Hong Kong Welcomes Crypto Exchanges Following SEC Crackdown, Lawmaker Says

A Hong Kong lawmaker has invited planetary cryptocurrency exchanges, including the Nasdaq-listed Coinbase, to registry successful Hong Kong to supply crypto services. “Please consciousness escaped to attack maine and I americium blessed to supply immoderate assistance,” the lawmaker noted.

Hong Kong Welcomes Crypto Exchanges

Hong Kong legislator Johnny Ng has invited planetary cryptocurrency exchanges to use for a licence to run successful Hong Kong, pursuing a caller crackdown by the U.S. Securities and Exchange Commission (SEC) connected unregistered crypto exchanges and securities tokens.

Noting that determination has precocious been a batch of quality astir cryptocurrency exchanges, the lawmaker tweeted Saturday:

I hereby connection an invitation to invited each planetary virtual plus trading operators including Coinbase to travel to HK for exertion of authoritative trading platforms and further improvement plans.

“Please consciousness escaped to attack maine and I americium blessed to supply immoderate assistance,” the lawmaker added.

Hong Kong precocious revamped its regulatory model for crypto successful an effort to go a crypto and innovation hub. The caller instrumentality went into effect connected June 1. The Hong Kong Securities and Futures Commission (SFC) claimed that its caller regulatory authorities “seeks to seizure each the dimensions of the public’s interface with virtual assets, providing for capitalist extortion and marketplace integrity portion managing cardinal risks to fiscal institutions.”

The U.S. SEC has been cracking down connected unregistered cryptocurrency exchanges, including Binance and Coinbase. The regulator besides sought to freeze the assets held astatine Binance US.

Coinbase CEO Brian Armstrong has reaffirmed that his speech level does not database securities. He emphasized Coinbase’s committedness to engaging successful a ineligible conflict with the SEC successful bid to found wide regulatory guidelines for the cryptocurrency industry. Armstrong further highlighted that Coinbase made aggregate attempts to comply with SEC Chairman Gary Gensler’s suggestions and “come successful and register.” However, helium expressed frustration, stating that it was not possible. “We tried,” helium stressed.

Meanwhile, Gensler has insisted that the rules regarding cryptocurrency exchanges are clear and that most crypto tokens, different than bitcoin, are securities. Nonetheless, galore manufacture participants and lawmakers person powerfully criticized him and the SEC for adopting an enforcement-focused attack to regulating the cryptocurrency industry.

Do you deliberation each crypto exchanges should acceptable up operations successful Hong Kong? Let america cognize successful the comments conception below.