Local legislator suggests global cryptocurrency exchanges such as U.S.-based Coinbase set up operations in Hong Kong as the city’s new licensing regime for crypto retail trading took effect on June 1.
See related article: Hong Kong’s crypto rules offer level playing field, investor protection, says OSL exchange executive
Fast facts
- Johnny Ng, a member of Hong Kong’s Legislative Council and China’s advisory body, the Chinese People’s Political Consultative Conference, tweeted on Saturday that he welcomes global virtual asset trading platform operators, including Coinbase, to expand to Hong Kong.
- Ng, known for his bullish stance on Web 3.0 technology, in January said that Hong Kong should consider developing the e-HKD, the city’s planned central bank digital currency (CBDC), into a stablecoin linked to decentralized finance.
- Last week, the U.S. Securities and Exchange Commission sued Binance and Coinbase, two of the world’s biggest crypto exchanges, for allegedly breaching securities rules.
- On June 1, Hong Kong rolled out new rules for virtual asset trading platform operators, otherwise known as crypto exchanges, in a move that could potentially set an example for other jurisdictions in its new embrace of retail crypto trading, according to Gary Tiu, executive director and head of regulatory affairs at Hong Kong-based crypto exchange OSL.
See related article: Hong Kong to be digital asset rules sandbox for China, says former city regulator