Hong Kong lawmaker Johnny Ng has expressed his desire to explore 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 said, “Many Chinese provinces and cities have policies on the development of the metaverse. I hope 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 is determined to reclaim its title as a crypto hub, having rolled out a new licensing regime that gives crypto exchanges a pathway to operate in a regulated manner. OSL and HashKey have already obtained licenses under the new regime.
China, on the other hand, has instituted a number of bans on crypto-related activity, though traders based in China continue to be active. Ng believes that connecting virtual asset platforms in Hong Kong with digital asset exchanges in Shanghai could be beneficial for both sides.