Paul Chan's words are very honest; regulation and innovation are inherently two sides of the same coin. It's not easy for Hong Kong to stay ahead of Europe, but cross-border money laundering is indeed tricky. Looking forward to seeing how it will be implemented concretely.

ME News Report, May 25 (UTC+8), Hong Kong Financial Secretary Paul Chan emphasized in the "Secretary's Essays" that the effective use of blockchain and artificial intelligence technologies is an inevitable trend for future financial development, but it also presents practical governance challenges, such as criminals and terrorists exploiting international regulatory differences for money laundering and fundraising. Hong Kong is ahead of Europe in the development and regulation of digital assets, and there is potential for cooperation and mutual learning between the two regions. While promoting healthy industry growth, Hong Kong's experience and practices can also contribute to global governance. (Source: MLion)