- Hong Kong welcomes all global virtual asset trading operators
- Samsung will introduce a Bitcoin futures ETF on Hong Kong Stock Exchange
Hong Kong’s progressive stance on digital assets and crypto is gathering momentum, and local regulators have extended a hand to leading crypto exchange Coinbase, The Bitcoinist reported. Hong Kong Legislative Council member Johnny Ng beckoned to Coinbase and other global digital asset trading platforms, ensuring support and assistance in setting up shop in the busy financial hub.
Potential stock listing
Ng’s gesture may indicate the potential to list stock, which is an appealing prospect for Coinbase apart from emphasizing Hong Kong’s commitment to support the crypto industry. Ng tweeted:
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 regulator’s invitation proves that Hong Kong is positioning itself to promote a favorable environment for entities in the crypto industry. In April this year, HK Financial Secretary Paul Chan issued a declaration in support of the city-state’s strong commitment to establish a solid ecosystem for fintech and crypto, which was a clear sign of its intention to become a prominent market player.
Drawing global interest
Global tech giants haven’t missed Hong Kong’s favorable approach to crypto. Samsung recently announced plans to introduce a Bitcoin futures ETF on the Hong Kong Stock Exchange. The financial powerhouse’s government has been working on adequate cryptocurrency regulations and implementation of solid compliance measures.
Crypto exodus from the States
Hong Kong’s warm invitation comes shortly after the US Securities and Exchange Commission filed a lawsuit against Coinbase, adding a sense of opportunity and FOMO. SEC accused Coinbase of operating as a clearinghouse, an exchange, and an unregistered broker among other violations. Many crypto companies have left the US due to the challenging regulatory landscape.
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