Hong Kong is providing Coinbase the possibility to increase to the area as US regulators crackdown on the digital asset business.
Johnny Ng, a member of Hong Kong’s Legislative Council, has provided to assist Coinbase and different digital asset firms relocate to Hong Kong.
“I hereby provide an invite to welcome all international digital asset buying and selling operators together with Coinbase to return to Hong Kong for software of official buying and selling platforms and additional growth plans. Please be happy to strategy me and I’m glad to offer any help.”
The invitation over Twitter comes days after the U.S. Securities and Trade Fee (SEC) filed lawsuits in opposition to prime crypto exchanges Binance and Coinbase. The SEC accuses Coinbase of securities violations and failing to register as a dealer vendor, and Binance of a number of completely different violations.
Whereas regulators are on the offensive within the US, Hong Kong has taken steps to turn into extra accommodating to the crypto business.
In response to a brand new Nikkei report, Hong Kong just lately launched a course of for buying and selling platforms and exchanges to acquire licenses by means of the Securities and Futures Fee (SFC) forward of plans to allow retail buying and selling of digital property later this yr.
Since 2018, Hong Kong has restricted cryptocurrencies to institutional traders and different professionals.
Says Julia Leung, CEO of Hong Kong’s Securities and Futures Fee,
“Hong Kong’s complete digital property regulatory framework follows the precept of ‘similar enterprise, similar dangers, similar guidelines’ and goals to offer strong investor safety and handle key dangers.’ This can allow the business to develop sustainably and assist innovation.”
In response to the report, greater than 80 firms have already expressed curiosity in acquiring a license.
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