Hong Kong Explores Crypto Investments: Officials Show Openness
Johnny Ng, an elected member of the Hong Kong Legislative Council, recently suggested that the National Exchange Fund could invest in cryptocurrencies. Acting Secretary for Financial Services and the Treasury Joseph Chan did not directly endorse the idea, but seemed surprisingly open to it.
The committee members’ proposals focused primarily on potential monetary gains from cryptocurrency investments, with Chan acknowledging that Hong Kong may see a small amount of investment in the future.
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This news comes from local media Report and a transcript Andrew Ng’s proposal and response. In recent months, Hong Kong has been developing As a potential crypto hub, a Bitcoin ETF was approved earlier this year.
In November, Hong Kong Exchanges and Clearing (HKEX) Crypto Index also launched. Sorry, Unlike U.S. spot Bitcoin ETFs, HKEX’s Crypto ETF Not a Major Success.
Council member Johny Ng continues to try to advocate Policies that support cryptocurrencies in Hong Kong. For example, in July this year, he advocated Hong Kong’s Bitcoin Reserveexplicit mirroring Trump’s proposals in the United States. Today, his proposals revolve around cryptocurrencies as a high-performance investment option.
According to reports, global financial companies have increased their investment in digital assets. The price of Bitcoin, known as “digital gold”, has soared simultaneously this year, and the development of global currencies will usher in new developments. Going digital,” Wu began.
He then asked whether the government plans to improve regulation or appoint a committee to study the market potential of cryptocurrencies. He also raised the benefits of including digital assets and cryptocurrencies in fiscal reserves. “
Acting Secretary for Financial Services and the Treasury Joseph Chan Yuen-zu dictated the official response. His stance was very conciliatory to the industry, claiming that cryptocurrency “is bringing new innovation opportunities to the financial system” and noting that it is becoming well integrated into global financial institutions.
“Although crypto-assets are not the target assets of the Exchange Fund, external managers also invest in diversified asset classes and markets around the world. It cannot be ruled out that there may be investments involving cryptocurrencies in investment operations at different points in time, but the relevant proportion is very small. Small.” Director Chen said.
with some Hong Kong’s previous hostilitywhich was a very encouraging response. Chen only mentioned in passing anti-cryptocurrency tropes, such as its potential criminal applications, and explicitly acknowledged that cryptocurrencies are growing on the world stage. This echoes a Chinese High Court’s November rulingwhich directly affirms the legitimate uses of cryptocurrencies.
although China’s Notorious Bitcoin Banthere are some signs of a possible thaw. At the BRICS leaders’ meeting in October, China Delegates endorse cryptocurrency and blockchain-based solutions Promote international de-dollarization efforts.
While these news are far from complete acceptance, cryptocurrencies in the region are certainly heading towards a positive future.
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