First Digital CEO Discusses Hong Kong's Conservative Crypto Regulations

According to Odaily, Vincent Chok, CEO of institutional-grade crypto custody platform First Digital, commented on Hong Kong's current regulatory approach to cryptocurrency trading. Chok noted that Hong Kong's regulatory framework is more conservative and slower compared to other jurisdictions, which he attributes to the region's priority on investor protection. He expressed a desire for regulatory processes to accelerate to keep pace with the rapid development of the industry. Chok also shared his perspective on the banking sector's involvement in digital asset custody services. He does not foresee banks rushing to offer these services in the short term, citing the responsibilities and risks associated with digital asset custody as exceeding the banks' risk tolerance levels.