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Forcing crypto into existing financial rules is a mistake
Forcing cryptocurrencies into existing regulatory frameworks will undermine its potential as a global asset class, the head of Hong Kong's Mandatory Provident Fund Schemes Authority, Alice Law Shing-mui, said.
Cryptocurrency poses a unique challenge to authorities worldwide, and regulation in different countries will require each country to devise its own legislation.
According to Shing-Mui, who previously served in Hong Kong's Securities and Futures Commission, legislation concerning cryptocurrency regulation will have to be distinct from already existing frameworks and be defined according to the nature of the crypto market.
Forcing cryptocurrencies into existing regulatory frameworks will undermine its potential as a global asset class, the head of Hong Kong's Mandatory Provident Fund Schemes Authority, Alice Law Shing-mui, said.
Cryptocurrency poses a unique challenge to authorities worldwide, and regulation in different countries will require each country to devise its own legislation.
According to Shing-Mui, who previously served in Hong Kong's Securities and Futures Commission, legislation concerning cryptocurrency regulation will have to be distinct from already existing frameworks and be defined according to the nature of the crypto market.
