Hong Kong’s shot at claiming the majority field of virtual assets

Hong Kong woke up to the news about the US SEC approving Spot Bitcoin ETF applications. This has paved the way for more formal investment proposals by traders, irrespective of their experience. The news about the approval of Bitcoin ETF applications has sparked the keen interest of a notable personality in Hong Kong who now seeks to make a move and claim the title in the Asian market.

Johnny Ng, a member of the Legislative Council of Hong Kong, has highlighted two points. Before that, he said that Hong Kong has the potential and, hence, must dare to become a leader in the field of virtual assets. This reflects optimism about drafting and implementing innovative policies to support investments in the said field.

He has sought the SAR Government to implement ETFs as soon as possible, adding that that will help Hong Kong cement a position in the global market. Johnny has backed his pitch based on what the Securities Regulatory Commission had previously said. The Commission once said that it was ready to accept applications for the Spot Bitcoin ETF.

There is no mention of how many asset managers have applied to file applications. However, he believes that Hong Kong may take the lead simply by enacting policies and launching relevant products throughout Asia. Ng also claimed that Hong Kong can capitalize on its chances to become a global leader in virtual assets. Next, Johnny Ng has pitched an idea to have educational material in place for virtual assets.

It is concerned with raising knowledge of the products and policies among common citizens in the region. Because the notion of virtual assets is gaining traction, it only makes sense to provide education about it in institutions so that citizens understand what virtual assets are and how they may use technology to advance.

Moreover, he has pitched for stronger control over criminal activities in the field of virtual assets. This is not the first time Johnny Ng has spoken about virtual assets or backed the segment. He earlier interacted with Sandeep Nailwal, the founder of Polygon, and introduced him to the growing industrial landscape. Following that meeting, Ng clarified that he also invited Sandeep to explore opportunities for expansion in Hong Kong. If done, it will enable both partners to look for more areas of collaboration.

That said, the approval of the Bitcoin ETF has pushed the value of BTC above $46k. The token was last seen exchanging hands at $46,104.45. This is an increase of 0.45% in the last 24 hours. There is a possibility that a stronger reaction from the community will come in the next 2–3 days. Until then, Johnny Ng is confident that Hong Kong and the SAR Government can do wonders in virtual assets, make the region a global center for digital trading, and establish the biggest center in Asia.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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