Facebook’s Libra galvanising regulators on crypto

Posted by Anton Murray Consulting on . Posted in News


The upcoming launch of Facebook-backed cryptocurrency Libra in 2020 has galvanised regulators across the world to get its act together on effectively regulating digital assets, according to the head of Hong Kong’s Securities and Futures Commission. In a presentation to delegates at Hong Kong Fintech Week last week, the regulator’s chief executive Ashley Alder noted the conclusion last year from the G20’s Financial Stability Board that blockchain “currencies” did not pose any significant financial stability risks despite them being problematic from an investor protection angle. However, Mr Alder said Facebook’s Libra project has made securities regulators worldwide take the issue of digital assets more seriously.

“The Libra project has galvanised regulators across the world to look far harder at the opportunities and risks inherent in virtual assets,” Mr Alder said. “This is a significant change from the more relaxed attitude only last year.” On the Hong Kong front, the SFC announced new rules to allow cryptocurrency exchanges to receive operating licences upon meeting certain strict criteria, with the objective of improving regulation and overall standards in order to help prevent fraud.

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