Hong Kong Lawmaker Proposes Bitcoin for Strategic Reserves

Hong Kong Legislative Council Member Dennis Kwok has called for an expedited research into the feasibility of adding Bitcoin to the region's strategic reserves. In a recent statement, Kwok emphasized the need for Hong Kong to stay ahead in the global cryptocurrency landscape by exploring innovative uses of digital assets.

Kwok's proposal comes amidst a broader push for cryptocurrency regulation in the region. The Hong Kong Legislative Council has established a three-tier regulatory framework, 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. However, Kwok believes that Hong Kong needs to accelerate its development in this area to keep pace with international trends.

In addition to exploring Bitcoin as a strategic reserve asset, Kwok has proposed several other strategic recommendations. These include expanding the operational scope for approved stablecoin enterprises, seeking national support for stablecoin application pilots in the Greater Bay Area, broadening the tradable assets on licensed virtual asset trading platforms, and establishing a dedicated Digital Asset Office to foster the growth of AI and cryptocurrency sectors in the region.

Kwok's call for action is part of a larger global conversation about the role of cryptocurrencies in national economies. As countries like the United States and China continue to develop their own regulatory frameworks, Hong Kong's proactive approach to cryptocurrency regulation could help solidify its position as a global financial hub.

Moreover, Kwok's invitation to the upcoming Bitcoin Conference in Las Vegas in May underscores Hong Kong's commitment to international cooperation in the cryptocurrency industry. By fostering partnerships among China, the United States, and Canada, Hong Kong can help shape the future of digital assets and ensure its place at the forefront of global innovation.