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.
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.
