Hong Kong’s largest market regulator has invited the giant Bitcoin exchange Coinbase, which is under pressure in the USA, to its country.
Hong Kong proposes listing options for Bitcoin exchange
The day after the Binance lawsuit on June 5, Coinbase faced the SEC lawsuit for violating US federal law. In a hot development, Hong Kong regulators are urging the exchange to resume operations.
In a Twitter post, Legislative Council member Johnny Ng expressed their willingness to provide assistance to exchanges. He hinted at possible stock listing plans for crypto exchanges, including Coinbase. This move comes shortly after the week’s SEC lawsuits. Hong Kong reports that these exchanges will also accept stocks, apart from just operating in the country.
這兩天關於國際虛擬資產交易所的新聞很多。我發一個邀請，歡迎全球虛擬資產交易所包括 @coinbase 來香港申請合規交易所和洽談上市計劃，我願意提供協助！ pic.twitter.com/8X9Jtz1JmI
— Johnny Ng 吴杰庄 (@Johnny_nkc) June 10, 2023
Hong Kong adopts crypto regulations
In recent years, many countries in the West have been wary of cryptocurrencies. Meanwhile, Hong Kong has taken a different approach by actively regulating cryptocurrencies. In 2023, the city’s Financial Secretary, Paul Chan, announced the government’s commitment to building robust crypto and fintech ecosystems. Since then, Hong Kong has been proactively developing regulations to support the growth of the crypto industry.
Hong Kong’s pro-crypto stance has caught the attention of global tech giants. In January, Korean tech giant Samsung announced the launch of a Bitcoin Futures Active ETF on the Hong Kong Stock Exchange. Also, in mid-February, reports surfaced that Chinese authorities gave strategic approval to Hong Kong’s pro-crypto efforts.
It is even speculated that the Chinese government may eventually consider using Hong Kong as a testing ground for crypto innovation as long as it does not pose a threat to the country’s financial stability. This approval further solidified Hong Kong’s reputation as a leading crypto-friendly jurisdiction in the region.
Hong Kong lays foundation for individual CBDC use
In the most recent development, the Hong Kong Monetary Authority (HKMA) announced on June 9 its plans to lay the groundwork for a Central Bank Digital Currency (CBDC) application for individual use. The move specifically aims to use CBDCs as a payment method for day-to-day transactions. It also plans to explore its potential benefits for easy participation of customers on crypto exchanges.
Not all countries approach Bitcoin exchanges so warmly.
On the other hand, as you follow on Kriptokoin.com, the latest hard move for Bitcoin exchanges came from Nigeria. The country’s Securities and Exchange Commission has declared Binance illegal.
Meanwhile, Nigeria’s move came as the altcoin market was down over 20%. Currently, the altcoin market’s most depreciating cryptocurrencies are as follows:
- Polygon (MATIC): -25.86%
- Conflux (CFX): -25.37%
- Dash (DASH): -24.81%
- EOS (EOS): -25.35%
- Aptos (APT): -24.85%
- Chiliz (CHZ): -24.07%
- The Sandbox (SAND): -22.90%
- ApeCoin (APE): -22.52%
- Pepe (PEPE): -22.48%
- Axie Infinity (AXS): -22.42%
- Injective (INJ): -21.61%
- Flow (FLOW): -21.26%
- Optimism (OP): -21.25%
- Solana (LEFT): -21.25%
- Mina (MINA): -21.19%
- Gala (GALA): -20.94%
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