Hong Kong legislator Johnny Ng Kit-chong has called for more rapid advancement of crypto initiatives in the region, including the potential for using Bitcoin as a strategic reserve.
In a recent tweet, Johnny drew attention to the rapid development of the global crypto landscape. He urged Hong Kong to keep pace with international advancements to avoid falling behind.
Kit-chong’s comments come after a press conference led by American AI and crypto leader David Sacks. Sacks, alongside Republican representatives from both the Senate and the House, discussed their strong support for cryptocurrency. It included creating a bicameral working group to develop more straightforward regulations.
Kit-chong highlighted several ongoing initiatives by drawing parallels between the U.S. and Hong Kong’s efforts. The U.S. has established a task force to address cryptocurrency. At the same time, Hong Kong’s government has launched the Third Generation Internet Development Task Force.
Similarly, the U.S. has developed working groups for cryptocurrency regulations, with Hong Kong’s Legislative Council forming its own Web3 and Virtual Asset Development Subcommittee.
Hong Kong Needs to Move Faster in Crypto Regulations and Development
Meanwhile, Johnny Ng Kit-chong emphasized the need for Hong Kong to accelerate its efforts in cryptocurrency development or risk falling behind the U.S. and other global players. His key recommendations include:
- Research Bitcoin as a Strategic Reserve: Kit-chong urges Hong Kong to explore the possibility of Bitcoin becoming part of its strategic reserve to enhance financial security.
- Speed Up Stablecoin Implementation: The legislator calls for quicker action to enable stablecoin companies approved in Hong Kong’s sandbox to begin issuing and implementing their products.
- Leverage Stablecoins for International Trade: Kit-chong also suggests tapping into Hong Kong’s unique location and connections with mainland cities in the Greater Bay Area to pilot stablecoin applications, which could address international trade challenges.
- Relax Regulations for Virtual Asset Trading Platforms: To foster growth in the sector, he advocates for relaxed trading restrictions for licensed virtual asset platforms.
- Establish a Digital Asset Office: Lastly, Kit-chong calls for a dedicated office to oversee the promotion of virtual assets and AI development in Hong Kong.
Meanwhile, Johnny Ng Kit-chong shared that he has been invited to the Bitcoin U.S. Summit in May. He hopes this event will offer an opportunity to foster deeper collaboration between Hong Kong and the U.S. cryptocurrency industries.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
