Hong Kong decision makers are called into weapons.
On February 5, 2025, Hong Kong-based MP Jonny Ng Kit-Chong urged local authorities to encourage the creation of cryptocurrency frameworks.
Popular youth leader Kitcheong hopes the region competes in the crypto space and outperforms international players. He wants to see Hong Kong emerge as a global hub for crypto and digital asset holdings.
During a talk with US Crypto Czar David Sacks, Kit-Chong shared his thoughts on the pace of crypto development in the region.
He said the growth and developmental rates of regions in the crypto space were insufficient compared to global standards. Especially since the crypto space activity rate recovered after Donald Trump's victory.
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Sandbox Stablecoin companies must receive early permits
Kit-Chong proposes to make a strategic investment in Bitcoin and hedge Hong Kong's position in global financial order. This comes as we integrate Bitcoin integration into our own strategic reserves.
According to Kitcheon, Bitcoin could play a serious role in the future of the region. Cryptocurrencies are extensively studied to understand their future role in Hong Kong's financial security.
He also encouraged Hong Kong authorities to establish a regulatory framework for stablecoins. Hong Kong is currently working on establishing stablecoins laws, but according to Johnny, the process needs to be accelerated.
He recommended that regulatory sandboxed Stablecoin companies allow their products to be released immediately. This can be made possible with prompt permission from the authorities.
According to NG, the strategic positioning of the Great Bay Area (GBA) within China's Belt and Road Initiative (BRI) will be an excellent testbed for Stablecoin applications.
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Dedicated digital assets department proposed in Hong Kong to keep up with international crypto advances
Ng envisions a strengthened regulatory framework to enhance support for virtual asset platforms. He advocates a certification platform to expand trading capabilities to drive sector growth. He also proposed creating a dedicated digital asset office to oversee and acquire bird's-eye views of regional and international advancements in AI and other crypto assets.
Kit Chong has so far recognized his journey in Hong Kong's crypto space. He highlighted key initiatives such as establishing a third-generation Internet Development Task Force. He emphasized that Hong Kong needs to maintain a quick pace to keep up with global crypto advancements. Ng said it is important for the region to maintain growth levels and implement strategic measures to position Hong Kong as a global leader in the crypto market.
He announced plans to take part in the Bitcoin US Summit in May, strengthening ties in the Hong Kong and the US crypto sector.
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The Hong Kong Post leader supports strategic investments in Bitcoin at a press conference on Crypto Czar, which first appeared in 99 Bitcoin.
