Johnny Ng Appeals for Quick Move by Hong Kong
The development of crypto urgently needs acceleration, said Johnny Ng, legislator of Hong Kong, referring to a recent speech by David Sacks, US AI and crypto czar. In a statement, Ng underscored how digital assets become the crucial determinant factor in economic leadership globally thanks to the friendly approach of the Trump administration toward digital assets.
“Cryptocurrency has become a battlefield for the global digital economy, driving innovation and boosting financial markets,” Ng said.
While them made efforts to position itself as a global crypto hub, Ng thinks the region needs to be more aggressive in its approach if it wants to stay competitive. If not, he says, Hong Kong will lose its edge in the fast-changing digital finance environment.
Inspired by Sacks: Ng’s Key Proposals
Ng’s rallying cry surely stirred in the vicinity of salient points from the speech by Sacks on integration: stablecoin and a strategic Bitcoin reserve. The legislator had some other strategic proposals concerning the development in Hong Kong:
- Research the opportunity of a Strategic Bitcoin Reserve.
- More types of transactions are open to licensed crypto platforms.
- Also, allow the issuance of home-made stable coins with proper regularization
Creating a dedicated department responsible for digital assets to lead AI and blockchain development
Ng went on to say that Hong Kong should consider collaborating with China in stablecoin sandboxes – a move that would encourage regional cooperation in the digital asset space. He reiterated that proactive policy measures would enable Hong Kong to carve its niche as a global leader in crypto innovation..
U.S. Crypto Czar’s Vision for Digital Assets
On February 4, David Sacks had a press conference where he gave the strategic direction of the Trump administration on crypto. He iterated that stablecoins are essential in reinforcing the dominance of the U.S. dollar and corroborated that a strategic Bitcoin reserve was one of the top considerations for the government.
Ng said Sacks’ speech was to wake Hong Kong up, basically to race faster with crypto or be left behind. He urged policymakers to realize the fast-changing world and to act on that basis.
“The world is moving fast. Hong Kong must act now,” Ng declared.
Given crypto’s increasingly important place in the financial markets, Ng’s proposals underpin the urgency to adopt forward-looking policies that would keep Hong Kong at the edge of digital-asset development.
