In a Twitter post Saturday, a member of Hong Kong’s Legislative Council wrote that the Chinese territory could become a haven of sorts for cryptocurrency exchanges, which have been increasingly coming under regulatory pressures across the globe.

Johnny Ng’s tweet invited Coinbase and other crypto exchanges to create operations in Hong Kong, and hinted there might even be stock-listing opportunities available should they do so.

The legislator wrote, “I hereby offer an invitation to welcome all global virtual asset trading operators including Coinbase to come to HK for application of official trading platforms and further development plans. Please feel free to approach me and I am happy to provide any assistance.”

He made the offer mere days after Binance and Coinbase, two major cryptocurrency exchanges, were slapped with lawsuits by the US Securities and Exchange Commission. The suits were the latest moves by the SEC, in a sweeping crackdown it has launched by levying fines and other penalties against various crypto-lending firms after one of the biggest crypto-exchanges, FTX collapsed in November of last year.

The pressures are not just in America. Two days ago on Friday, Binance was ordered to cease operations in Nigeria by the Nigerian government, which called its operations in the country illegal.

Also, Binance had announced earlier this month it would be shutting down its operations in Canada, saying that the new rules governing the crypto industry there would make it too complicated to operate a cryptocurrency exchange in the nation.

Compared to the nations around the world which are strictly trying to control and in some cases, suppress the crypto-sector, Hong Kong has taken a more optimistic approach. Hong Kong Financial Secretary Paul Chan announced earlier this year a series of ambitious moves which are designed to make the region into a crypto-hub regardless of the present crisis in the sector. He noted the regional government was open to collaboration with both crypto and fintech startups in 2023.

The regional authorities have since revamped the regulations and compliance measures so that they will serve to encourage a major expansion of the cryptocurrency industry within their region.