Deputy director of monetary and capital markets at the IMF, Dong He, said at Hong Kong Fintech Week on Tuesday that his message to the crypto industry is to embrace regulation.
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Fast facts
- “Regulators are crypto’s friends, work with regulators and regulation is good for your future,” Dong concluded in his closing remarks, but provided few examples during the talk of how the industry might benefit from this friendship.
- Instead, he promoted the need to license all “critical service providers in the crypto ecosystem” and institute regulation that is “proportionate to the risks.”
- Dong also argued earlier that it is especially important for a global standard for crypto regulation because of its international implications, and discouraged jurisdictions from competing for crypto business with favorable regulatory structures.
- His fellow panelists agreed that crypto should welcome regulation, with head of policy and research at the Securities Commission of The Bahamas, Christian Adderley, saying “regulation and fintech are not adversarial.”
- Adderley urged the crypto industry to embrace regulation because it is “tantamount to endorsement” for having met certain requirements and because “you should want to know the rules to the game in the jurisdiction concerned.”
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