Hong Kong lawmaker Johnny Ng is calling for regulators to accelerate pro-crypto initiatives in the region following a press conference by U.S. crypto czar David Sacks. Ng emphasized the significance of Sacks’ speech on Feb. 5, stating that the development of the crypto industry has become a key parameter of success in the global political arena under the Trump administration.

Ng believes that cryptocurrency has become a battleground for the global digital economy and innovation, and can help stimulate the sluggish global economy. He expressed concern that Hong Kong’s current efforts to develop itself into a global crypto hub may not be enough to keep pace with the rapidly evolving industry.

In response to Sacks’ speech, Ng recommended several government initiatives to boost the growth of Hong Kong’s crypto industry. These include accelerating research on Bitcoin strategic reserves, relaxing transaction types for licensed platforms, permitting companies to issue stablecoins, and establishing a digital asset department focused on AI and crypto development.

Ng also suggested seeking support from China to carry out pilot applications for stablecoins in Hong Kong. Sacks had highlighted stablecoins as a tool to strengthen the dominance of the U.S. dollar during his press conference, emphasizing the importance of conducting a feasibility study on a strategic BTC reserve.

President Trump’s crypto czar outlined a vision to advance the crypto landscape in the U.S., with a focus on stablecoins and Bitcoin reserves. Ng’s recommendations align with Sacks’ vision, aiming to position Hong Kong as a leader in the global crypto race.

As the world of cryptocurrency continues to evolve rapidly, Ng stressed the importance of Hong Kong staying ahead of the curve to avoid falling behind again. By implementing these initiatives, Ng believes Hong Kong can solidify its position as a key player in the global crypto economy.