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Hong Kong Welcomes Crypto Exchanges Following SEC Crackdown Lawmaker Says

Hong Kong Welcomes Crypto Exchanges Following SEC Crackdown, Lawmaker Says

A Hong Kong lawmaker has invited global cryptocurrency exchanges, including the Nasdaq-listed Coinbase, to register in Hong Kong to provide crypto services. “Please feel free to approach me and I am happy to provide any assistance,” the lawmaker noted.

Hong Kong Welcomes Crypto Exchanges

Hong Kong legislator Johnny Ng has invited global cryptocurrency exchanges to apply for a license to operate in Hong Kong, following a recent crackdown by the U.S. Securities and Exchange Commission (SEC) on unregistered crypto exchanges and securities tokens.

Noting that there has recently been a lot of news about cryptocurrency exchanges, the lawmaker tweeted Saturday:

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,” the lawmaker added.

Hong Kong recently revamped its regulatory framework for crypto in an attempt to become a crypto and innovation hub. The new law went into effect on June 1. The Hong Kong Securities and Futures Commission (SFC) claimed that its new regulatory regime “seeks to capture all the dimensions of the public’s interface with virtual assets, providing for investor protection and market integrity while managing key risks to financial institutions.”

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

Coinbase CEO Brian Armstrong has reaffirmed that his exchange platform does not list securities. He emphasized Coinbase’s commitment to engaging in a legal battle with the SEC in order to establish clear regulatory guidelines for the cryptocurrency industry. Armstrong further highlighted that Coinbase made multiple attempts to comply with SEC Chairman Gary Gensler’s suggestions and “come in and register.” However, he expressed frustration, stating that it was not possible. “We tried,” he stressed.

Meanwhile, Gensler has insisted that the rules regarding cryptocurrency exchanges are clear and that most crypto tokens, other than bitcoin, are securities. Nonetheless, numerous industry participants and lawmakers have strongly criticized him and the SEC for adopting an enforcement-focused approach to regulating the cryptocurrency industry.

Do you think all crypto exchanges should set up operations in Hong Kong? Let us know in the comments section below.



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