Hong Kong legislator Johnny Ng Equipment-chong has referred to as for extra speedy development of crypto initiatives within the area, together with the potential for utilizing Bitcoin as a strategic reserve.
In a latest tweet, Johnny drew consideration to the speedy improvement of the worldwide crypto panorama. He urged Hong Kong to maintain tempo with worldwide developments to keep away from falling behind.
Equipment-chong’s feedback come after a press convention led by American AI and crypto chief David Sacks. Sacks, alongside Republican representatives from each the Senate and the Home, mentioned their robust assist for cryptocurrency. It included making a bicameral working group to develop extra easy laws.
Equipment-chong highlighted a number of ongoing initiatives by drawing parallels between the U.S. and Hong Kong’s efforts. The U.S. has established a activity drive to handle cryptocurrency. On the similar time, Hong Kong’s authorities has launched the Third Era Web Growth Process Power.
Equally, the U.S. has developed working teams for cryptocurrency laws, with Hong Kong’s Legislative Council forming its personal Web3 and Digital Asset Growth Subcommittee.
Hong Kong Must Transfer Sooner in Crypto Laws and Growth
In the meantime, Johnny Ng Equipment-chong emphasised the necessity for Hong Kong to speed up its efforts in cryptocurrency improvement or danger falling behind the U.S. and different international gamers. His key suggestions embody:
- Analysis Bitcoin as a Strategic Reserve: Equipment-chong urges Hong Kong to discover the potential for Bitcoin turning into a part of its strategic reserve to boost monetary safety.
- Pace Up Stablecoin Implementation: The legislator requires faster motion to allow stablecoin corporations authorised in Hong Kong’s sandbox to start issuing and implementing their merchandise.
- Leverage Stablecoins for Worldwide Commerce: Equipment-chong additionally suggests tapping into Hong Kong’s distinctive location and connections with mainland cities within the Higher Bay Space to pilot stablecoin purposes, which may deal with worldwide commerce challenges.
- Calm down Laws for Digital Asset Buying and selling Platforms: To foster progress within the sector, he advocates for relaxed buying and selling restrictions for licensed digital asset platforms.
- Set up a Digital Asset Workplace: Lastly, Equipment-chong requires a devoted workplace to supervise the promotion of digital property and AI improvement in Hong Kong.
In the meantime, Johnny Ng Equipment-chong shared that he has been invited to the Bitcoin U.S. Summit in Might. He hopes this occasion will provide a possibility to foster deeper collaboration between Hong Kong and the U.S. cryptocurrency industries.
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