Coinbase gets a warm welcome in Hong Kong amid new crypto rules and U.S. lawsuits

by Jun 12, 2023CryptoNews0 comments

A Hong Kong politician invites Coinbase to operate in the city under its new crypto regulations

Coinbase, one of the world’s largest cryptocurrency exchanges, has received a friendly invitation from a Hong Kong lawmaker to set up shop in the city, which has recently introduced a new licensing regime for crypto trading platforms.

Johnny Ng, who is a member of both the Hong Kong Legislative Council and the Chinese People’s Political Consultative Conference, an advisory body to China’s government, tweeted on Saturday that he would like to see global virtual asset trading platforms, such as Coinbase, expand their business to Hong Kong

Ng is a vocal supporter of Web 3.0 technology and decentralized finance (DeFi), which are based on blockchain and smart contracts. He has previously proposed that Hong Kong should develop its own central bank digital currency (CBDC), which is a digital version of its fiat currency, and link it to DeFi applications

Ng’s invitation comes at a time when Coinbase is facing legal troubles in the U.S., where it is based. The U.S. Securities and Exchange Commission (SEC) sued the exchange last week for allegedly violating securities laws by offering lending products that involve crypto assets The SEC also sued Binance, another major crypto exchange that operates globally, for similar reasons

Hong Kong has recently implemented new rules for crypto exchanges that require them to obtain a license from the Securities and Futures Commission (SFC), the city’s financial regulator, and limit their services to professional investors only The new regime aims to provide a level playing field and investor protection for the crypto industry in Hong Kong, as well as to prevent money laundering and terrorism financing 

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Some crypto experts have praised Hong Kong’s regulatory approach as a potential model for other jurisdictions that want to embrace crypto trading in a safe and orderly manner, while others have criticized it as too restrictive and limiting innovation and inclusion

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