Hong Kong Embraces Crypto: Citizens Free To Buy, Sell, And Trade

Republished By Plato

Followers: 0

SNEAK PEEK:

Hong Kong purported to adopt crypto among its residents on June 1 officially.
CryptoLark argues that Chinese money is poised to surge into the market industry.
Coinbase CEO Brian Armstrong urges U.S. Congress to act rapidly to adopt clear crypto regulations.

According to recent sources, Hong Kong is speculated to integrate crypto amongst its inhabitants in June formally.1, 2023. Further, Hong Kong’s legalization of cryptocurrencies will allow its residents to purchase, sell, and virtually trade currencies freely.

Additionally, a prominent Twitter user dubbed “CryptoLark,” a cryptocurrency investor, commented on a tweet that Chinese money is poised to surge into the industry due to Hong Kong’s adoption of cryptocurrencies.

This follows a slew of Bitcoin-related operations that have taken place in China’s special administrative region. One such case is DBS, the largest bank in Singapore, requesting permission to provide BTC in Hong Kong.

Regarding Hong Kong’s crypto policy, Coinbase CEO Brian Armstrong recently stated in a tweet that America is risking losing its long-term role as a financial center due to a lack of clear crypto regulations and a hostile regulatory climate.

America risks losing it’s status as a financial hub long term, with no clear regs on crypto, and a hostile environment from regulators.

Congress should act soon to pass clear legislation. Crypto is open to everyone in the world and others are leading. The EU, the UK, and now HK. https://t.co/i9WeUZ7K6H

— Brian Armstrong (@brian_armstrong) February 16, 2023

He continued by saying that the U.S. Congress has to act rapidly to adopt a clear cryptocurrency licensing regulation since the technology belongs to everyone. Moreover, the European Union, the United Kingdom, and Hong Kong are at the forefront of this movement.

However, Chinese journalist Collin Wu vehemently disagreed with Brian Armstrong. Collin Wu alleged that the Coinbase CEO’s comments caused a misunderstanding regarding Hong Kong’s crypto regulations.

He elaborated that although Hong Kong-compliant exchanges are limited to listing a small number of virtual currencies like ether and bitcoin, Coinbase could offer many altcoins.

Notably, Collin Wu purported that the future is still uncertain despite Hong Kong’s promotion of Web 3.