Hong Kong legislator invites Coinbase to the region despite SEC investigation

Citing his progressive stance on cryptocurrencies, a Hong Kong legislator has invited Coinbase and other crypto exchanges to set up operations in the region.

Legislative Council member Johnny Ng gave this information on Twitter. express Support and support for “all global virtual asset trading operators” such as Coinbase. He also hinted at possible stock listing opportunities. This comes on the heels of recent United States Securities and Exchange Commission (SEC) lawsuits against significant industry players such as Binance and Coinbase.

In contrast to the cautious approach of many Western countries towards cryptocurrencies, Hong Kong has taken a proactive approach. In January 2023, Hong Kong’s Financial Secretary Paul Chan announced the government’s dedication to establishing a strong ecosystem for crypto and fintech. Subsequently, Hong Kong has been diligently enacting regulations and implementing compliance measures to nurture the expansion of the cryptocurrency industry.

I hereby extend an invitation to welcome all global virtual asset trading operators including @coinbase To come to Hong Kong for the official trading platform application and further development plans. Please feel free to contact me and I will be 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) recently revealed It is intended to lay the groundwork for the introduction of a retail central bank digital currency (CBDC). The initiative, announced on June 9, seeks to examine the benefits of CBDCs as a means of payment for daily transactions and facilitate customer access to cryptocurrency exchanges.

Furthermore, the invitation extended by Johnny Ng, a member of the Legislative Council, shows Hong Kong’s dedication to becoming a digital hub for the crypto industry. Notably, compliance entities OKX and Huobi are already participating in this effort and are currently listed on the Hong Kong Stock Exchange.

The favorable attitude towards cryptocurrencies in Hong Kong has attracted significant interest from major international technology companies. As proof of this, in January, the famous Korean tech giant Samsung made an announcement regarding The Bitcoin Futures Active Exchange-Traded Fund (ETF) launches on the Stock Exchange of Hong Kong. The move exemplifies the growing recognition and involvement of influential industry players in Hong Kong’s crypto ecosystem.