HashKey Exchange Business Group Co CEO Ru Haiyang: Hong Kong's virtual asset regulation enters an accelerated development stage, licensed platforms gather to form a market and release market confidence

On March 12th, Ru Haiyang, Co CEO of HashKey Exchange Business Group, systematically explained the breakthrough upgrade of Hong Kong's virtual asset regulatory system during a roundtable discussion on "Innovation and Security: Seeking Balance in Cryptocurrency Regulation" on CNBC Converge Live. He pointed out that the Hong Kong Securities and Exchange Commission is building a globally leading flexible regulatory framework, striving to achieve a strategic transformation from prudent regulation to innovation driven regulation, and establishing a regulatory paradigm for the Asia Pacific digital asset market. When reviewing the regulatory process of virtual assets in Hong Kong, Ru Haiyang stated that the regulatory authorities have always adhered to the principle of&34; Emphasizing both standardization and development&34; Forward looking layout. The early professional team built a regulatory foundation that balances market vitality and risk prevention, relying on their profound accumulation in the fields of regulation, law, and auditing. After the JPEX incident, the regulatory authorities placed investor protection at a critical position, setting strict standards for operational norms and conducting rigorous reviews of token listings. During this period, regulatory authorities maintained close communication with the industry, laying a solid foundation for future development. Ru Haiyang further analyzed: "Nowadays, a series of changes are happening. Six months ago, there were only two licensed virtual asset exchanges in Hong Kong. Now, through a 'rapid and efficient licensing mechanism', the Securities and Futures Commission has issued licenses with specific operating conditions to another 810 platforms, and 8 more are in the approval process. In addition, the China Securities Regulatory Commission has established a "Consultation Group for Virtual Asset Licensed Institutions" to extensively collect opinions from various parties in the market. While strictly fulfilling regulatory responsibilities, issuing warning letters, publicly condemning and transferring bad behavior to law enforcement departments in a timely manner, we also proactively provide direction for industry product innovation, such as recently focusing on promoting the development of pledge services and tokenized money market funds. This new transparent collaboration model greatly enhances the synergy efficiency between regulation and the industry, effectively promoting the healthy development of Hong Kong's virtual asset industry Ru Haiyang emphasized that a clear and reasonable regulatory framework is of great significance in attracting more institutional investors to enter and promoting the large-scale application of virtual assets. At present, end customers are mainly concentrated in traditional financial institutions, and the integration of traditional finance (TriFi) and the encryption field has become an unstoppable industry trend. Under the active and pragmatic regulatory guidance of the Hong Kong Securities and Futures Commission, and through the continuous efforts of the industry, the virtual asset industry in Hong Kong is expected to usher in a more prosperous development situation.