Crypto Market News: Amid heightened regulatory scrutiny on crypto market ecosystem in the United States, Hong Kong Legislative Council member Johnny Ng is inviting global virtual asset trading operators to set up shop in the region. This comes after the U.S. Securities and Exchange Commission (SEC) targeting top US based crypto exchange Coinbase with charges of violating securities laws in the country. However, it is argued that the SEC was informed about the same operations when it approved Coinbase’s IPO in 2019.
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Interestingly, the US SEC had mentioned at the time in its documentation that the IPO approval does not necessarily prevent it from charging businesses over violations in operations. Meanwhile, the crypto trading community went through a shock with the back to back lawsuits against two of the world’s top crypto exchanges, Binance and Coinbase.
Hong Kong Politician Invites Coinbase To Apply For Crypto License
Contrary to the regulatory environment in the United States, Hong Kong leader Johnny Ng had on Saturday wrote an open invitation to the likes of Coinbase and other crypto trading operators to come and apply for regulatory licenses in the region.
“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.”
Recently, Hong Kong made news by allowing retail investors to trade Bitcoin (BTC), Ethereum (ETH), and other cryptocurrencies. As a result, there has been a rise in demand for some of the Chinese crypto coins, although not as much as anticipated.
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