Hong Kong cultivates an enabling environment for industry growth with proactive regulation and its dedication to being a digital hub.

Launching Cointelegraph, Sunday (11/6/2023), touting its progressive stance on cryptocurrencies, a Hong Kong legislator has invited Coinbase and other crypto exchanges to establish operations in the region.

Legislative Council member Johnny Ng via Twitter expressed support and assistance to all global virtual asset trading operators, such as Coinbase. He also hinted at a potential listing opportunity. This comes after the recent lawsuits by the United States Securities and Exchange Commission against important industry players such as Binance and Coinbase.

Contrary to the cautious attitude of some Western countries towards cryptocurrencies, Hong Kong has taken a proactive approach. In January 2023, Hong Kong Finance Secretary Paul Chan stated the government’s dedication to building a strong ecosystem for crypto and fintech.

Furthermore, Hong Kong is diligent in formulating regulations and implementing compliance measures to nurture the expansion of the cryptocurrency industry.

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The Hong Kong Monetary Authority (HKMA) recently revealed its intention to lay the groundwork for the introduction of a retail central bank digital currency (CBDC). This initiative, announced on June 9, seeks to investigate the advantages of CBDCs as a means of payment for everyday transactions and to facilitate customer access to cryptocurrency exchanges.

The invitation extended by Ng illustrates Hong Kong’s dedication to becoming a digital hub for the crypto industry. OKX and Huobi are one of the first crypto exchanges to apply for a virtual asset service provider license in the region.