Hong Kong regulators advocate for statutory semi-official self-regulatory organisations to support economic sector growth.
The Hong Kong Securities & Futures Professionals Association (HKSFPA) proposes a self-regulatory committee for cryptocurrency firms to ensure mutual compliance monitoring.
The HKSFPA criticises the industry's focus solely on supervision, calling for organisations to foster overall progress.
To enhance competitiveness and reputation, the HKSFPA recommends the Securities & Futures Commission (SFC) lead in establishing regulatory bodies.
These bodies would have the autonomy to grant licensing directly to industry players, promoting a more self-sustained industry.