the Ripple case outcome.

The legal fight between Ripple and the SEC takes a critical turn as the court seals important documents. As both parties prepare for the appellate stage, the case has the potential to reshape cryptocurrency regulation in the U.S.

Court Grants a Motion

A U.S. District Court judge has approved the request to seal key documents in the ongoing legal case between Ripple and the SEC. The ruling, made by Senior District Judge Phyllis J. Hamilton, follows the Ninth Circuit’s “compelling reasons” rule. This decision will allow both parties to maintain sensitive information confidential as the case goes on.

Ripple had requested the sealing of eight exhibits related to its summary judgment and 56 exhibits opposing the SEC’s motion. Meanwhile, the SEC sought to seal parts of its own exhibits, including expert testimony. The judge found both parties’ requests reasonable, given the need to protect critical information during the appeal.

The court’s ruling also highlights the balance between public access and confidentiality. The Ninth Circuit’s rule ensures that only the most sensitive documents are kept sealed. This is important as the case continues to draw attention from both the public and the crypto industry.

The sealed documents include exhibits related to expert testimony and motions for summary judgment. Both parties agreed to protect this information because it is essential to their arguments. The court’s decision aims to preserve fairness and the integrity of the legal process.

The Appellate Phase

This decision is a big win for Ripple as the case moves to the next stage. Ripple has already scored a partial victory, with a ruling that XRP is not basically a security. However, the SEC is preparing for its appeal, which will be pivotal in shaping cryptocurrency regulation in the U.S.

According to legal experts, Ripple’s partial victory is expected to leave the SEC’s appeal with major challenges. Some pro-crypto figures are advocating for a more flexible approach to cryptocurrency regulation. This case could set a precedent for how cryptocurrencies are treated under U.S. law in the future.

Impact of the Case

XRP’s price experienced an increase following Ripple’s court win, rising 1.7% to $2.31. Analysts suggest that the cryptocurrency is consolidating and may likely follow Bitcoin’s pattern. The ongoing legal battle will continue to play a crucial role in shaping market sentiment.

Speculation about a potential meeting between Ripple CEO Brad Garlinghouse and former President Donald Trump has also emerged. Although unconfirmed, rumors suggest that Trump’s pro-crypto position could impact the outcome of the case. This development draws more interest to an already high-profile legal dispute.

Portugal’s BiG Blocks Crypto Transfers Amid EU AML and CTF Pressure

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  • Portugal’s BiG blocks crypto transfers citing AML compliance and ECB guidance risks.
  • BiG halts fiat to crypto transactions amid tightening AML and CTF regulations in EU.
  • AML rules prompt Portugal’s BiG to restrict crypto transactions to certain platforms.

Banco de Investimentos Globais (BiG), one of the largest banks in Portugal, has added a new restriction for customers on fiat transfers to digital assets platforms. This action, enumerated in a post by José Maria Macedo, the founder of Delphi Ventures, impacts transactions to crypto firms such as Payward Ireland Ltd. BiG’s decision follows the adoption of a directive to adhere to its regulatory anti-money laundering (AML) and counter-terrorism financing (CTF) requirements.

Compliance with Regulatory Obligations

The decision by the bank to block transfers that it regards as being linked to digital assets was made after noting several directions from key European regulatory authorities such as the European Central Bank (ECB), the European Banking Authority (EBA), and the Bank of Portugal. BiG emphasized compliance with AML and CTF regulations as a major turn in Portugal’s approach to digital assets. According to the bank, this is part of its comprehensive risk management system that includes observing and, if required, declining transactions involving virtual asset platforms.

In its notice, BiG also stressed that it remains committed to conducting diligence in compliance with the set policies. This change suggests that digital assets transactions will be cautiously approached, as BiG says it will proactively search for any risks related to virtual asset trading. This decision is part of the growing regulation of digital assets in Europe.

Portugal’s Changing Stance on Cryptocurrency

Portugal was one of the most popular countries adopted for Cryptocurrency investors because of its favorable tax policies. However, its approach has shifted in recent years. Despite having previously adopted a relatively liberal approach to cryptocurrency, the country imposed a 28% tax on capital gains on cryptocurrencies held for the short term in 2023. While long-term digital assets holdings continue to be free of taxation, the new policy is a clear sign of growing regulation within the country.

This move by BiG is considered a significant development since the bank is the first Portuguese financial institution to prevent fiat currency from being actively transferred to digital assets exchanges. While other entities, including Caixa Geral de Depósitos, continue to operate such services, BiG’s move shows the evolving environment of cryptos activities in Portugal.

European Regulatory Trends and Future Implications

The decision to limit the buying of digital assets is a trend witnessed across Europe, where the country’s regulatory authorities are increasingly observing digital assets. The adoption of the Markets in Crypto-Assets Regulation (MiCA) by the European Union is an effort towards the standardization of businesses within the digital assets market. However, the level of adoption and regulatory approach to crypto differ depending on each state in the EU.

France, the Czech Republic, and Switzerland have been the most friendly to crypto related services with some of the countries even hatching policies in a bid to incorporate cryptocurrencies into their economy. Meanwhile, BiG’s decision put Portugal in more restrictive position rather than these nations. With the EU increasing pressure on the industry, it remains to be seen how the rest of the banks in Portugal will adapt to the increasing scrutiny on the digital assets industry.

Iran Embraces Crypto Regulation to Drive Economic Growth and Innovation

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The Central Bank of Iran (CBI) has announced a regulatory framework to govern the cryptocurrency industry. This decision positions the CBI as the primary regulator, aiming to balance oversight with economic growth. The framework focuses on licensing brokers and custodians while enforcing anti-money laundering (AML) and counter-terrorism financing (CTF) laws.

Iran Focuses on Crypto for Economic Growth

Under the new framework, the CBI will regulate Iran’s cryptocurrency sector. It will issue licenses to brokers and custodians to ensure compliance with AML and crypto tax laws. Additionally, the CBI plans to collaborate with the Ministry of Finance to support industry growth.

Governor Mohammadreza Farzin emphasized leveraging crypto’s potential while managing risks. He stated that the framework aims to responsibly integrate digital assets into Iran’s economy. Farzin added that the central bank would work closely with stakeholders to foster innovation in the sector.

The government intends to use digital assets to support economic development. Minister of Economic Affairs Abdolnasser Hemmati said, “Managing risks while capitalizing on crypto’s benefits can help the economy grow.” He also encouraged stakeholders to form a unified association to strengthen collaboration.

New Crypto Rules Focus on Economic Integration

The regulatory framework aims to utilize crypto for job creation and international trade amid economic sanctions. Iran has previously used digital assets to settle trades and bypass financial restrictions. The new rules expand oversight beyond mining, integrating crypto into broader economic activities.

Hemmati acknowledged that restrictions on cryptocurrencies have been ineffective, urging a shift toward risk management. He highlighted crypto’s potential for generating income and strengthening Iran’s digital economy. Moreover, the government plans to ensure the framework aligns with international standards.

Iran legalized crypto mining in 2019 under strict conditions, including higher electricity tariffs and mandatory asset sales to the government. However, the government temporarily halted mining during energy crises, but later allowed its resumption. The new framework represents a more comprehensive approach to crypto regulation.

Strict Crypto Oversight Aims to Attract Investment

The updated regulations mark a step toward aligning Iran’s financial system with international crypto practices. The CBI will monitor compliance to prevent illegal activities while promoting transparency in the sector. 

By legalizing crypto mining and trade under strict oversight, Iran hopes to attract investment. The government views the sector as an opportunity to mitigate the impact of sanctions. Policymakers are optimistic that a regulated crypto market can spur economic growth.

Russia Says Yes To Crypto Mining

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Russia has just made a major breakthrough in digital asset mining. President Vladimir Putin has signed a bill that officially legalizes cryptocurrency mining. The signed bill also covers mining pool, mining infrastructure operator, address identifier, and the individual who organizes mining pool activities. 

Mining is considered a component of turnover meaning that the revenue generated from these activities would included in the overall revenue or income of a business. This becomes subject to taxation, similar to other business activities. Secondly, mining is a business activity rather than the issuance of cryptocurrency. Individuals who do not exceed the energy consumption limit set by the government can mine without registration.

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Russia Says Yes To Crypto Mining 7

Recognising crypto’s economic prospects, Putin made a clarion call “to seize the moment” and establish a legal framework and regulations. He also urged Russian entities and entrepreneurs to develop infrastructure, and create conditions for the circulation of digital assets.

The law will be enforced ten days after the date of its official publication, providing further flexibility to set an effective date to specific parts of the law based on their nature and requirements.

As per reports, Russia might used it for cross-border transactions amidst increasing Western sanctions. Spearheaded by the Ministry of Finance and the Bank of Russia, the initiative reflects a significant shift in the country’s approach to digital assets.

Russia’s Strategic Crypto Move

Previously, Russia maintained a conservative stance on cryptocurrency. However, the evolving geopolitical crisis with Ukraine and the imposition of heavy sanctions, compelled a reevaluation of this policy.

Deputy Finance Minister Alexei Moiseev has underscored the importance of establishing a legal framework for crypto transactions. One that comply with Anti-Money Laundering [AML] and Know Your Customer [KYC] regulations, benefiting many Russians who are currently forced to rely on foreign platforms for crypto services.

This move has secured key support from high-ranking Russian officials, including the State Duma, which has been advocating for allowing miners to sell cryptocurrency as an export product. Futhermore, the authorities are also considering imposing a 20% income tax on cryptocurrency miners to bolster the national budget and tap the burgeoning crypto market to contribute to the country’s economy.

Lawmaker’s Fury: Crypto Regulations Drive Exchanges Away from Hong Kong

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In a recent crypto opinion piece published in the Hong Kong Economic Journal, Duncan Chiu, a member of Hong Kong’s Legislative Council, raised concerns over the stringent regulations imposed on crypto exchanges in the region. Chiu’s commentary comes in the wake of major global exchanges withdrawing their license applications, citing regulatory hurdles that have stifled market growth and dampened investor confidence in Hong Kong’s crypto ecosystem.

The Securities and Futures Commission (SFC) mandates that crypto trading platforms failing to submit license applications by February 29 must cease operations in Hong Kong by May 31. Following this deadline, all Virtual Asset Trading Platforms (VATPs) must either obtain an SFC license or be deemed unauthorized.

Chiu highlighted the adverse impact of these regulations on market development, stating that they lack a comprehensive strategic approach for fostering Hong Kong’s virtual asset market. He criticized the disjointed policies governing various aspects of the industry, including VATP, stablecoin issuance, and over-the-counter trading, which hinder cohesive growth.

Moreover, Chiu noted discrepancies between regulatory requirements and the innovative nature of Web3 finance. The SFC’s insistence on standards akin to traditional financial institutions appears “excessively stringent” and incompatible with the decentralized and agile nature of financial markets.

Technical Expertise Lacking in Crypto Oversight

Another key concern raised by Chiu is the disparity in technical expertise between regulatory bodies and industry operators. While regulators demand extensive experience from management teams, they often lack personnel with practical knowledge of operating Web3 businesses. This mismatch complicates communication and inhibits effective regulation tailored to the unique needs of the crypto industry.

The withdrawal of license applications by major global exchanges such as OKX, Gate.io, and HTX underscores the urgency of addressing these regulatory challenges. Chiu called for a forward-looking vision that embraces innovation and flexibility, urging authorities to collaborate with industry stakeholders to devise a regulatory framework conducive to sustainable growth in Hong Kong’s crypto landscape.

As Hong Kong navigates the evolving dynamics of the digital economy, striking a balance between regulatory oversight and fostering innovation will be pivotal in positioning the region as a leading hub for crypto innovation.