Hong Kong Lawmaker Urges Government to Follow US in Approving Spot Bitcoin ETFs

cryptonews.com:

In the wake of the United States’ approval of spot Bitcoin ETFs, a lawmaker in Hong Kong has called on the local government to swiftly follow suit and position the city as a leader in the cryptocurrency space. 

Johnny Ng, a member of the Hong Kong Legislative Council, emphasized the importance of fostering innovation and taking proactive steps to solidify Hong Kong’s position as a global hub for virtual assets.

Highlighting the readiness expressed by the Securities and Futures Commission to accept applications for spot bitcoin ETFs, Ng stressed the need for Hong Kong to capitalize on the rapid development and intense competition in the virtual asset sector. 

“I hope that Hong Kong… can swiftly secure a position globally, particularly by taking the lead in implementing relevant policies and products in Asia,” he said in a post on X. 

美國證券交易委員會SEC在香港時間凌晨通過現貨比特幣ETF。此舉對虛擬資產市場是一個重要的舉動，也吸引更多傳統投資者和資金參與虛擬資產領域投資。經過這次SEC通過現貨比特幣ETF，我認為香港也要在虛擬資產領域敢於做「領頭羊」，通過創新政策來帶領整個行業發展。

1. 特區政府盡快推動現貨ETF的落實… pic.twitter.com/5b0fhHFQHh

— Johnny Ng 吴杰庄 (@Johnny_nkc) January 11, 2024

Ng said the approval of spot Bitcoin ETFs can be a significant opportunity for Hong Kong to establish itself as a frontrunner in the crypto industry. 

By embracing crypto innovation and implementing forward-thinking policies, the city can attract investment and solidify its status as a global center for virtual assets.

In December, Hong Kong’s Securities and Futures Commission and the Hong Kong Monetary Authority, the de facto central bank, announced that they had reviewed their existing policies regarding spot crypto ETFs. 

The regulators published two circulars outlining the requirements for such ETFs, which indicates the regulatory bodies’ commitment to fostering a