A Hong Kong lawmaker calls for quick adoption of spot bitcoin ETFs
A member of the Hong Kong Legislative Council, Johnny Ng, has urged the local government to swiftly follow the US in approving spot bitcoin exchange-traded funds (ETFs). In a Twitter post, Ng stated that Hong Kong should “take the lead” in the crypto space by fostering innovation and implementing relevant policies and products in Asia. He believes that this presents an opportunity for Hong Kong to solidify its position as a global hub for virtual assets.
Regulatory review of spot crypto ETFs
In December, Hong Kong’s Securities and Futures Commission and the Hong Kong Monetary Authority announced that they have reviewed their existing policy on spot crypto ETFs. The regulators published circulars addressing the requirements for such ETFs. Livio Weng, COO of Hong Kong-based crypto exchange HashKey, revealed that 10 fund managers are exploring the launch of spot crypto ETFs in the city.
Importance of crypto education
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 opportunities for unlawful individuals to exploit them for fraudulent activities is crucial.
Hot Take: Hong Kong urged to embrace spot bitcoin ETFs to secure its position in the global market
A member of the Hong Kong Legislative Council has called on the local government to quickly approve spot bitcoin exchange-traded funds (ETFs) following their approval in the US. The lawmaker believes that by doing so, Hong Kong can “take the lead” in the crypto industry and solidify its position as a global hub for virtual assets. In December, regulators in Hong Kong reviewed their policy on spot crypto ETFs, paving the way for potential launches. Additionally, there is a growing need for crypto education to increase public awareness and prevent fraudulent activities in the virtual asset sector.
By
By
By
By
By