Coinbase faces several regulatory uncertainties, given the SEC’s recent crackdown on crypto firms.
Hong Kong’s position as an upcoming hub of crypto businesses is being increasingly noticed and discussed in the relevant circles.
In a tweet, Coinbase CEO Brian Armstrong referred to the city-state to stress that the United States may lose its position as the financial hub of the world for lacking crypto regulations.“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 SEC chair, Gary Gensler, has proposed new rules for crypto firms acting as qualified custodians for institutional funds. He argued that there should be a transparent mechanism to ensure customers’ funds are separated from the companies’ assets to run their affairs.Gensler said this was necessary to ensure clients don’t suffer in the event of bankruptcy or loss of funds through hacking.
The city government has taken quite a few regulatory initiatives, something that most jurisdictions in the world, including the US, lack. In December last year, an amendment to existingbrought digital assets into the ambit of anti-money laundering and terror-financing laws. It also made crypto firms seek licenses before starting operations in Hong Kong. The Securities & Futures Commission of Hong Kong in January said it would
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