Hong Kong awoke to news of the US SEC greenlighting Spot Bitcoin ETF applications, opening doors for more formal investment ventures regardless of investors' backgrounds. The approval has stirred interest among key figures in Hong Kong, including Johnny Ng, a Legislative Council member, who now aims to position the city as a leader in the Asian market.

Ng emphasized Hong Kong's potential to lead in virtual assets and urged prompt implementation of ETFs to solidify the city's global standing. Citing the Securities Regulatory Commission's readiness to accept Spot Bitcoin ETF applications, Ng proposed leveraging this opportunity to establish policies and launch relevant products across Asia, potentially making Hong Kong a global virtual assets leader.

Additionally, Ng advocated for educational initiatives to raise awareness about virtual assets among the public and institutions, aiming to enhance understanding of these assets and their technological implications. He also stressed the importance of tighter control over criminal activities in the virtual assets sector.

This isn't Ng's first involvement in promoting virtual assets. He previously engaged with Polygon founder Sandeep Nailwal to explore opportunities for expansion in Hong Kong, highlighting potential collaboration avenues.

With the Bitcoin ETF approval driving BTC's value above $46k, Ng remains optimistic about Hong Kong's potential to become a leading global hub for digital trading, particularly in Asia.