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‘Crypto and DeFi Won’t Disappear’: Hong Kong Monetary Chief
Hong Kong Monetary Authority CEO Eddie Yue tells a G20 meeting that crypto and decentralized finance will remain significant forces.
Updated Apr 14, 2024, 10:35 p.m. Published Jul 18, 2022, 4:23 p.m.
Hong Kong Monetary Authority (HKMA) CEO Eddie Yue thinks cryptocurrency and decentralized finance (DeFi) will continue to play an important role in the financial system despite the recent instability in the sector.
- Speaking during a meeting of G20 financial officials, Yue called for greater regulation of the crypto industry to prevent another crash like the collapse of algorithmic stablecoin terraUSD (UST) and its companion token, LUNA, reports FinBold.
- “Despite the [UST-LUNA] incident, I think crypto and DeFi won’t disappear – though they might be held back – because the technology and the business innovation behind these developments are likely to be important for our future financial system,” Yue said.
- In January, the HKMA issued a statement signaling it would continue to cautiously explore its relationship with crypto assets by “striking the right balance between maintaining a safe and efficient financial system in Hong Kong and supporting financial innovation.”
- Later in the year, the HKMA released a discussion paper warning that the rise of a popular stablecoin could undermine Hong Kong’s local currency.
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Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
What to know:
Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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