Hong Kong is providing Coinbase the prospect to broaden 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 come back to Hong Kong for utility of official buying and selling platforms and additional growth plans. Please be at liberty to method me and I’m pleased to supply any help.”
The invitation over Twitter comes days after the U.S. Securities and Trade 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 seller, and Binance of a number of totally 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 line with a brand new Nikkei report, Hong Kong not too long ago 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 belongings 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 belongings regulatory framework follows the precept of ‘identical enterprise, identical dangers, identical guidelines’ and goals to supply strong investor safety and handle key dangers.’ This can allow the business to develop sustainably and help innovation.”
In line with the report, greater than 80 firms have already expressed curiosity in acquiring a license.
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