The Chief Executive of Hong Kong, John Lee, has expressed a willingness to cooperate with regulators and grant additional powers to crack down on unlicensed crypto exchanges. He emphasized the importance of government supervision to protect investors and combat fraud in the crypto space. This comes after recent incidents involving unlicensed platforms, including the Hounax Ponzi scheme. Local regulators in Hong Kong are strengthening crypto regulations, but the country's one-year grace period for crypto exchanges will remain unchanged. Lee urged investors to use licensed trading platforms to safeguard their interests. The Hong Kong Securities and Futures Commission has released lists of licensed virtual asset trading platforms, applicants, closed platforms, and those deemed licensed. However, critics argue that more decisive actions should be taken to prevent further harm to investors. Despite challenges, Hong Kong remains committed to developing the Web3 ecosystem.
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