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 assist 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 current United States Securities and Trade Fee (SEC) lawsuits against significant industry players like Binance and Coinbase.
Opposite to the cautious stance of a number of Western international locations towards cryptocurrencies, Hong Kong has embraced a proactive strategy. In January 2023, Hong Kong Monetary Secretary Paul Chan declared the government’s dedication to establishing a robust ecosystem for crypto and fintech. Subsequently, Hong Kong has been diligently formulating laws and implementing compliance measures to nurture the expansion of the cryptocurrency business.
I hereby supply 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 growth plans. Please be happy to strategy me and I’m completely happy to offer any help. pic.twitter.com/bcIi1IjMlc
— Johnny Ng 吴杰庄 (@Johnny_nkc) June 10, 2023
The Hong Kong Financial Authority (HKMA) not too long ago 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.
Furthermore, the invitation extended by Legislative Council member Johnny Ng signifies Hong Kong’s dedication to becoming a digital hub for the crypto industry. Notably, both OKX and Huobi compliance entities are already participating in this endeavor and are presently listed on the Hong Kong Stock Exchange.
The favorable approach towards 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 Inventory Trade of Hong Kong. This transfer exemplifies the rising recognition and involvement of influential business gamers in Hong Kong’s crypto ecosystem.
Associated: Hong Kong’s regulatory lead sets it up to be major crypto hub
Moreover, in mid-February, reviews surfaced indicating that Chinese language 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 area and their potential impression on the broader digital foreign money panorama.
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