Cryptocurrency enterprises relocating to Hong Kong should expect stringent controls as part of the city-state’s new regulatory framework, according to Eddie Yue, Chief Executive of the Hong Kong Monetary Authority (HKMA), during the Bloomberg Wealth Asia Summit on Tuesday. “Our rules will be strict. We will allow them to establish the ecology here, which is very exciting. “However, this does not imply light-touch regulation,” Yue explained. Yue stated that while Hong Kong’s crypto rules have been severe in recent years, they have been reduced to a more “reasonable” level, bringing more transparency to the crypto market. On June 1, Hong Kong will debut its new licencing framework for virtual asset service providers, which will also let ordinary investors to participate.