Hong Kong politician urges immediate action after US bitcoin ETF approval


On X, Hong Kong politician Johnny Ng remarked that the city-state should introduce spot crypto ETFs and “take the lead” in the cryptocurrency industry.

Following the U.S. approval of spot bitcoin exchange-traded funds earlier today, a politician from Hong Kong encouraged the local authorities to swiftly follow suit.

Hong Kong Legislative Council member Johnny Ng said in a post on X today that the city-state should “take the lead” in the cryptocurrency industry by encouraging new developments.

“The SEC had previously indicated its willingness to receive proposals for spot bitcoin ETFs,” Ng said. “It is my sincere wish that Hong Kong, in the face of tremendous growth and fierce rivalry in the virtual asset industry, can quickly establish a foothold on a global scale, especially by spearheading the adoption of pertinent policies and products across Asia.”

“This offers a chance to further establish Hong Kong as a world-renowned center for virtual assets,” he said.

The de facto central bank of Hong Kong and the Securities and Futures Commission of the city both declared in December that they had examined their current policies. The authorities published two circulars to clarify the requirements for spot crypto ETFs.

Spot crypto ETF launches in Hong Kong are being considered by ten fund managers, including those with Chinese backing, according to Livio Weng, chief operating officer of crypto exchange HashKey.

Crypto education should be a top priority for the Hong Kong government, according to Ng. In the article, he emphasized the need for the SAR government to prioritize public education on virtual assets. The goal should be to raise awareness about these assets and make it harder for criminals to use them for fraudulent purposes.

Also Read: Peter Schiff claims that the approval of Spot Bitcoin provides “eleven more ways for speculators to place bets”

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