Hong Kong is providing Coinbase the possibility to increase to the area as US regulators crackdown on the digital asset trade.
Johnny Ng, a member of Hong Kong’s Legislative Council, has supplied to assist Coinbase and different digital asset firms relocate to Hong Kong.
“I hereby supply an invite to welcome all international digital asset buying and selling operators together with Coinbase to return to Hong Kong for utility of official buying and selling platforms and additional improvement plans. Please be at liberty to strategy me and I’m completely satisfied to offer any help.”
The invitation over Twitter comes days after the U.S. Securities and Alternate Fee (SEC) filed lawsuits towards prime crypto exchanges Binance and Coinbase. The SEC accuses Coinbase of securities violations and failing to register as a dealer supplier, 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 out to be extra accommodating to the crypto trade.
Based on a brand new Nikkei report, Hong Kong lately launched a course of for buying and selling platforms and exchanges to acquire licenses by the Securities and Futures Fee (SFC) forward of plans to allow retail buying and selling of digital belongings later this 12 months.
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 belongings regulatory framework follows the precept of ‘identical enterprise, identical dangers, identical guidelines’ and goals to offer sturdy investor safety and handle key dangers.’ This can allow the trade to develop sustainably and assist innovation.”
Based on the report, greater than 80 firms have already expressed curiosity in acquiring a license.
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