Foresight News, Hong Kong Legislative Council member Ng Kit-chung commented on the remarks made by David Sacks, the US AI and cryptocurrency czar, regarding the formulation of cryptocurrency regulatory laws yesterday. "I judge that the development of cryptocurrencies is one of the biggest consensuses in the political arena after the new US government took office. David Sacks also mentioned that the upcoming stablecoin bill will help maintain the global leadership of the US dollar. Therefore, cryptocurrencies have become a battleground for the global digital economy and innovation development, and they will also help stimulate the sluggish global economy. Hong Kong has been striving to become an Asian and even international virtual asset center in the past two years. In fact, Hong Kong has already introduced similar measures to the US: A. At the government executive level: the White House's inter-departmental cryptocurrency working group - Hong Kong's Third-generation Internet Development Taskforce; B. At the legislative level: the US Senate and House of Representatives cryptocurrency working groups - the Hong Kong SAR Legislative Council's Web3 and Virtual Asset Development Subcommittee; C. Stablecoin legislation: the Senate and House of Representatives subgroups are primarily studying the stablecoin bill - the Hong Kong Monetary Authority sandbox and the Legislative Council are currently reviewing the stablecoin bill."
Ng Kit-chung said, "Although Hong Kong is very active and hardworking, the global development is rapid, and we must accelerate our pace to maintain our leading position. There are a few points that we must push forward this year, otherwise Hong Kong will again be in a backward position: 1. Accelerate the research on the feasibility of using Bitcoin as Hong Kong's strategic reserve; 2. Open up the permissions of the stablecoin companies currently approved in the sandbox, and allow them to issue and implement applications as soon as possible; 3. Seek national support, utilize Hong Kong's unique position and some mainland cities in the Greater Bay Area as stablecoin application pilots, and use stablecoins to solve the pain points of international trade; 4. Immediately relax the trading varieties of licensed virtual asset trading platforms; 5. Strategically set up a digital asset office to specifically promote the development of artificial intelligence and virtual assets. In addition, I have received an invitation to the Bitcoin American Summit in May, and I hope to take this opportunity to deepen interaction with Hong Kong industry experts in Las Vegas, the United States, to promote cooperation between the East and West cryptocurrency industries and collaborate on global development."
