Silvergate Bank in Dire Straits: Will Hong Kong and the United States Follow Different Paths in Virtual Asset Regulation?
<p>Since the collapse of FTX in November of last year, US financial regulators have taken a stricter stance on virtual assets. Over the past few months, regulatory agencies have launched crackdowns, imposed significant penalties, and issued widespread warnings to industry participants. Additionally, regulators have wielded the stick at staking, stablecoins, and NFT projects. In contrast, Hong Kong has been taking bold steps forward in both development and regulation in the Web3.0 ecosystem. The three major U.S. regulators — the Federal Reserve Board, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) — issued a joint statement on February 23, 2023, emphasizing the liquidity risks posed by certain sources of funding associated with virtual currencies , also stating, “No new crypto regulations will be enacted and no banks will be prevented from offering crypto services.”</p>
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