A Hong Kong lawmaker has reiterated its progressive stance on cryptocurrencies, inviting Coinbase and different crypto exchanges to arrange companies within the area.
Johnny Ng, a member of the Legislative Council, took to Twitter to express Help and assist for “all international digital asset buying and selling operators” like Coinbase. He additionally hinted at potential alternatives for an IPO. This comes after latest lawsuits by the U.S. Securities and Alternate Fee in opposition to main trade gamers like Binance and Coinbase.
Opposite to the cautious stance of a number of Western international locations in the direction of cryptocurrencies, Hong Kong has taken a proactive strategy. In January 2023, Hong Kong Finance Minister Paul Chan said the federal government's dedication to constructing a robust ecosystem for crypto and fintech. Subsequently, Hong Kong has been diligently formulating laws and implementing compliance measures to gas the growth of the cryptocurrency trade.
I hereby cordially invite all international digital asset buying and selling operators @coinbase to come back to Hong Kong to use for official buying and selling platforms and additional growth plans. Be happy to contact me, I can be pleased that will help you with phrases and deeds. pic.twitter.com/bcIi1IjMlc
— Johnny Ng 吴杰庄 (@Johnny_nkc) June 10, 2023
The Hong Kong Financial Authority (HKMA) lately revealed its intention to put the groundwork for the launch of a retail central financial institution digital foreign money (CBDC). Introduced on June 9, this initiative goals to discover the advantages of CBDCs as a method of cost for on a regular basis transactions and to facilitate buyer entry to cryptocurrency exchanges.
The invitation prolonged by Ng illustrates Hong Kong's dedication to turning into a digital hub for the crypto trade. OKX and Huobi had been among the many first crypto exchanges to use for digital asset service supplier licenses within the area.
The constructive dealing with of cryptocurrencies in Hong Kong has additionally attracted the curiosity of well-known worldwide expertise corporations. In January South Koreans Tech giant Samsung announced the launch of an active Bitcoin (BTC) exchange-traded futures fund on the Hong Kong Stock Exchange.
Related: Hong Kong's regulatory leadership makes it a major crypto hub
Additionally, reports surfaced in mid-February that Chinese government officials gave strategic approval to Hong Kong's pro-crypto initiatives. This recognition by Chinese authorities underscores the importance of Hong Kong's crypto efforts and their potential impact on the broader digital currency landscape.
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