Urszula McCormack (2): Hong Kong's Digital Asset Compliance Challenges

Regulatory Ramblings

Part 2 of "Hong Kong's Digital Asset Compliance Challenges" continues with Urszula McCormack in a range of topics, from CBDCs to the degree of privacy of digital asset functions, cross border payments to Southeast Asian and Middle Eastern countries adopting more robust systems, RegTech and more!
Questions addressed in this interview include:
What are thoughts on cryptocurrencies and digital assets, and what should legal and compliance professionals understand about them?
Older compliance and legal people talk about how compliance, governance, and risk management, while related, are not the same thing.
Specifically, they claim that compliance is all too often used to do risk management because compliance investigations are an after-the-fact, backward-looking proposition in that malfeasance has taken place and legal and/or compliance teams are trying to figure out what went wrong and who’s to blame.
Risk management on the other hand is very much a forward-looking proposition.
Is it fair to view the compliance profession through such a paradigm or are such views too antiquated?
What would a more holistic approach to compliance look like?
Visit www.hkufintech.com for the latest news, research and developments on digital finance's transformation in the financial industry!

HKU FinTech is the leading fintech research and education in Asia. Learn more at www.hkufintech.com.