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On February 5th, COINOTAG News reported that Hong Kong Legislative Councilor Wu Chi-wai highlighted recent developments in the U.S. regarding cryptocurrency legislation. David Sacks, an influential American figure in the AI and cryptocurrency sector, alongside Republican representatives, announced a bipartisan initiative aimed at formulating comprehensive cryptocurrency regulations. Wu emphasized that Hong Kong’s existing regulatory structure, which includes initiatives such as the Third Generation Internet Development Task Force and the HKMA’s Stablecoin Regulatory Sandbox, necessitates more rapid advancements.
He proposed several strategic recommendations to enhance the regulatory landscape: Firstly, to investigate the viability of Bitcoin as a potential strategic reserve asset for Hong Kong. Secondly, to broaden the operational scope for approved stablecoin enterprises within the existing framework, facilitating their integration into real-world scenarios. Thirdly, there is a call for national collaboration to pilot stablecoin applications in the Greater Bay Area. Fourthly, expanding the scope of tradable assets on licensed virtual asset trading platforms is critical. Lastly, Wu advocated for the establishment of a dedicated Digital Asset Office to foster the growth of AI and cryptocurrency sectors in the region.
Additionally, Wu has been invited to the upcoming Bitcoin Conference in Las Vegas, scheduled for May, where he aims to foster partnerships within the cryptocurrency ecosystem across China, the United States, and Canada.
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