Hong Kong lawmakers accept Coinbase during SEC Inquiry
Hong Kong’s forward-thinking laws and commitment to being a digital centre provide a welcoming setting for business expansion.
A lawmaker in Hong Kong has promoted the city’s enlightened position on cryptocurrencies by inviting Coinbase and other cryptocurrency exchanges to set up shop there.
Hong Kong has taken a more aggressive approach to digital currencies than many Western governments. Hong Kong has thus been actively working to foster the development of the cryptocurrency business by drafting rules and implementing compliance procedures.
Recently, the Hong Kong Monetary Authority (HKMA) announced plans to lay the framework for launching a CBDC (central bank digital currency) for use in retail transactions. On June 9th, an effort was launched to look into the benefits of CBDCs as a way of payment for regular transactions and to make it easier for customers to use cryptocurrency exchanges.
Ng’s invitation shows how seriously Hong Kong is pursuing its goal of becoming a global cryptocurrency powerhouse in the digital realm. Virtual asset service provider licences were among the first to be sought by crypto exchanges like OKEx and Huobi in the area.
Internationally renowned IT firms have taken notice of Hong Kong’s progressive cryptocurrency policies. South Korean electronics manufacturer Samsung introduced a crypto payment option in January.
In addition, in the middle of February, allegations emerged that Chinese government officials were giving strategic clearance to Hong Kong’s pro-crypto measures. The importance of Hong Kong’s work in the crypto field and its potential influence on the more extensive digital currency ecosystem has been further highlighted by this acknowledgement from Chinese officials.