With its progressive stance on cryptocurrencies, Hong Kong seeks to create a conducive environment for industry growth.
The Hong Kong legislator invites Coinbase and other crypto exchanges to operate in the region, creating a conducive environment for the industry to grow. However, a member of the Hong Kong Legislative Council invited Coinbase to the country via Twitter.
Hong Kong Invites Coinbase Stuck in SEC Litigation to Country
Hong Kong is currently doing things that support the crypto industry with regulations, unlike many countries. Hong Kong Financial Secretary Paul Chan announced in January 2023 that the government is committed to building a strong ecosystem for crypto and fintech. Hong Kong is acting diligently by formulating regulations and enforcing compliance measures to nurture the expansion of the cryptocurrency industry.
However, legislative council member Jhonny NG invited Coinbase, which was recently sued, to Hong Kong.
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) has also announced its goal to launch a retail Central Bank Digital Currency (CBDC). This initiative aims to explore the advantages of CBDCs as a means of payment for day-to-day transactions and facilitate customers’ access to cryptocurrency exchanges. The invitation from Legislative Council member Johnny Ng expresses Hong Kong’s commitment to become a digital hub for the crypto industry. OKX and Huobi compliance organizations are also participating in this effort and are currently listed on the Hong Kong Stock Exchange.
The positive attitude towards cryptocurrencies in Hong Kong has attracted great interest from leading international technology companies. For example, in January, famous Korean tech giant Samsung announced the introduction of a Bitcoin Futures Active Exchange Traded Fund (ETF) on the Hong Kong Stock Exchange.
