A Prominent Hong Kong legislator has invited Coinbase to register in the country and suggested listing options on exchanges.
Hong Kong, renowned for its forward-thinking attitude towards cryptocurrencies, has invited global crypto trading operators to establish businesses in the country.
In a tweet, Legislative Council member Johnny Ng expressed his willingness to offer assistance and hinted at potential stock listing plans for cryptocurrency trading operators, including Coinbase. This action follows the US SEC’s crypto massacre this week, resulting in lawsuits against crypto giants such as Binance and Coinbase.
Hong Kong Accepts Crypto Regulation
Hong Kong has taken a distinct approach by actively regulating crypto assets, whereas many Western nations continue to be wary of virtual currencies.
In 2023, the city’s Financial Secretary, Paul Chan, proclaimed the government’s commitment to developing a robust crypto and fintech ecosystem. Since then, Hong Kong has proactively developed regulations and compliance measures to encourage the expansion of the cryptocurrency industry.
Global tech titans have taken notice of Hong Kong’s crypto-friendly stance. In January, Samsung, the Korean tech behemoth, announced the launch of a Bitcoin Futures Active ETF on their Stock Exchange. Moreover, by mid-February, it was reported that Chinese officials were providing strategic sanctions for Hong Kong’s pro-crypto efforts.
As long as it does not threaten the country’s financial stability, there is speculation that the Chinese government may eventually contemplate using H.k as a testbed for crypto innovation. This endorsement strengthened H.K’s standing as a prominent crypto-friendly jurisdiction in the region.
Establishment of Retail CBDC’s Foundation
In the most recent development, the Hong Kong Monetary Authority (HKMA) announced on June 9 its intentions to set the groundwork for implementing a retail Central Bank Digital Currency (CBDC).
The move seeks to investigate the potential advantages of CBDCs as a payment method for everyday transactions and for facilitating the onboarding of customers onto crypto exchanges.
The invitation extended by Legislative Council member Johnny Ng signifies the nation’s commitment to becoming a digital hub for the crypto industry, which has already attracted participation from OKX and Huobi compliance entities, which are presently listed on the Hong Kong Stock Exchange.
Coinbase, a cryptocurrency exchange in California, has yet to respond to the proposal as of the time of writing.
