Hong Kong legislator Johnny Ng urges regulators to accelerate pro-crypto initiatives in the region after U.S. crypto czar David Sacks’ press conference.
In a recent post, Ng emphasizes the importance of the press conference conducted by U.S. AI and crypto czar David Sacks on Feb. 5 and what it signifies for other countries. He believes that the development of the crypto industry has become one of the “biggest parameters” of success in the global political arena under the Trump administration.
“Therefore, 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,” wrote Ng in a translated post.
In response to the crypto czar’s speech, Ng stated that Hong Kong has already taken government initiatives to develop itself into a global crypto hub that mirrors those in the U.S.
However, he believes these efforts are still not enough to truly speed up the growth of Hong Kong’s crypto industry so that it does not run the risk of falling behind in the global crypto race.
“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,” said Ng.
Steps 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 (BTC) 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 and opening a digital asset department dedicated to developing AI and crypto.
In addition, he also suggests seeking support from China in carrying out pilot applications for stablecoins in the country.
On Feb. 4, President Trump’s AI and crypto czar David Sacks held a press conference to outline Trump’s vision that would advance the crypto landscape in the U.S.
Sacks specifically highlighted stablecoins as a tool to boost the domination of the U.S. dollar. In addition, he also said conducting a “feasibility of a strategic BTC reserve” has become the top priority for the crypto council.
Read the full article here