Hong Kong legalizes crypto trading sparking outcry from Brian Armstrong

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.

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