February 7, 2025
By Anjali Kochhar
A Hong Kong lawmaker is urging the region to accelerate its crypto adoption by establishing a Bitcoin strategic reserve, emphasising that digital assets are becoming a key battleground in the global economy.
Hong Kong legislator Johnny Ng has called on regulators to speed up pro-crypto policies or risk losing ground to international competitors. His statement came following a press conference by U.S. AI and crypto czar David Sacks, who discussed America’s increasing focus on digital assets under former President Donald Trump’s administration.
Ng highlighted that Bitcoin and cryptocurrency regulations are now crucial aspects of economic competition. Among his proposals is the need to “accelerate” research into Bitcoin as a national reserve asset and implement stablecoin regulations. Additionally, he has urged the Chinese mainland to support Hong Kong in piloting stablecoin applications.
Hong Kong has made significant strides in embracing crypto, notably with the launch of Bitcoin and Ethereum exchange-traded funds (ETFs). However, due to China’s ban on crypto trading, mainland investors cannot participate. This restriction has led to a slower-than-expected performance for these funds.
Despite China’s strict stance on cryptocurrency, Hong Kong operates under the “One Country, Two Systems” framework, allowing it to explore digital asset regulations independently. Ng sees this as an opportunity for Hong Kong to position itself as a global leader in crypto adoption.
Ng’s push for a Bitcoin reserve aligns with broader efforts to integrate blockchain technology into China’s financial landscape. Last year, he proposed creating a financing platform for blockchain and digital asset firms in the Greater Bay Area (GBA), aiming to strengthen China’s leadership in technology and finance.
By seeking China’s backing in piloting stablecoin applications, Ng hopes to bridge the gap between Hong Kong’s crypto-friendly policies and Beijing’s cautious approach. His advocacy signals a growing recognition of digital assets as a critical element of economic competition, with Hong Kong striving to maintain its relevance in the evolving financial landscape.
About the author
Anjali Kochhar covers cryptocurrency and blockchain stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.
