Johnny Ng, a prominent lawmaker in Hong Kong, has voiced his opinion regarding approving spot Bitcoin ETFs in the United States. He took to social media to express his belief that Hong Kong should take the initiative in cryptocurrency.
Ng emphasized the need for Hong Kong to lead by fostering innovation and implementing relevant policies and products in Asia.
Ng pointed out that the Securities and Futures Commission had previously signaled its readiness to accept applications for spot Bitcoin ETFs. He believes that in the face of rapid development and intense competition in the virtual asset sector, Hong Kong should swiftly secure a global position.
According to Ng, this could be achieved by being at the forefront of implementing crypto-related policies and products in the Asian region.
He stated, “This presents an opportunity to solidify Hong Kong’s position as a global hub for virtual assets.”
Growing interest in spot crypto ETFs
Livio Weng, the Chief Operating Officer of Hong Kong-based crypto exchange HashKey, revealed a significant interest in spot crypto ETFs in the city. Weng disclosed that as many as 10 fund managers, including those with Chinese capital backing, are exploring the possibility of launching spot crypto ETFs in Hong Kong.
This growing interest in spot crypto ETFs underscores the potential significance of Hong Kong’s involvement in the cryptocurrency market. With established financial institutions and a thriving financial ecosystem, Hong Kong is well-positioned to become a prominent player in the crypto space.
Calls for crypto education
In addition to advocating for regulatory actions, Johnny Ng urged the Hong Kong government to prioritize crypto education. He believes enhancing public awareness of virtual assets and reducing opportunities for unlawful individuals to exploit cryptocurrencies for fraudulent activities should be a top priority.
Ng stated, “The SAR government should immediately enhance public education, aiming to both increase the public’s awareness of virtual assets and reduce the opportunities for unlawful individuals to exploit virtual assets for fraudulent activities.”