Will SEC’s ETF Approval Have a Domino Effect? Another Country is Preparing to Approve Bitcoin ETF!

A leading Hong Kong lawmaker has called for immediate action by the local government after the US gave the green light to spot Bitcoin exchange-traded funds (ETFs).

Hong Kong Lawmaker Advocates Swift Crypto Action Following US Bitcoin ETF Approval

Hong Kong Legislative Council member Johnny Ng called on Hong Kong to follow in the footsteps of the United States and promote innovation in the crypto space.

In an article published today, Ng expressed his hopes for Hong Kong to quickly gain a global position in the rapidly developing and highly competitive virtual asset sector.

He emphasized that Hong Kong should “take the lead” in Asia by implementing relevant policies and products.

“The Securities and Futures Commission has previously expressed its readiness to accept applications for spot Bitcoin ETFs,” Ng said.

Ng sees this as an opportunity to solidify Hong Kong’s position as a global hub for virtual assets.

In December, both the Securities and Futures Commission and the Hong Kong Monetary Authority, the city’s de facto central bank, announced they were reviewing their current policies. Regulators subsequently issued two circulars outlining requirements for spot crypto ETFs.

Livio Weng, COO of Hong Kong-based crypto exchange HashKey, announced on Wednesday that 10 fund managers, some backed by Chinese capital, are exploring launching spot crypto ETFs in the city.

*This is not investment advice.