Hong Kong Securities Supervision Commission CEO Leung Fung Yee, who delivered a keynote address at the Vietnam National Securities Commission Symposium, said that differences in global regulatory approaches pose serious challenges to crypto asset liquidity and compliance. The Hong Kong Securities and Futures Commission has just released a virtual asset roadmap called "ASPIRe", which states that the global crypto landscape is polarized, with varying regulatory intensities, ranging from light regulation to strict scrutiny and prohibition. European jurisdictions are implementing uniform standards, and while the United States is leading the way in virtual asset exchange-traded products and derivatives, it still faces the issue of regulatory fragmentation, which is also where the International Securities Supervision Commission plays a role in setting standards. Liang Fengyi stressed that regulation is the friend of innovation, not the enemy, and helps to create a nurturing environment where innovators can grow responsibly. This approach supports the sustainable development of the technology ecosystem.