Hong Kong lawmakers advise Coinbase to operate in the city

Following an update of revised crypto rules, the legislative council invite US crypto exchanges to run their services in the region.

Hong Kong’s legislator has suggested that the cryptocurrency exchange Coinbase operates from the city after introducing its new licensing regime for crypto retail trading on June 1.

A member of China’s advisory body and Hong Kong’s Legislative Council Johnny Ng took to Twitter to announce his “offer of invitation” to “welcome all global virtual asset trading operators” to apply for official trading platforms and further development plans.”

“Please feel free to approach me and I am happy to provide any assistance,” he continued.

In January, Ng noted that Hong Kong should consider developing the e-HKD the city’s central banking digital currencyinto a stablecoin linked to decentralized finance.

“The stablecoins on the market now are issued by private companies and are not subject to government regulation, and many worry about related risks,” he said.

Since rolling out the new rules for crypto exchanges, the move is expected to set the bar for other jurisdictions to follow suit in embracing the adoption of retail crypto trading.

Last week, the executive director and head of regulatory affairs at the Hong Kong-based crypto exchange OSL stated that “new trading rules for retail investors are a good reference for other markets to study.

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Written by Isabella Aslam

Reporter

Isabella is an experienced writer in B2B and B2C journalism. Alongside crypto, Isabella writes and discusses the topics of relationships and psychology. Isabella holds a first-class degree in music journalism and often interviews electronic artists and DJs.

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