In a bid to showcase the region’s progressive stance regarding cryptocurrencies, a legislator of Hong Kong has extended an invitation to Coinbase. Other exchanges of crypto have also been invited to begin operating in his region.
How Will The Hong Kong Invitation Fare?
Johnny Ng, a member of the Legislative Council, tweeted from his account, claiming assistance and support to every global trading operator of virtual assets, of which Coinbase is the most notable one. He further gave hints about potential opportunities for stock listings. The invitation arrives after recent lawsuits by the United States SEC against Coinbase and Binance, significant players in the industry.
Hong Kong is known for its active embracement of cryptocurrencies. It contrasts the attitude of several countries in the West who choose to be quite cautious with it. In January of this year, Paul Chan, the Financial Secretary of Hong Kong, announced that the government was dedicated to creating an ecosystem where fintech and crypto can flourish and prosper.
True to those words, the region has spent time diligently coming up with regulations as well as implementing measures of compliance that will nurture the industry of cryptocurrency into expanding. The HKMA (Monetary Authority of Hong Kong) recently talked about the intention to set up the foundations that will let them introduce a CBDC (central bank digital currency) for retail purposes. The announcement was made on June 9th.
The above-mentioned initiative will also investigate CBDC’s advantages if used for paying for day-to-day transactions. It will also see if it will help customer access exchanges of cryptocurrency. Ng’s invitations show the dedication of the industry to become the cryptocurrency industry’s digital hub. Houbi and OKX were two of the first exchanges to request a license for being a service provider for virtual assets in this region.