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A Hong Kong legislator has called on the government to swiftly emulate the U.S., which approved spot bitcoin exchange-traded funds on Jan. 10.
In a Jan. 11 X post, Hong Kong Legislative Council member Johnny Ng urged the city to foster innovation in the cryptocurrency space, emphasizing the region’s readiness to lead in Asia by implementing relevant policies and products.
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 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… <a href="https://t.co/5b0fhHFQHh" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/5b0fhHFQHh</a>— Johnny Ng 吴杰庄 (@Johnny_nkc) <a href="https://twitter.com/Johnny_nkc/status/1745278907807658145?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">January 11, 2024</a>
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Ng cited the Securities and Futures Commission’s (SFC) prior willingness to consider applications for spot bitcoin ETFs as a positive sign. He also underscored the importance of establishing Hong Kong as a global hub in the virtual asset sector, especially given the industry’s rapid developments and competitive nature.
In addition to advocating for the approval of spot bitcoin ETFs, Ng called on the Hong Kong government to focus on educating the public about cryptocurrencies. He emphasized the need for increased awareness and understanding of virtual assets to mitigate the risk of fraud and misuse.
You might also like: <a href="https://crypto.news/hong-kong-firm-mulls-tokenizing-3-ton-gold-vault-amid-local-etf-boon/" rel="noopener noreferrer nofollow"> Hong Kong firm mulls tokenizing 3-ton gold vault amid local ETF boon </a>
In December, The Securities and Futures Commission and the Hong Kong Monetary Authority, the city’s central banking institution, <a href="https://crypto.news/hong-kong-signals-willingness-to-greenlight-crypto-spot-etfs/" rel="noopener noreferrer nofollow">reviewed </a>their policy stance on cryptocurrencies. The regulators issued two circulars detailing the requirements for launching spot crypto ETFs in Hong Kong.
Livio Weng, COO of HashKey, a Hong Kong-based crypto exchange, revealed on Jan. 10 that several fund managers, including those with Chinese backing, are exploring the possibility of <a href="https://crypto.news/nearly-10-hedge-funds-are-set-to-launch-spot-crypto-etfs-in-hong-kong-hashkey-says/" rel="noopener noreferrer nofollow">introducing spot crypto ETFs</a> in the city.
Hong Kong has already seen the<a href="https://crypto.news/crypto-etf-trading-now-available-for-ubs-clients-in-hong-kong/" rel="noopener noreferrer nofollow"> launch of futures crypto ETFs</a>, such as the Samsung Bitcoin Futures Active ETF, CSOP Bitcoin Futures ETF, and CSOP Ether Futures ETF. These products are accessible to investors with portfolios over $2 million through UBS in Hong Kong.
While there is a willingness among Hong Kong’s financial authorities to consider spot crypto ETFs, their approach to the broader cryptocurrency market remains cautious.
In late December 2023, the Financial Services and the Treasury Bureau (FSTB) and the Hong Kong Monetary Authority (HKMA) <a href="https://crypto.news/hong-kong-to-limit-investors-in-purchasing-stablecoins/" rel="noopener noreferrer nofollow">issued </a>a statement allowing retail investors to buy stablecoins. However, they emphasized strict regulatory requirements for stablecoin issuers, including obtaining a special HKMA license.
The license mandates complete backing of stablecoins with equivalent reserves, segregation of reserve assets, transparent disclosure, regular reporting, and establishment of a physical office in Hong Kong staffed with a CEO and senior management to ensure regulatory compliance.
Read more: <a href="https://crypto.news/hsbc-to-advance-digital-currency-and-cbdc-pilots-in-hong-kong/" rel="noopener noreferrer nofollow"> HSBC to advance digital currency and CBDC pilots in Hong Kong </a>

Hong Kong lawmaker advocates for swift adoption of spot Bitcoin ETFs following US lead

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