We have stated that we will talk a lot of legal regulations in 2022. The first signs of this are starting to come. A statement came from Hong Kong these days, when Turkey is also preparing for legal regulations.
Hong Kong announced by July this year that it intends to create a new legal framework for cryptocurrencies and implement it in 2023-2024.
In the report published by the Hong Kong Monetary Authority, important determinations regarding cryptocurrencies were included.
While reminding the risks posed by cryptocurrencies in the report, it was also emphasized that financial innovation should not be hindered.
The importance of the legal framework to be created during the establishment of the balance between these two important factors was mentioned.
Summing up the report, Chinese journalist Colin Wu used the following statements:
“To summarize in the report: Although crypto assets have not yet posed significant risks to financial stability, it is stated that the legal regulations to be made at this point will both help address various risks and help us embrace the potential benefit of financial innovation.”