tl;dr
Johnny Ng, a member of the Hong Kong Legislative Council, suggested that the state Exchange Fund could invest in crypto. Acting Secretary for Financial Services and the Treasury, Joseph Chan, did not directly approve the idea but seemed open to it. Ng's proposal focused on potential monetary gains, ...
Johnny Ng, a member of the Hong Kong Legislative Council, proposed potential crypto investments from the Hong Kong Exchange Fund. Joseph Chan, Acting Secretary for Financial Services and the Treasury, showed openness to the idea. While not directly approving, Chan acknowledged the possibility of minor crypto investments in the future. This news is based on local media reports and a transcript of Ng's proposal and Chan's response.
Hong Kong has been increasingly open to crypto, as evidenced by the approval of a Bitcoin ETF and the launch of a crypto index. Ng's consistent advocacy for pro-crypto policies, along with Chan's response, signals a more conciliatory stance toward the industry. The potential thaw in Hong Kong's stance on crypto aligns with indications of a changing attitude in China, with some signs of acceptance and endorsement at international summits.
Johnny Ng, an elected member of the Hong Kong Legislative Council, recently suggested that the state Exchange Fund could invest in crypto. Joseph Chan, Acting Secretary for Financial Services and the Treasury, did not directly approve the idea but seemed surprisingly open to it. The council member focused his proposal on the potential monetary gains of crypto investment, and Chan acknowledged that Hong Kong may make minor investments in the future.
This news comes from local media reporting and a transcript of Ng’s proposal and response. In recent months, Hong Kong has been growing as a potential crypto hub, approving a Bitcoin ETF earlier this year. In November, the Hong Kong Exchanges and Clearing (HKEX) also launched a crypto index. However, the crypto ETFs in HKEX haven’t been a major success, unlike the spot Bitcoin ETFs in the US.
Council member Johnny Ng has consistently advocated for pro-crypto policies in Hong Kong. His proposal centered around cryptocurrency as a high-performing investment option. He highlighted the increasing investment in digital assets globally and the potential for digitalization in global currencies. Ng also questioned the government's plans to improve regulations and proposed the inclusion of digital assets and cryptocurrencies in fiscal reserves.
Joseph Chan, Acting Secretary for Financial Services and the Treasury, responded conciliatorily, acknowledging crypto's potential to bring new opportunities for innovation to the financial system. He mentioned that while crypto-assets are not the target assets of the Exchange Fund, they cannot rule out investments involving crypto during investment operations. This response contrasts with previous hostility, as Chan acknowledged crypto's growing integration into global finance institutions.
Despite China's previous Bitcoin ban, there are signs of a possible thaw, including China's delegates endorsing crypto and blockchain-based solutions at the BRICS Summit. While not indicative of total acceptance, these developments suggest a positive future for crypto in the region.
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🎄Best crypto platforms in Europe | December 2024
eToro
Wirex
YouHodler
Phemex
Margex
Sponsored:
🎄Best crypto platforms in Europe | December 2024
eToro
Wirex
YouHodler
Phemex
Margex