A Hong Kong lawmaker urged the local government to quickly follow suit after the U.S. approved spot bitcoin exchange-traded funds earlier today.

Johnny Ng, a member of the Hong Kong Legislative Council, wrote today in a post on X that Hong Kong should also “take the lead” in the crypto space by fostering innovation.

“The Securities and Futures Commission had previously expressed readiness to accept applications for spot bitcoin ETFs,” Ng said. “I hope that Hong Kong, amidst rapid development and intense competition in the virtual asset sector, can swiftly secure a position globally, particularly by taking the lead in implementing relevant policies and products in Asia.”

“This presents an opportunity to solidify Hong Kong’s position as a global hub for virtual assets,” he added.

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