TechFlow reports that Hong Kong Legislative Council member Wilson Ng has posted on social media about David Sacks, the U.S. AI and cryptocurrency "czar," who, together with Republican congressional representatives, held a press conference on February 4 to announce the formation of a bipartisan congressional working group aimed at establishing cryptocurrency regulations. Ng pointed out that although Hong Kong has already established a three-tier regulatory framework similar to that of the United States—including the Task Force on Web3 and Virtual Asset Development, the Legislative Council's Subcommittee on Web3 and Virtual Asset Development, and the HKMA's stablecoin regulatory sandbox—the city still needs to accelerate its development pace.
He proposed five recommendations: first, expedite research into the feasibility of holding Bitcoin as a strategic reserve for Hong Kong; second, expand the operational scope of approved stablecoin companies within the sandbox to speed up real-world applications; third, seek national support to establish a stablecoin pilot program in the Guangdong-Hong Kong-Macao Greater Bay Area; fourth, broaden the range of tradable products available on licensed virtual asset trading platforms; and fifth, establish a dedicated Digital Assets Office to drive the development of AI and virtual assets. Ng also revealed he has been invited to attend the Bitcoin 2024 conference in Las Vegas in May, where he will promote collaboration between the U.S. and Chinese cryptocurrency industries.
