Hong Kong is offering Coinbase the chance to expand to the region as US regulators crackdown on the digital asset industry.
Johnny Ng, a member of Hong Kong’s Legislative Council, has offered to help Coinbase and other digital asset companies relocate to Hong Kong.
“I hereby offer an invitation to welcome all global virtual asset trading operators including Coinbase to come to Hong Kong for application of official trading platforms and further development plans. Please feel free to approach me and I am happy to provide any assistance.”
The invitation over Twitter comes days after the U.S. Securities and Exchange Commission (SEC) filed lawsuits against top crypto exchanges Binance and Coinbase. The SEC accuses Coinbase of securities violations and failing to register as a broker dealer, and Binance of several different violations.
While regulators are on the offensive in the US, Hong Kong has taken steps to become more accommodating to the crypto industry.
According to a new Nikkei report, Hong Kong recently launched a process for trading platforms and exchanges to obtain licenses through the Securities and Futures Commission (SFC) ahead of plans to permit retail trading of digital assets later this year.
Since 2018, Hong Kong has restricted cryptocurrencies to institutional investors and other professionals.
Says Julia Leung, CEO of Hong Kong’s Securities and Futures Commission,
“Hong Kong’s comprehensive virtual assets regulatory framework follows the principle of ‘same business, same risks, same rules’ and aims to provide robust investor protection and manage key risks.’ This will enable the industry to develop sustainably and support innovation.”
According to the report, more than 80 companies have already expressed interest in obtaining a license.
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