Hong Kong Lawmaker to Explore Digital Asset Link With Mainland China

Johnny Ng floated the possibility of licensed Hong Kong exchanges being connected with Shanghai's exchanges.

AccessTimeIconAug 4, 2023 at 9:45 a.m. UTC

Hong Kong lawmaker Johnny Ng said he hopes there will be discussions exploring the possibility of connecting virtual asset platforms in Hong Kong with digital asset exchanges in Shanghai.

In an interview with The Paper, a Chinese media outlet, Ng noted that many Chinese provinces and cities have policies on the development of the metaverse. Ng also said he hopes for more talent exchanges between Hong Kong and mainland China.

The two already have a financial asset link in the form of the Shanghai-Hong Kong Stock Connect program, which allows qualified investors in mainland China to access eligible shares listed on the Hong Kong Stock Exchange and vice versa.

Hong Kong has made it clear that it wants to reclaim its title as a crypto hub, rolling out a new licensing regime that gives crypto exchanges a pathway to operate in a regulated manner. OSL and HashKey have obtained licenses under the new regime. China, for its part, has instituted a number of bans on crypto-related activity, though traders based in China continue to be active.

Edited by Sheldon Reback.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Lavender Au

Lavender Au is a CoinDesk reporter with a focus on regulation in Asia. She holds BTC, ETH, NEAR, KSM and SAITO.