Hong Kong Legislative Council Member Dennis Kwok: Hong Kong Needs to Expedite Research on the Feasibility of Adding Bitcoin to Strategic Reserves

BlockBeats News, February 5th. Hong Kong Legislative Councilor Wu Chi-wai posted on social media, stating that American AI and cryptocurrency "czar" David Sacks and Republican representatives held a press conference on February 4th to announce the formation of a bipartisan working group to develop cryptocurrency regulatory legislation. Wu Chi-wai pointed out that although Hong Kong has established a similar three-tier regulatory framework to the United States, including the Third Generation Internet Development Task Force, the Legislative Council's Web3 and Virtual Asset Development Affairs Subcommittee, and the HKMA's Stablecoin Regulatory Sandbox, it still needs to expedite its development.

He proposed five major suggestions: First, accelerate research on the feasibility of Bitcoin as a strategic reserve asset for Hong Kong; Second, expand the permissions of stablecoin companies already approved within the sandbox to expedite real-world applications; Third, seek national support to establish a stablecoin application pilot in the Greater Bay Area; Fourth, broaden the tradable assets for licensed virtual asset trading platforms; Fifth, establish a Digital Asset Office dedicated to promoting AI and virtual asset development. Wu Chi-wai revealed that he has been invited to attend the Bitcoin Conference in Las Vegas in May, where he will promote cooperation in the cryptocurrency industry among China, the United States, and Canada.