In the wake of the United States’ approval of spot Bitcoin ETFs, a lawmaker in Hong Kong has called on the local government to swiftly follow suit and position the city as a leader in the cryptocurrency space. Johnny Ng, a member of the Hong Kong Legislative Council, emphasized the importance of fostering innovation and taking proactive steps to solidify Hong Kong’s position as a global hub for virtual assets. Highlighting the readiness expressed by the Securities and Futures Commission to accept applications for spot bitcoin ETFs, Ng stressed the need for Hong Kong to capitalize on the rapid development and intense competition in the virtual asset sector.