Recent reports indicate that two Hong Kong officials withdrew from the upcoming 2025 Asia Bitcoin Conference, allegedly to avoid interaction with U.S. President Donald Trump's son, Eric Trump.
Hong Kong officials withdraw from the 2025 Asia Bitcoin Expo
On Wednesday, (South China Morning Post) reported that senior Hong Kong officials Yip Shih-Heng and Legislative Council member Wu Kit-Chung withdrew from the highly anticipated Bitcoin Asia 2025 conference, which was originally scheduled to take place from August 28 to 29 at the Wan Chai Convention and Exhibition Center.
Reports indicate that the executive director of the Hong Kong Securities and Futures Commission (SFC), Yip Shih-Kwan, and Legislative Council member and tech entrepreneur Ng Kin-Mun have been removed from the list of keynote speakers for the conference.
Reportedly, an archived version of the Bitcoin Asia 2025 website shows that both officials were listed on July 14, just days after Eric Trump announced his participation in the forum.
According to Bitcoinist, event organizers announced on July 8 that Trump would attend the event. The American businessman will discuss the long-term potential of Bitcoin, its impact on global finance, and Asia's role in shaping the future applications of BTC.
A knowledgeable source told (South China Morning Post) that lawmakers were asked not to attend due to the presence of Trump's second son at the event. Another anonymous source confirmed this information, explaining that it was 'suggested' that lawmakers attend.
Meanwhile, Ng Kin-Mun stated that he withdrew from the event due to 'family issues,' which overlapped with the agenda of Bitcoin Asia 2025, while the Hong Kong SFC confirmed that Mr. Yip was unable to attend due to a business trip.
Liu Zhaojia, an advisor to the National Hong Kong and Macao Research Association, told the media that this is to 'avoid the public thinking that Hong Kong is cooperating with or flattering Donald Trump.'
Mr. Liu elaborated: 'In the context of tense U.S.-China relations, it is quite natural for us to avoid giving the impression that Hong Kong is doing something to help or please the U.S.'
It is noteworthy that President Trump recently announced a 90-day truce agreement with China regarding trade tariffs, but threatened that if China does not continue to ensure that certain mineral-containing permanent magnet goods are delivered to the U.S., it could face '200% tariffs, or something similar.'
Hong Kong Cryptocurrency Landscape
According to reports, a source close to Hong Kong regulators stated that officials have been advised to 'keep a low profile' regarding cryptocurrency and stablecoins; the report confirmed this but noted that Clarence Shen, the manager responsible for fintech policy at the Hong Kong Securities and Futures Commission, will still attend the event as one of the speakers.
It is noteworthy that Hong Kong has been committed to positioning itself as one of the world's leading cryptocurrency centers and has advanced important legislation to regulate the industry. Against the backdrop of promoting stablecoin development globally, the Hong Kong Legislative Council passed the (Stablecoin Ordinance) in May, which officially took effect on August 1.
In June of this year, regulators also released the (Hong Kong Digital Asset Development Policy Statement 2.0), outlining plans to promote the development of the industry. Nevertheless, the Hong Kong Monetary Authority (HKMA) still advises investors not to over-speculate and warns that given the growing interest in the stablecoin industry, investors should remain cautious.
In a blog post in July, Hong Kong Monetary Authority President Yu Weiwen confirmed that there is excessive hype in the market and public opinion, raising concerns about speculative trends as the market has become 'overly enthusiastic' about the 'stablecoin craze.'
Financial regulators have issued this warning as they attempt to implement a phased plan to ensure a balance between growth and innovation while conducting regulation and customer protection.
