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Liang Fengyi: Bitcoin has undergone multiple cycles of rise and fall in the past 15 years, which proves that it has the ability to survive as an alternative asset

On June 5, Leung Fung-yee, Chief Executive Officer of the Hong Kong Securities and Futures Commission (hereinafter referred to as the Hong Kong Securities Supervision Commission), pointed out at the Greenwich Economic Forum (Hong Kong) that we should make good use of the power of technology and focus on distributed ledger technology (DLT). Liang Fengyi pointed out that DLT is applied to virtual assets in financial marekt. Bitcoin has undergone multiple cycles of rise and fall in the past 15 years, which is evidence of its viability as an alternative asset. More certainly, as the underlying technology of Bitcoin, DLT will stand the test of time. The potential advantages of DLT are obvious. This technology can improve the efficiency of physical assets in distribution, clearing, settlement and custody, while reducing costs. She emphasizes that the NFT craze may have subsided, but the potential benefits of the technology being gradually adopted by the physical asset world and the tokenization of physical assets include several aspects. Ms Leung pointed out that the Hong Kong Securities Supervision Commission, which is technology neutral, adopts the principle of "same business, same risk, same rules". Investor protection is a top priority in its work.