A Hong Kong lawmaker has called on the local government to take swift action following the approval of spot bitcoin exchange-traded funds (ETFs) in the United States. Johnny Ng, a member of the Hong Kong Legislative Council, expressed his belief that Hong Kong should lead the way in the crypto space and foster innovation.
Ng highlighted that the Securities and Futures Commission had previously signaled its readiness to accept applications for spot bitcoin ETFs. He urged Hong Kong to secure a global position in the virtual asset sector by taking the lead in implementing relevant policies and products in Asia. Ng sees this as an opportunity for Hong Kong to solidify its position as a global hub for virtual assets.
In December, Hong Kong’s Securities and Futures Commission, along with the Hong Kong Monetary Authority, reviewed their existing policy on spot crypto ETFs. They published circulars outlining the requirements for such ETFs. Livio Weng, COO of Hong Kong-based crypto exchange HashKey, revealed that 10 fund managers, including those backed by Chinese capital, are exploring the launch of spot crypto ETFs in the city.
Ng also emphasized the need for the Hong Kong government to prioritize crypto education. He believes that enhancing public awareness of virtual assets and reducing the opportunities for fraudulent activities should be immediate goals.
It is important to note that this article is provided for informational purposes only and should not be considered legal, tax, investment, financial, or other advice.
