Hong Kong legislator invites Coinbase to the region amid SEC scrutiny

cointelegraph.com:

With its progressive stance on cryptocurrencies, Hong Kong's legislator invites Coinbase and other crypto exchanges to establish operations in the region, fostering a favorable environment for the industry's growth.

Legislative Council member Johnny Ng took to Twitter, expressing support and offering assistance to crypto trading operators like Coinbase. He also hinted at potential stock listing opportunities. This comes in the wake of the recent SEC lawsuits against major players like Binance and Coinbase.

Contrary to the cautious stance adopted by several Western countries towards cryptocurrencies, Hong Kong has embraced a contrasting approach by actively overseeing crypto assets through regulation. In January 2023, Paul Chan, the Financial Secretary of Hong Kong, declared the government's dedication to establishing a strong ecosystem for crypto and fintech. Subsequently, Hong Kong has been diligently formulating regulations and implementing compliance measures to nurture the expansion of the cryptocurrency industry.

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

The Hong Kong Monetary Authority (HKMA) recently revealed its intentions to establish the groundwork for the introduction of a retail Central Bank Digital Currency (CBDC). This initiative, announced on June 9, seeks to investigate the advantages of CBDCs as a means of payment for everyday transactions and to facilitate customer access to cryptocurrency exchanges.

Furthermore, the invitation extended by Legislative Council