Breaking: Hong Kong Legislator Invites Coinbase To Establish Crypto Operations

Coingapestaff
June 10, 2023 Updated September 4, 2025
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Crypto News: Hong Kong, known for its progressive approach towards cryptocurrencies, has extended an invitation to global crypto trading operators to set up businesses in the country. In a Twitter post, Legislative Council member Johnny Ng expressed his willingness to provide assistance and hinted at possible stock listing plans for crypto trading operators, including Coinbase. This move comes after the US SEC went on a crypto carnage this week with subsequent lawsuits filed against crypto heavyweights like Binance and Coinbase.

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Hong Kong Embraces Crypto Regulations

While many countries in the West remain cautious about cryptocurrencies, Hong Kong has taken a different approach by actively regulating crypto assets. In 2023, the city’s Financial Secretary, Paul Chan, announced the government’s commitment to building a robust crypto and fintech ecosystem. Since then, Hong Kong has been proactively developing regulations and compliance measures to foster the growth of the crypto industry.

Read More: Bitcoin Exchange Outflow Hits 1-Month High, BTC Price Pump Incoming?

Hong Kong’s pro-crypto stance has attracted attention from global tech giants. In January, Samsung, the Korean tech giant, announced the launch of a Bitcoin Futures Active ETF on the Stock Exchange of Hong Kong. Moreover, in mid-February, reports emerged that Chinese officials were providing strategic approval to Hong Kong’s pro-crypto efforts.

It is even speculated that the Chinese government might eventually consider using Hong Kong as a test bed for crypto innovation, as long as it does not pose a threat to the country’s financial stability. This endorsement further solidified Hong Kong’s reputation as a leading crypto-friendly jurisdiction in the region.

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Hong Kong Lays Foundation For Retail CBDC

In the latest development, the Hong Kong Monetary Authority (HKMA) announced on June 9 its plans to lay the foundation for implementing a retail Central Bank Digital Currency (CBDC). The move aims to explore the potential benefits of CBDCs as a payment method for day-to-day transactions and for easy onboarding of customers onto crypto exchanges.

The invitation extended by Legislative Council member Johnny Ng signals the country’s commitment to becoming a digital hub for the crypto industry, which has already seen participation from both OKX and Huobi compliance entities and are currently listed on the Hong Kong Stock Exchange. At the time of writing, the California-based Coinbase exchange has not provided a response to the proposal yet.

Also Read: Congress is Making ‘Material Progress’ in New Crypto Bill – Circle Founder

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.