Hong Kong, utilizing the global platform of the World Economic Forum (WEF) in Davos, vigorously defended its regulatory strategy for the digital asset sector, emphasizing the principle of ‘same risk, same regulation.’ This approach signals the city’s commitment to fostering innovation while maintaining stringent standards for investor protection and market integrity.
A senior government official, speaking at a panel on the future of finance, asserted that virtual assets should not be regulated solely based on the underlying technology, but rather on the risks they pose to the financial system, consumers, and market stability. This technology-neutral stance is central to Hong Kong’s ambition to become a leading international Web3 hub.
The strategy involves applying existing financial regulations—developed for traditional securities, banking, and payment systems—to equivalent virtual asset activities. Key initiatives highlighted include the comprehensive licensing regime for Virtual Asset Service Providers (VASPs), which imposes stringent requirements on custody, governance, and anti-money laundering controls, particularly for platforms serving retail clients.
The representative noted that this pragmatic framework is essential to rebuilding confidence following a series of high-profile global collapses within the crypto industry. By applying regulations commensurate with risk, Hong Kong aims to seamlessly integrate regulated virtual asset operations into the broader financial ecosystem, providing clarity and stability necessary for institutional adoption and long-term sustainable growth.
Source: Hong Kong defends ‘same risk, same regulation’ approach for crypto at WEF
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