Johnny Ng, a member of Hong Kong’s Legislative Council, has stated that he supports the cryptocurrency market in Hong Kong. To establish the business in the area, he has extended invitations to Coinbase and other cryptocurrency exchanges.
Despite the SEC Lawsuit, a Hong Kong Official Invite Coinbase to the Region
Ng highlighted the significant role that cryptocurrency trading companies like Coinbase played in the sector in a tweet and promised to help them get started. He also made hints about possible stock listing options, which would help the industry in Hong Kong continue to expand.
Hong Kong’s Position on Cryptocurrencies
This action by Ng comes as the SEC is suing prominent companies like Binance and Coinbase. Despite this, Hong Kong has adopted a proactive approach to cryptocurrencies and aggressively regulated crypto assets.
Paul Chan, Hong Kong’s Financial Secretary, stated in January 2023 that the government was committed to building a strong ecosystem for cryptocurrencies and fintech. Since then, Hong Kong has been focusing on developing rules and putting them into action to support the growth of the cryptocurrency sector.
Ng’s invitation demonstrates Hong Kong’s commitment to developing into a digital hub for the cryptocurrency industry. Among the first cryptocurrency exchanges to apply for licenses as virtual asset service providers in the area were OKX and Huobi.
About Coinbase
In 2012, Brian Armstrong and Fred Ehrsam launched the business. An American publicly traded corporation, Coinbase, runs a platform for trading cryptocurrencies. All employees at distributed firm Coinbase work remotely. By trading volume, it is the biggest cryptocurrency exchange in the United States.
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