Hong Kong extends invitation to Coinbase amidst regulatory scrutiny.

Hong Kong legislator Johnny Ng has invited Coinbase and other global virtual asset trading operators to establish official operations in the city state amid hostility from US regulators. This comes after lawsuits brought by the US Securities and Exchange Commission (SEC) against two major cryptocurrency platforms Binance and Coinbase last week. Hong Kong's Securities and Futures Commission (SFC) has just begun accepting applications for licenses from crypto trading platforms, with several firms expressing intention to apply. Observers anticipate that the crypto exchange crackdown in the US will drive a shift in trading volume and innovation towards jurisdictions with more favorable regulations, with Hong Kong positioning itself as crypto-friendly of late.