Hong Kong lawmaker calls for swift action following US spot bitcoin ETF greenlight

A Hong Kong lawmaker urged the local government to quickly follow suit after the U.S. approved spot bitcoin exchange-traded funds earlier today.

Johnny Ng, a member of the Hong Kong Legislative Council, wrote today in a post on X that Hong Kong should also “take the lead” in the crypto space by fostering innovation.

“The Securities and Futures Commission had previously expressed readiness to accept applications for spot bitcoin ETFs,” Ng said. “I hope that Hong Kong, amidst rapid development and intense competition in the virtual asset sector, can swiftly secure a position globally, particularly by taking the lead in implementing relevant policies and products in Asia.”

“This presents an opportunity to solidify Hong Kong’s position as a global hub for virtual assets,” he added.

Getting ready

In December, Hong Kong’s Securities and Futures Commission and the Hong Kong Monetary Authority, the city’s de facto central bank, announced that both agencies have reviewed their existing policy. The regulators published two circulars addressing the requirements for spot crypto ETFs.

Livio Weng, COO of Hong Kong-based crypto exchange HashKey, said Wednesday that 10 fund managers, including those backed by Chinese capital, are looking into launching spot crypto ETFs in the city.

Ng also urged the Hong Kong government to prioritize crypto education. “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,” he said in the post.