Hong Kong legalizes crypto trading sparking outcry from Brian Armstrong Hong Kong legalizes crypto trading sparking outcry from Brian Armstrong
Brian Armstrong called on Congress to act fast on crypto regulation — or risk losing ground to rival jurisdictions, including Hong Kong.
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Updated: Feb. 16, 2023 at 11:00 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Hong Kong citizens will be allowed to buy, sell, and trade crypto assets from June 1, according to the Twitter account @NoodleofBinance.
Current rules limit cryptocurrency trading to professional investors — individuals with a portfolio of at least HK$8 million (US$1.02 million).
@NoodleofBinance called this a bullish event, saying, “Expect a huge influx of big money from the East.” He also called the rollout of a Hong Kong dollar-based stablecoin a “certainty.”
Recent months have seen the growing narrative that China is warming to cryptocurrency and seeks to implement pro-crypto regulation in Hong Kong as a sort of sandbox evaluation.
U.S. crypto regulations lagging behind
Linking the tweet, Coinbase CEO Brian Armstrong called out U.S. regulators for dragging their feet as far as implementing a unified framework is concerned.
“America risks losing it’s status as a financial hub long term, with no clear regs on crypto, and a hostile environment from regulators.“
He said Congress needs to act fast on crypto regulation or lose ground to the U.K., Europe, and now Hong Kong.
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Samuel Wan
Samuel Wan, a finance professional turned full-time crypto content creator, values individual autonomy and personal freedom in his pursuits.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
Brian Armstrong, co-founder and CEO of Coinbase, stands at the forefront of the digital currency revolution.