Coinbase offered to change jurisdiction in Hong Kong


Hong Kong Legislative Assembly member Johnny Ng Kit-chong invited cryptocurrency exchange Coinbase and other digital asset platforms to the country.

“I hereby invite all global virtual asset trading operators, including Coinbase, to Hong Kong for official activities and further development plans. Contact me, I will be glad to provide any assistance, ”he wrote.

In an interview with the WSJ, Coinbase CEO Brian Armstrong expressed confidence that the US will come to the “right end” for the crypto industry, “even if it takes time.” He believes that after that the entrepreneurs who left the country will return.

In October 2022, the local Bureau of Financial Services and Treasury released a statement to ease restrictions on cryptocurrencies and willingness to engage with virtual asset service providers.

In January 2023, Hong Kong Financial Secretary Paul Chan announced that the jurisdiction was ready to accept cryptocurrency companies from all over the world. The official noted that the authorities recently finalized a licensing regime for the industry.

In April, the Hong Kong High Court recognized digital assets as property. In the same month, local authorities called on banks to serve regulated cryptocurrency platforms.

Bitcoin exchanges Huobi and OKX have applied for a virtual asset service provider license from the Hong Kong Securities and Futures Commission.

Remember June 5th SEC sued the leading cryptocurrency exchanges Binance and Coinbase. The latter refused to change its business model due to a lawsuit filed by the regulator.

Found a mistake in the text? Select it and press CTRL+ENTER

ForkLog Newsletters: Keep your finger on the pulse of the bitcoin industry!


Leave a Reply