Hong Kong lawmaker Johnny Ng has extended an invitation to global virtual asset trading operators, including crypto exchange Coinbase, to come and register in the region. The Securities and Futures Commission (SFC) of Hong Kong began accepting applications for crypto trading platform licenses on June 1.
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, Ng said in a tweet on Saturday.
In response to the tweet, a Coinbase spokesperson told journalists, Coinbase is dedicated to partnering with high-bar regulators across U.S. and non-U.S. jurisdictions. This comes amid a U.S. crackdown on crypto exchanges like Binance and Coinbase, which have both been sued recently by the U.S. Securities and Exchange Commission (SEC) for allegedly violating federal securities laws.
Tom Duff-Gordon, Vice President of International Policy at Coinbase, said in an interview that the company is looking to expand globally. Coinbase is really excited to be expanding overseas, Duff-Gordon said. The company is trying to build in Abu Dhabi, Canada and is waiting for approval to register in Singapore.
Brian Armstrong, Coinbase’s CEO, said in April that his company would consider moving out of the U.S. if there continues to be no regulatory clarity around how crypto is treated. However, Duff-Gordon said that Coinbase is not ready to give up on the U.S. yet. 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.