Hong Kong should learn from South Korea, UAE on crypto regulation, says lawmaker

Johnny Ng, a member of the National Committee of the Chinese People's Political Consultative Conference (CPPCC) and the Hong Kong Legislative Council, said that Hong Kong could learn from South Korea and the United Arab Emirates (UAE) regarding cryptocurrency regulation. Speaking at a panel discussion at Consensus Hong Kong, he noted that while Hong Kong has long been committed to crypto and blockchain technology, it now faces a competitive challenge from the UAE. He explained that the UAE has built a robust regulatory framework with a single dedicated regulator for each region. Ng also pointed out that South Korea, which has millions of crypto users and investors, operates a government agency responsible for crypto-related matters.