Know about the Hong Kong lawmaker inviting crypto exchange Coinbase to register in the region
Virtual asset traders from all over the world, including crypto exchange Coinbase, were invited to register in the region by a Hong Kong lawmaker.
On June 1, the Securities and Futures Commission (SFC) in Hong Kong opened the application process for crypto trading platform licenses. Retail customers in the country will be able to be served by crypto businesses that are registered under this license. Still, they must abide by regulations that forbid crypto incentives like airdrops.
“I like this offer a challenge to invite all worldwide virtual resource exchanging administrators including coin base to come to HK for the use of true exchanging stages and further advancement plans,” Hong Kong regulative gathering part Johnny Ng said in a tweet on Saturday.
In response to the tweet, a Coinbase spokesperson told CoinDesk, “Coinbase is dedicated to partnering with high-bar regulators across U.S. and non-U.S. jurisdictions.”
Ng’s invitation comes amid a crackdown on cryptocurrency exchanges in the United States, such as Coinbase and Binance, which have both been sued by the Securities and Exchange Commission (SEC) for allegedly violating federal securities laws.
In April, Coinbase CEO Brian Armstrong stated that the company would consider leaving the United States if there was continued regulatory uncertainty regarding the treatment of cryptocurrency. This is something that the company has been advocating for.
In an interview, Tom Duff-Gordon, Coinbase’s Vice President of International Policy, stated that the company is now looking to expand internationally. “Coinbase is truly eager to extend abroad,” Duff-Gordon said.
Duff-Gordon added that the company is attempting to construct in Abu Dhabi, Canada, awaiting a full license in Singapore, where it already has in-principal approval.
Duff-Gordon stated that the company hopes to apply for authorization under the UK’s new crypto regime once that is finalized. The company operates in the United Kingdom through CB Payments Limited, which has been authorized and regulated by the Financial Conduct Authority as an electronic money institution.
Duff-Gordon claims that although international expansion is a primary focus, Coinbase is still deciding whether to abandon the United States.