On June 27, Hong Kong legislative member Johnny Ng highlighted Hong Kong’s development of digital assets. He called for public participation as the city entered a new phase in its crypto journey. Hong Kong’s SAR government launched the second round of public consultation. This time, it aims to offer over-the-counter (OTC) crypto trading and ownership services. In today’s X (formerly Twitter) post, Ng urged everyone to share their views. “This is extremely important for the development of digital assets in Hong Kong,” he wrote. “If you have questions, raise them with the SAR Government, or contact me directly.”

Johnny Ng: “I urge everyone to actively provide feedback”

Johnny Ng has never shied away from crypto debates, but this time, his words felt especially personal. “This framework is something the industry has been talking about for a while,” Ng said, referring to the current proposals. “Now’s the time for the public to join the conversation.” He stressed that anyone interested in the future of crypto in Hong Kong should get involved. Whether they are traders, developers, or simply citizens who care, Ng believes their voices matter. His call reflects a bigger shift in how Hong Kong leaders approach regulation, not just top-down policy, but collaborative law-making.

What’s Inside the Consultation Document?

The second consultation comes just months after the first phase, launched in April 2024. This round zeroes in on two important parts of the crypto puzzle, OTC trading and custody services. The Financial Services and the Treasury Bureau (FSTB) document has licensing rules for OTC virtual asset providers. This comes under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO). The previous deadline was set to April 12, 2024. The OTC market is often where risks, like fraud or unregulated platforms, show up. And custody services, which hold people’s crypto securely, are critical in preventing loss or theft. Regulating both is a necessary step toward broader trust and stability.

Hong Kong’s Big Picture: A Roadmap for Digital Asset Regulation

This consultation isn’t happening in isolation. It’s part of a broader plan by the Securities and Futures Commission (SFC) to future-proof Hong Kong’s digital asset ecosystem. They’re calling it the “A-S-P-I-Re” roadmap, a five-pillar framework built on Access, Safeguards, Products, Infrastructure, and Relationships. To create a system that supports both innovation and safety. With the global crypto market crossing US$3 trillion in 2024, pressure has grown on financial hubs like Hong Kong to step up. The roadmap includes twelve new initiatives that bring together traditional finance and blockchain. 

This includes streamlined access to licensed markets, better compliance systems, and upgraded infrastructure. As Johnny Ng put it, “Balanced regulation isn’t about restriction, it’s about building trust.” That sentiment seems to reflect where Hong Kong wants to go: not just as a participant, but as a leader in shaping the next chapter of digital finance.

Hong Kong Wants Public Involvement in Digital Asset Regulations

The phrase “public consultation” can often feel like government formalities. But this one feels different, more open, more transparent, more people-first. Johnny Ng’s hands-on appeal makes that clear. He’s not just supporting digital asset regulation; he’s inviting the public to shape it with him. In a space that often moves faster than policy, Hong Kong seems determined to catch up without slowing down innovation. If this second consultation works as planned, the city may end up with a legal framework that doesn’t just regulate crypto, but respects it too.

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