Hong Kong legislator Johnny Ng Kit-chong is pushing for faster progress in the region’s adoption of cryptocurrencies, especially Bitcoin and stablecoins.
“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.” He said in a recent tweet on X.
He believes that if Hong Kong does not move fact, it might lose out to other countries in the global race to develop digital assets.
His statement seems to be in response to the press conference that was held yesterday where crypto and AI crypto czar David Sacks outlined how cryptocurrency can help the federal government, specifically in making the economy stronger. Ng sees cryptocurrency, especially Bitcoin, as a key part of Hong Kong’s economic growth.
He is calling for speedy research into the inclusion of Bitcoin in Hong Kong’s monetary reserves, just as some countries are doing with Bitcoin as a national reserve. He also wants the nation to speed up the approval of stablecoins, which are digital currencies meant to stay at a fixed value, like the U.S. dollar
Furthermore, Ng believes that if stablecoins are tested and approved faster, it could boost the nation’s cross-border trade, especially in the Greater Bay Area (GBA) which includes Hong Kong and other cities in southern China
The politician said Hong Kong could use its position in the GBA to these new digital currency systems. Ng also talked about having relaxed crypto laws for trading platforms so that more businesses can enter the space.
In his tweet, he has proposed the creation of a new office in Hong Kong that will be fully dedicated to promoting digital assets, for both crypto and AI to up their competitive advantage.
At the same time, Hong Kong’s Securities and Futures Commission (SFC) is already looking into ways to advance its oversight of digital assets. The government is planning to hire more people to keep an eye on the market. However, the problem is that Hong Kong suffers from a HK$100 million (13 million) budget deficit which reportedly is a bit low to overseas the plan
In addition, Ng said he has been invited to the Bitcoin U.S. Summit in May. He asid he plans to meet up with expert in the industry and to strengthen ties between Hong Kong and the U.S. crypto markets.
Also Read: Hong Kong SFC Excludes XRP in 1st Crypto Licenses of 2025
