Johnny Ng Urges Hong Kong to Speed Up Crypto Adoption
Hong Kong legislator Johnny Ng Package-chong is pushing for quicker progress within the area’s adoption of cryptocurrencies, particularly Bitcoin and stablecoins.
“I believe though Hong Kong could be very constructive and hardworking, the world is growing quickly and we’ve got to hurry up our tempo to remain forward.” He stated in a recent tweet on X.
He believes that if Hong Kong doesn’t transfer truth, it’d lose out to different international locations within the international race to develop digital property.
His assertion appears to be in response to the press conference that was held yesterday the place crypto and AI crypto czar David Sacks outlined how cryptocurrency may also help the federal authorities, particularly in making the economic system stronger. Ng sees cryptocurrency, particularly Bitcoin, as a key a part of Hong Kong’s financial progress.
He’s calling for quick analysis into the inclusion of Bitcoin in Hong Kong’s financial reserves, simply as some international locations are doing with Bitcoin as a nationwide reserve. He additionally desires the nation to hurry up the approval of stablecoins, that are digital currencies meant to remain at a set worth, just like the U.S. greenback
Moreover, Ng believes that if stablecoins are examined and accredited quicker, it might enhance the nation’s cross-border commerce, particularly within the Larger Bay Space (GBA) which incorporates Hong Kong and different cities in southern China
The politician stated Hong Kong might use its place within the GBA to those new digital forex methods. Ng additionally talked about having relaxed crypto legal guidelines for buying and selling platforms in order that extra companies can enter the house.
In his tweet, he has proposed the creation of a brand new workplace in Hong Kong that shall be totally devoted to selling digital property, for each crypto and AI to up their aggressive benefit.
On the identical time, Hong Kong’s Securities and Futures Fee (SFC) is already trying into methods to advance its oversight of digital property. The federal government is planning to rent extra individuals to regulate the market. Nevertheless, the issue is that Hong Kong suffers from a HK$100 million (13 million) finances deficit which reportedly is a bit low to abroad the plan
As well as, Ng stated he has been invited to the Bitcoin U.S. Summit in Might. He asid he plans to fulfill up with professional within the business and to strengthen ties between Hong Kong and the U.S. crypto markets.
Additionally Learn: Hong Kong SFC Excludes XRP in 1st Crypto Licenses of 2025
