Hong Kong Legislator Urges Regulators to Accelerate Pro-Crypto Initiatives

Following Recent U.S. Crypto Czar’s Press Conference

Hong Kong legislator Johnny Ng has called on regulators to expedite pro-crypto initiatives in the region, following a recent press conference by U.S. crypto czar David Sacks. Ng emphasized the significance of the press conference, which he believes has implications for other countries.

Ng noted that the development of the crypto industry has become a crucial parameter of success in the global political arena. He stated, “Cryptocurrency has become a battleground for the development of the global digital economy and innovation and technology. At the same time, it can help stimulate the sluggish global economy.”

Hong Kong’s Efforts to Become a Global Crypto Hub

In response to the crypto czar’s speech, Ng acknowledged that Hong Kong has already taken government initiatives to develop itself into a global crypto hub, similar to those in the U.S. However, he believes these efforts are still not enough to accelerate the growth of Hong Kong’s crypto industry and prevent it from falling behind in the global crypto race.

Ngy stated, “I think although Hong Kong is very positive and hardworking, the world is developing rapidly and we have to speed up our pace to stay ahead. There are a few things we must push forward this year, otherwise Hong Kong will fall behind again.”

Recommendations Inspired by the Crypto Czar’s Speech

Echoing David Sacks’ speech, Johnny Ng recommends government initiatives that highlight growth for stablecoins and a national Bitcoin reserve. His recommendations include:

  • Accelerating research for a feasibility study on Bitcoin strategic reserves in Hong Kong
  • Relaxing transaction types for licensed platforms
  • Permitting companies to issue stablecoins
  • Opening a digital asset department dedicated to developing AI and crypto
  • Seeking support from China in carrying out pilot applications for stablecoins in the country

Ng’s recommendations come after President Trump’s AI and crypto czar David Sacks held a press conference to outline Trump’s vision for advancing the crypto landscape in the U.S. Sacks highlighted stablecoins as a tool to boost the domination of the U.S. dollar and emphasized the importance of conducting a feasibility study for a strategic BTC reserve.

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