Showcasing his progressive stance on cryptocurrencies, a Hong Kong lawmaker has invited Coinbase and other cryptocurrency exchanges to set up operations in the region.
Johnny Ng, member of the Legislative Council, express on Twitter his support and assistance to “all global virtual asset trading operators” like Coinbase. He also alluded to potential public listing opportunities. This follows recent lawsuits by the United States Securities and Exchange Commission against major operators in the sector such as Binance and Coinbase.
Contrary to the cautious stance of several Western countries towards cryptocurrencies, Hong Kong has taken a proactive approach. In January 2023, Hong Kong Finance Secretary Paul Chan declared the government’s dedication to establishing a strong ecosystem for cryptocurrency and fintech. Subsequently, Hong Kong has diligently formulated regulations and implemented enforcement measures to encourage 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
I hereby offer an invitation to welcome all global virtual asset trading operators including @coinbase to come to HK for the application of official trading platforms and further development plans. Please feel free to reach out to me and I’ll be happy to provide any help.
The Hong Kong Monetary Authority (HKMA) revealed recently his intention to lay the groundwork for the introduction of a retail central bank digital currency (CBDC, for its acronym in English). This initiative, announced on June 9, aims to investigate the advantages of CBDCs as a means of payment for everyday transactions and facilitate customer access to cryptocurrency exchanges.
The invitation extended by Ng illustrates the Hong Kong’s dedication to becoming a digital hub for the cryptocurrency sector. OKX and Huobi were among the first cryptocurrency exchanges to apply for virtual asset service provider licenses in the region.
The favorable approach towards cryptocurrencies in Hong Kong has also attracted interest from prominent international technology companies. In January, the South Korean tech giant samsung announced the introduction of an active Bitcoin (BTC) futures exchange-traded fund on the Hong Kong Stock Exchange.
Besides, In mid-February, reports surfaced that Chinese government officials were giving strategic approval to Hong Kong’s pro-crypto initiatives.. This recognition from the Chinese authorities further underscores the importance of Hong Kong’s efforts in the cryptocurrency space and its potential impact on the broader digital currency landscape.
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