The start of the crypto trade in Hong Kong has the CEO of Coinbase question the position of the USA
The start of the crypto trade in Hong Kong has the CEO of Coinbase question the position of the USA
The position of Hong Kong as an emerging center of crypto transactions is increasingly perceived and discussed in the relevant circles.
in a tweet, Brian Armstrong, CEO von Coinbase, referred to the city-state to emphasize that the United States could lose their position as financial center in the world due to a lack of crypto.
Armstrong calls for regulations
"America risks to lose its status as a financial center in the long term, without clear regulations for crypto and an hostile environment of regulatory authorities. The congress should soon act to say goodbye. Crypto is open to everyone in the world and others are leader. Armstrong called who retweets that it says that Hong Kong will make it legal for all of its citizens from June 1st to sell, buy and act.
The news that Hong Kong would allow his citizens to buy, sell and act crypto-assets is based on a speech that Hong Kong's finance minister Paul Chan kept at a web3 conference in January.
"Hong Kong has completed the legislative work on the establishment of a license system for providers of virtual assets, and the new system will be introduced in June this year ... Financial intermediaries and banks will be able to with licensed stock exchanges for virtual assets in the provision of trade services for customers, If the corresponding regulatory conditions are met, ”said Chan at the conference.
increased official examination
Brain Armstrong's criticism of America's lack of crypto regulation and the request to the congress of issuing such laws takes place in the course of an increased official control after the collapse of FTX.
The Chairman of the SEC, Gary Gensler, has proposed new rules for crypto companies that act as qualified storage for institutional funds. He argued that there should be a transparent mechanism to ensure that the funds of the customers are separated from the company's assets to run their business.
Gensler said that this was necessary to ensure that customers do not suffer in the event of bankruptcy or loss of money from hacking. Shortly afterwards a coinbase manager clarified that the company in this regard matches the suggestions of the Sec.
Another regulation Uncertainty What Coinbase now has to take into account, the procedure against staking services is called securities. Last week, the Kraken agency forced to hire its staking services for US customers and pay a fine of $ 30 million for the offer of non-registered securities. The CEO of Coinbase could be concerned that his company could also occur.
The case Hong Kong
Hong Kong is a special administrative zone of China that enjoys autonomous status in its legislative and government matters. While China banned the trade and boost of cryptocurrencies within his jurisdiction in 2021, Hong Kong seems to develop as a goal for such business with a view to China.
The city administration has seized some regulatory initiatives, which is lacking in most jurisdiction in the world, including the United States. In December last year, a change in the existing Legislation brought digital assets into the scope of the law to combat money laundering and terrorist financing.
also caused crypto companies to look for licenses before they take up their work in Hong Kong. The Securities & Futures Commission (SFC) from Hong Kong announced this in January Preserver-Spaces = "True"> Submit A list of high-liquid digital wealth values with which citizens can act.
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