Hong Kong Legislative Council Member Johnny Ng Courts Crypto Exchanges for Licensing

Johnny Ng Aims to Bring Crypto Exchanges Back to Hong Kong

Hong Kong Legislative Council member Johnny Ng is working to attract crypto exchanges to get licensed in the city. This comes as the US government drives digital asset firms offshore. Ng has become a prominent figure in Hong Kong’s crypto community and has lobbied for support of digital assets from the city’s chief executive. His efforts are timely as other jurisdictions compete to become crypto hubs. Ng believes that bigger exchanges are more stable, but acknowledges that even the largest can fall. He also highlights the potential for social mobility that Web3 technology can bring to young people.

Key Points:

Regulators in Hong Kong are now requiring exchanges to obtain licenses to provide virtual asset trading services.
Only virtual assets with large market capitalization and a 12-month track record will be accessible to Hong Kong residents.
Ng has received questions from licensed players about listing more types of coins, but the city is taking a step-by-step approach.
Ng believes that Hong Kong has the flexibility to do what suits it within the framework of the “One Country Two Systems” model.
He sees Web3 technology as a way to increase social mobility, especially for young people.

Hot Take:

By actively courting crypto exchanges to get licensed in Hong Kong, Johnny Ng is positioning the city to regain its status as a crypto hub. With the US government driving digital asset firms offshore, Hong Kong has the opportunity to become a competitive jurisdiction for crypto businesses. Ng’s efforts to bring Web3 technology to the forefront also highlight the potential for social mobility and economic growth within the industry. However, the success of Hong Kong as a crypto hub will depend on how it navigates regulations and attracts both large and small players in the market.