"After experiencing various obstacles due to the SEC, can Coinbase recover from the fall?"
In order to further develop the global cryptocurrency market in its country, Hong Kong is ready to offer assistance and share listing plans to digital asset exchange Coinbase as part of its aim to establish a crypto business there.
According to Johnny Ng, a member of the Legislative Council said that the move was implemented after the United States (US) Securities and Exchange Commission (SEC) imposed legal action against Binance and Coinbase.
While many countries in the West are still wary of crypto, Hong Kong is taking a different approach in regulating digital assets.
Hong Kong's Finance Secretary Paul Chan this year reportedly wants to build a robust crypto and fintech market, so the country is proactively developing regulations and compliance measures to foster the growth of the digital asset industry.
There is no denying that Hong Kong's pro-crypto stance has managed to attract the attention of the tech giant when Samsung in January 2023 announced the launch of the Bitcoin Futures Active ETF on the country's stock exchange.
The Chinese government will also reportedly use Hong Kong as a testing ground for crypto innovation as long as it does not pose any threat to the country's financial stability.
On June 9, 2023, the Hong Kong Monetary Authority (HKMA) announced that it will implement a retail central bank digital currency (CBDC) to explore the potential of CBDC as a payment method for everyday transactions and facilitate customer access to crypto exchanges.
Here you can see how committed members of the Legislative Council are in making Hong Kong a crypto hub after OKX including Huobi was recently also listed on the Hong Kong Stock Exchange.
