Rumor: China reopens to crypto, starting with Hong Kong – Coinbase CEO reacts strongly

Coinbase CEO Brian Armstrong urged the US Congress to act quickly, or else it will lose ground to rival jurisdictions, including Hong Kong.

Rumor: China reopens to crypto, starting with Hong Kong – Coinbase CEO reacts strongly

According to unverified information from the NoodleofBinance Twitter account, Hong Kong citizens will be allowed to buy, sell and trade crypto from June 1, 2023.

Accordingly, the current rules will take effect for professional investors – individuals with a minimum portfolio of HK$8 million ($1.02 million).

NoodleofBinance considers this a “bullish event” because there will be a huge flow of money from the East and it is only a matter of time before building a stablecoin based on the Hong Kong dollar.

Although the truth of this rumor is unknown, but it was shared by Coinbase CEO Brian Armstrong. In response to the above tweet, Armstrong called on US officials to either speed up crypto regulation or lose ground to the UK, Europe and even now Hong Kong. He said:

“America risks losing its status as a long-term financial center if it does not quickly establish a crypto regulatory framework.”

While China is maintain a harsh stanceHong Kong remains very steadfast in blockchain technology and the crypto market by offer retail deals, ETFs and blockchain education program.

But looking back in recent months, it seems that China is gradually closing the gap with the crypto industry and the move from Hong Kong today is a big step forward.

Tron founder Justin Sun once revealed, China is closely monitoring Hong Kong’s every move and see this as a “prototype” for cryptocurrencies.

At the end of last month, Huobi’s “rumor” boss commented that the Chinese crypto market is on the rise, experts also predict the country will dominate the next uptrend season. No one else, Huobi will be in charge of Hong Kong development, Justin Sun confirmed.

On the other hand, the recent layer-1 Conflux platform continuously shake hands with Chinese companies and CFX token prices react strongly after each partnership agreement announcement. This also partly reflects the influence of the Chinese market on crypto projects.

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