Friends who ran investment funds and invested in crypto introduced Christopher Hui to crypto.
He's shaping financial services policy as secretary for Financial Services and the Treasury of Hong Kong (FSTB).
He asked a colleague at Hong Kong FinTech Week in early November if he should buy his first virtual asset.
The industry expected a regulatory framework, but not the shift in posture.
At the moment, crypto is governed by a number of different authorities in Hong Kong.
The Securities and Futures Commission enforces and the Hong Kong Monetary Authority investigates stablecoins.
Hui added that technology can shorten initial public offering subscriptions and other bottlenecks.