Hong Kong was once a crypto hotspot, before the regulators began knocking on doors. Local lawmaker Johnny Ng Johnny_nkc is working to bring the industry back (with inadvertent help from the U.S. SECGov). Interview by lavender_au.
On the city’s Web3 push, Ng said, “I wouldn’t say it’s just me, but I am a part of it.”
Six years later, when BTC was trading at a couple thousand dollars, he read the Bitcoin white paper and became interested. He started to look into why it was valued, attended local meetups and found true believers.Being a member of Hong Kong’s LegCo isn’t a full-time job so Ng also co-founded an accelerator for Web3 startups called G-Rocket. He claimed there’s no conflict of interest because he declared his stake on a public registry and has recused himself from voting on Web3-related bills.
So far, only OSL and HashKey Group have Type 1 and 7 licenses under the previous opt-in regime, which means their applications for a license under the new regime should be smooth. When I said to Ng that at least one of those twoNg said you can’t judge the licensing regime from the first two platforms that come under it. “To be honest,” he said, “no one knows what they’re doing. They’re not very into this, they just got the license first.
“In the previous government [under former chief executive Carrie Lam], the opposition made passing laws a mess because they kept filibustering,” Ng said. . “If you slow down government,” he said, “it doesn’t work.”
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