Bitcoin News and Finance
Hong Kong Welcomes Crypto Exchanges Following SEC Crackdown Lawmaker Says Skip to main content

Hong Kong Welcomes Crypto Exchanges Following SEC Crackdown Lawmaker Says

Hong Kong Welcomes Crypto Exchanges Following SEC Crackdown, Lawmaker Says

A Hong Kong lawmaker has invited global cryptocurrency exchanges, including the Nasdaq-listed Coinbase, to register in Hong Kong to provide crypto services. “Please feel free to approach me and I am happy to provide any assistance,” the lawmaker noted.

Hong Kong Welcomes Crypto Exchanges

Hong Kong legislator Johnny Ng has invited global cryptocurrency exchanges to apply for a license to operate in Hong Kong, following a recent crackdown by the U.S. Securities and Exchange Commission (SEC) on unregistered crypto exchanges and securities tokens.

Noting that there has recently been a lot of news about cryptocurrency exchanges, the lawmaker tweeted Saturday:

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,” the lawmaker added.

Hong Kong recently revamped its regulatory framework for crypto in an attempt to become a crypto and innovation hub. The new law went into effect on June 1. The Hong Kong Securities and Futures Commission (SFC) claimed that its new regulatory regime “seeks to capture all the dimensions of the public’s interface with virtual assets, providing for investor protection and market integrity while managing key risks to financial institutions.”

The U.S. SEC has been cracking down on unregistered cryptocurrency exchanges, including Binance and Coinbase. The regulator also sought to freeze the assets held at Binance US.

Coinbase CEO Brian Armstrong has reaffirmed that his exchange platform does not list securities. He emphasized Coinbase’s commitment to engaging in a legal battle with the SEC in order to establish clear regulatory guidelines for the cryptocurrency industry. Armstrong further highlighted that Coinbase made multiple attempts to comply with SEC Chairman Gary Gensler’s suggestions and “come in and register.” However, he expressed frustration, stating that it was not possible. “We tried,” he stressed.

Meanwhile, Gensler has insisted that the rules regarding cryptocurrency exchanges are clear and that most crypto tokens, other than bitcoin, are securities. Nonetheless, numerous industry participants and lawmakers have strongly criticized him and the SEC for adopting an enforcement-focused approach to regulating the cryptocurrency industry.

Do you think all crypto exchanges should set up operations in Hong Kong? Let us know in the comments section below.

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory