Johnny Ng Urges Hong Kong to Speed Up Crypto Adoption

Hong Kong legislator Johnny Ng Kit-chong is pushing for faster advancement successful the region’s adoption of cryptocurrencies, particularly Bitcoin and stablecoins. 

“I deliberation though Hong Kong is precise affirmative and hardworking, the satellite is processing rapidly and we person to velocity up our gait to enactment ahead.” He said successful a recent tweet connected X.

He believes that if Hong Kong does not determination fact, it mightiness suffer retired to different countries successful the planetary contention to make integer assets.

His connection seems to beryllium successful effect to the press conference that was held yesterday wherever crypto and AI crypto czar David Sacks outlined however cryptocurrency tin assistance the national government, specifically successful making the system stronger. Ng sees cryptocurrency, particularly Bitcoin, arsenic a cardinal portion of Hong Kong’s economical growth. 

He is calling for speedy probe into the inclusion of Bitcoin successful Hong Kong’s monetary reserves, conscionable arsenic immoderate countries are doing with Bitcoin arsenic a nationalist reserve. He besides wants the federation to velocity up the support of stablecoins, which are integer currencies meant to enactment astatine a fixed value, similar the U.S. dollar

Furthermore, Ng believes that if stablecoins are tested and approved faster, it could boost the nation’s cross-border trade, particularly successful the Greater Bay Area (GBA) which includes Hong Kong and different cities successful confederate China

The person said Hong Kong could usage its presumption successful the GBA to these caller integer currency systems. Ng besides talked astir having relaxed crypto laws for trading platforms truthful that much businesses tin participate the space. 

In his tweet, helium has projected the instauration of a caller bureau successful Hong Kong that volition beryllium afloat dedicated to promoting integer assets, for some crypto and AI to up their competitory advantage.

At the aforesaid time, Hong Kong’s Securities and Futures Commission (SFC) is already looking into ways to beforehand its oversight of integer assets. The authorities is readying to prosecute much radical to support an oculus connected the market. However, the occupation is that Hong Kong suffers from a HK$100 cardinal (13 million) fund shortage which reportedly is simply a spot debased to overseas the plan 

In addition, Ng said helium has been invited to the Bitcoin U.S. Summit successful May. He asid helium plans to conscionable up with adept successful the manufacture and to fortify ties betwixt Hong Kong and the U.S. crypto markets. 

Also Read: Hong Kong SFC Excludes XRP successful 1st Crypto Licenses of 2025