Recent reports claim that two Hong Kong officials have withdrawn from the upcoming Bitcoin Asia 2025 conference to allegedly avoid interacting with Eric Trump, son of US President Donald Trump.
HK Officials Withdraw From Bitcoin Asia 2025
On Wednesday, the South China Morning Post (SCMP) reported that senior Hong Kong official Eric Yip Chee-hang and lawmaker Johnny Ng Kit-chong pulled out of the highly anticipated Bitcoin Asia 2025 conference, set to take place at the Convention and Exhibition Centre in Wan Chai on August 28 and 29.
The report noted that Yip, executive director of the city’s Securities and Futures Commission (SFC), and Ng, a legislator and technology entrepreneur, were removed from the list of keynote speakers for the conference.
According to the report, archived versions of Bitcoin Asia 2025’s website show that both officials were listed on July 14, days after the announcement of Eric Trump’s participation in the forum.
Eric Trump set to speak at Bitcoin Asia 2025. Source: Bitcoin Asia
As reported by Bitcoinist, the event organizers announced Trump’s participation on July 8. The American businessman is set to speak about Bitcoin’s long-term potential, the implications for global finance, and the role of Asia in shaping the future of BTC adoption
A Source familiar with the matter told SCMP that the lawmakers were requested not to attend the conference, as it featured Trump’s middle son. A second anonymous source confirmed the information, explaining that it was “advised” to the lawmakers.
Meanwhile, Ng stated that he withdrew from the event due to “family issues” that overlap with Bitcoin Asia 2025’s agenda, while the SFC affirmed that Yip would not be in attendance due to a business trip.
Lau Siu-kai, a consultant to the Chinese Association of Hong Kong and Macau Studies, told the news media outlet that the reason was to “avoid any public impression that Hong Kong was cooperating with or flattering Donald Trump.”
“Under the intense China-US relations, it is only natural to avoid any impression that Hong Kong is doing something that is helping or pleasing the US,” Lau detailed.
It’s worth noting that President Trump recently announced a 90-day trade tariff war truce with China, but has threatened that the nation could face “200 per cent tariffs, or something,” if it doesn’t continue to ensure shipments of permanent magnets containing certain minerals reach the US.
Hong Kong Crypto Landscape
A source close to the city’s regulators reportedly said that officials had been advised to “maintain a low profile on cryptocurrency and stablecoins,” the report affirmed, but noted that Clarence Shen, an SFC manager responsible for fintech policy formulation, will still attend as one of the event’s speakers.
Notably, Hong Kong has been working to establish itself as one of the leading crypto hubs worldwide, advancing crucial legislation to regulate the sector. Amid the global push for stablecoins, Hong Kong’s Legislative Council passed the Stablecoin Ordinance in May, which was enacted on August 1.
In June, regulators also released the “Policy Statement 2.0 on the Development of Digital Assets in Hong Kong,” outlining their plans to enhance the industry. Nonetheless, the Hong Kong Monetary Authority (HKMA) has advised against excessive speculation and warned that caution is recommended amid the growing interest in the stablecoins sector.
In a July blog post, HKMA’s CEO, Eddie Yue, affirmed there has been excessive hype in the market and public opinion, raising concerns over a developing trend toward speculation as the market has become “overly enthusiastic” with the “stablecoin craze.”
The warning comes as the financial regulator attempts to implement its phased plan to ensure balanced growth and innovation, with regulation and customer protections.
Bitcoin (BTC) trades at $112,384 in the one-week chart. Source: BTCUSDT on TradingView
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