Hong Kong legislator Johnny Ng Kit-chong invited the cryptocurrency exchange Coinbase and other digital asset platforms to Hong Kong.
I hereby offer an invitation to welcome all global virtual asset trading operators including @coinbase to come to HK for application of official trading platforms and further development plans. Please feel free to approach me and I am happy to provide any assistance. pic.twitter.com/bcIi1IjMlc
— Johnny Ng 吴杰庄 (@Johnny_nkc) June 10, 2023
“I hereby invite all global virtual asset trading operators, including Coinbase, to Hong Kong for official operations and further development plans. Please contact me; I would be glad to provide any assistance,” he wrote.
In an interview with WSJ, Coinbase chief Brian Armstrong expressed confidence that the United States would come to a “right resolution” for the crypto industry, “even if it takes time”. He believes that entrepreneurs who left the country would return.
In October 2022, the local Financial Services and Treasury Bureau published a statement on the easing of restrictions on cryptocurrencies and the readiness to engage with virtual asset service providers.
In January 2023, Hong Kong’s Financial Secretary Paul Chan said that the readiness of the jurisdiction to welcome cryptocurrency companies from around the world. The official noted that authorities had recently completed work on the licensing regime for the industry.
In April, Hong Kong’s High Court ruled that digital assets are property. In the same month, local authorities urged banks to service regulated cryptocurrency platforms.
Bitcoin exchanges Huobi and OKX submitted applications for a virtual asset service provider license from the Hong Kong Securities and Futures Commission.
On June 5, SEC filed suit against leading cryptocurrency exchanges Binance and Coinbase. In Coinbase’s case, they refused to change their business model amid the regulator’s suit.