The Chief Executive Officer of the Securities and Futures Commission of Hong Kong, Ashley Alder, attended the Greenwich Economic Forum this week and stated that Bitcoin has clearly demonstrated its resilience as an alternative asset. Alder pointed out that while most central bankers and economists may believe that virtual assets such as Bitcoin and Ethereum have no intrinsic value, she does not necessarily disagree with this view, but it cannot be denied that Bitcoin has shown resilience as an alternative asset over the past 15 years.
However, Alder also emphasized in her speech that regulatory support for the Hong Kong Web3 ecosystem should not be seen as an endorsement of the virtual asset class. She added that the Securities and Futures Commission of Hong Kong is also working towards regulating stablecoins. Alder revealed that the Commission is preparing a new framework to regulate stablecoins pegged to fiat currencies. Recently, the Hong Kong Monetary Authority has completed a consultation on the proposed framework, which includes requirements for stablecoin issuers to ensure that they are fully backed by high-quality and highly liquid reserve assets.