Touting its progressive stance on cryptocurrencies, a Hong Kong legislator has invited Coinbase and different crypto exchanges to ascertain operations within the area.
Legislative Council member Johnny Ng took to Twitter to express help and help to “all international digital asset buying and selling operators” like Coinbase. He additionally hinted at potential inventory itemizing alternatives. This comes after the latest United States Securities and Change Fee lawsuits against significant industry players like Binance and Coinbase.
Opposite to the cautious stance of a number of Western nations towards cryptocurrencies, Hong Kong has embraced a proactive method. In January 2023, Hong Kong Monetary Secretary Paul Chan declared the government’s dedication to establishing a powerful ecosystem for crypto and fintech. Subsequently, Hong Kong has been diligently formulating rules and implementing compliance measures to nurture the expansion of the cryptocurrency trade.
I hereby provide an invite to welcome all international digital asset buying and selling operators together with @coinbase to come back to HK for utility of official buying and selling platforms and additional improvement plans. Please be at liberty to method me and I’m glad to supply any help. pic.twitter.com/bcIi1IjMlc
— Johnny Ng 吴杰庄 (@Johnny_nkc) June 10, 2023
The Hong Kong Financial Authority (HKMA) lately revealed its intention to ascertain 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 also attracted interest from prominent international technology companies. In January, South Korean tech giant Samsung announced the introduction of a Bitcoin (BTC) futures energetic exchange-traded fund on the Inventory Change of Hong Kong.
Moreover, in mid-February, reviews surfaced indicating that Chinese language authorities officers have been granting strategic approval to the pro-crypto initiatives undertaken by Hong Kong. This recognition from Chinese language authorities additional highlights the importance of Hong Kong’s efforts within the crypto house and its potential influence on the broader digital forex panorama.