Decision makers in Hong Kong are under pressure.

On February 5, 2025, Jonny NG Kit-chong, a Hong Kong legislator, urged local authorities to hasten the establishment of a cryptocurrency framework.

Kit-chong, who is recognized as a prominent youth leader, believes Hong Kong must enhance its competitiveness in the crypto sector to surpass international counterparts. He envisions the region becoming a leading hub for cryptocurrency and digital asset management.

In discussions with US Crypto Czar David Sacks, Kit-chong expressed concerns regarding the slow pace of crypto development in Hong Kong compared to global standards. He noted a surge in crypto activity following Donald Trump’s presidency.

Strategic Investments in Bitcoin

Kit-chong advocates for strategic investments in Bitcoin to bolster Hong Kong’s position in the global financial landscape, echoing sentiments as the US also considers integrating Bitcoin into its strategic reserves.

He emphasized that Bitcoin will be a critical component of Hong Kong’s financial future and should be closely scrutinized to understand its potential impact on local financial security. Additionally, he called for a regulatory framework for stablecoins, highlighting the need for acceleration in current legislative efforts.

Jonny NG

Kit-chong recommends that stablecoin firms authorized under regulatory sandboxes should receive immediate permits to launch their products, advocating for expedited permissions.

Given the Great Bay Area’s significance within China’s Belt and Road Initiative, Kit-chong believes it could serve as an effective testing ground for stablecoin implementations.

A Dedicated Office for Digital Assets

Kit-chong proposes the establishment of a dedicated digital asset office in Hong Kong to enhance support for virtual asset platforms and improve oversight of developments in AI and crypto assets globally.

He also acknowledged Hong Kong’s progress in the crypto space, highlighting key initiatives such as the Third Generation Internet Development Task Force. It remains crucial for the region to sustain rapid growth and implement strategic initiatives to position itself as a crypto market leader.

He plans to participate in the upcoming Bitcoin US summit in May to strengthen collaborations between Hong Kong and the US in this sector.