Hong Kong is providing Coinbase the possibility to develop to the area as US regulators crackdown on the digital asset trade.
Johnny Ng, a member of Hong Kong’s Legislative Council, has provided to assist Coinbase and different digital asset corporations relocate to Hong Kong.
“I hereby provide an invite to welcome all international digital asset buying and selling operators together with Coinbase to come back to Hong Kong for software of official buying and selling platforms and additional growth plans. Please be at liberty to strategy me and I’m blissful to supply any help.”
The invitation over Twitter comes days after the U.S. Securities and Alternate Fee (SEC) filed lawsuits towards high 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 develop into extra accommodating to the crypto trade.
In line with a brand new Nikkei report, Hong Kong just 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 property later this 12 months.
Since 2018, Hong Kong has restricted cryptocurrencies to institutional buyers 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 ‘identical enterprise, identical dangers, identical guidelines’ and goals to supply sturdy investor safety and handle key dangers.’ This may allow the trade to develop sustainably and help innovation.”
In line with the report, greater than 80 corporations have already expressed curiosity in acquiring a license.
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