After U.S. SEC Crackdown, Hong Kong Lawmaker Invites Coinbase to Apply to Operate

Coinbase’s Vice President of International Policy stated the business is delighted to expand globally and establish in Abu Dhabi, Canada, and Singapore.

A Hong Kong politician asked global companies that trade virtual assets, like the cryptocurrency exchange Coinbase, to come to the area and get registered.

On June 1, Hong Kong’s Securities and Futures Commission (SFC) started taking applications for permits to use crypto trading platforms. With this license, crypto companies will be able to serve retail customers in the country, but they will have to follow rules that ban crypto rewards like airdrops.

“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,” in a tweet on Saturday, Hong Kong Legislative Council member Johnny Ng said.

“Coinbase is dedicated to partnering with high-bar regulators across U.S. and non-U.S. jurisdictions,” a Coinbase representative told CoinDesk in response to the tweet.

Ng’s invitation comes as the U.S. Securities and Exchange Commission (SEC) is going after crypto exchanges like Binance and Coinbase for supposedly breaking federal securities laws.

Brian Armstrong, the CEO of Coinbase, said in April that his company might leave the U.S. if there isn’t more clarity from regulators about how to treat cryptocurrencies. This is something that Coinbase has been asking for.

Tom Duff-Gordon, Vice President of International Policy at Coinbase, said in an interview that the company is now trying to grow around the world.

“Coinbase is really excited to be expanding overseas,” Duff-Gordon said.

Duff-Gordon also said that the company is trying to build in Abu Dhabi, Canada, and is waiting for permission to sign up in Singapore.

Duff-Gordon stated that the company hopes to apply for authorization under the U.K.’s new crypto regime once it’s finalized. CB Payments Limited has been authorized and regulated by the Financial Conduct Authority as an electronic money institution.

According to Duff-Gordon, Coinbase is not ready to abandon the U.S.

“The easiest thing for us to do would be to cut and run but that’s not what we’re doing,” Duff-Gordon said. “We want to represent the industry to stand up and to fight for regulatory clarity in the U.S.”


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