Touting its progressive stance on cryptocurrencies, a Hong Kong legislator has invited Coinbase and other crypto exchanges to establish operations in the region.
Legislative Council member Johnny Ng took to Twitter to express support and assistance to “all global virtual asset trading operators” like Coinbase. He also hinted at potential stock listing opportunities. This comes after the recent United States Securities and Exchange Commission (SEC) lawsuits against significant industry players like Binance and Coinbase.
Contrary to the cautious stance of several Western countries toward cryptocurrencies, Hong Kong has embraced a proactive approach. In January 2023, Hong Kong Financial Secretary Paul Chan declared the government’s dedication to establishing a strong ecosystem for crypto and fintech. Subsequently, Hong Kong has been diligently formulating regulations and implementing compliance measures to nurture the expansion of the cryptocurrency industry.
I hereby offer an invitation to welcome all global virtual asset trading operators including @coinbase to come to HK for application of official trading platforms and further development plans. Please feel free to approach me and I am happy to provide any assistance. pic.twitter.com/bcIi1IjMlc
— Johnny Ng 吴杰庄 (@Johnny_nkc) June 10, 2023
The Hong Kong Monetary Authority (HKMA) recently revealed its intention to establish the groundwork for the introduction of a retail central bank digital currency (CBDC). This initiative, announced on June 9, seeks to investigate the advantages of CBDCs as a means of payment for everyday transactions and to facilitate customer access to cryptocurrency exchanges.
The invitation extended by Ng illustrates Hong Kong’s dedication to becoming a digital hub for the crypto industry. OKX and Huobi were among the first crypto exchanges to apply for virtual asset service provider licenses in the region.
The favorable approach toward cryptocurrencies in Hong Kong has garnered significant interest from prominent international technology companies. As evidence of this, in January, Samsung, the renowned Korean tech giant, made an announcement regarding the introduction of a Bitcoin Futures Active Exchange-Traded Fund (ETF) on the Stock Exchange of Hong Kong. This move exemplifies the growing recognition and involvement of influential industry players in Hong Kong’s crypto ecosystem.
Related: Hong Kong’s regulatory lead sets it up to be major crypto hub
Additionally, in mid-February, reports surfaced indicating that Chinese officials were granting strategic approval to the pro-crypto initiatives undertaken by Hong Kong. This recognition from Chinese authorities further highlights the significance of Hong Kong’s efforts in the crypto space and their potential impact on the broader digital currency landscape.
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