Hong Kong was once a crypto hot spot, home to initial coin offerings and exchanges galore, before regulators began knocking on doors and talking about banning retail investment, which scared most industry participants away to other jurisdictions.
Johnny Ng is working to bring them back, with inadvertent help from U.S. regulators.
A member of the city’s Legislative Council (LegCo), Ng sent a viral tweet last month inviting crypto exchanges globally – and Coinbase specifically – to apply for a license in Hong Kong. Four days earlier, Coinbase had been sued by the U.S. Securities and Exchange Commission (SEC), so it was plausible to think the company was looking for a new home.
I hereby offer an invitation to welcome all global virtual asset trading operators including @coinbase to come to HK for application of official trading platforms and further development plans. Please feel free to approach me and I am happy to provide any assistance. pic.twitter.com/bcIi1IjMlc
— Johnny Ng 吴杰庄 (@Johnny_nkc) June 10, 2023
Elected to LegCo last year, Ng has arguably become the de facto head of the legislature’s crypto caucus. He has lobbied Hong Kong chief executive John Lee to support digital assets in a high-profile way. This year, Lee gave a speech at the inauguration of the Institute of Web 3.0 Hong Kong. It was a big deal given Hong Kong’s former status as a crypto hub.
His efforts come at a time when an increasingly inhospitable U.S. government is driving digital asset firms offshore while other jurisdictions jockey to become crypto hubs.
On the city’s Web3 push, Ng said, “I wouldn’t say it’s just me, but I am a part of it.”
I recently met Ng for lunch in the Admiralty district of Hong Kong. We went to what he called his canteen, an upscale dim sum place with a view of the harbor. The shrimp dumplings came each in its own little basket, with gold brushed onto their skin. The staff knew his favorite table, slightly secluded from the rest, and addressed him as Legislator Ng.
Ng said he first heard about Bitcoin around 2011 when he was working on facial recognition technology. A friend asked if he wanted to start mining. Ng said he wasn’t convinced then.
Six years later, when BTC was trading at a couple thousand dollars, he read the Bitcoin white paper and became…
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