Hong Kong’s Friendly Crypto Policies ‘Very Stable,’ Legislator Assures Vitalik Buterin

A Hong Kong Legislative Council member has assured Ethereum co-founder Vitalik Buterin that the pleasant cryptocurrency insurance policies in Hong Kong are “very stable.” In response to Buterin’s feedback expressing his unfamiliarity with Hong Kong and its “complicated interaction” with Mainland China, the legislator has prolonged an invite for the Ethereum co-founder to go to Hong Kong and purchase a deeper understanding of the town’s crypto laws.

Hong Kong’s Legislator Responds to Vitalik Buterin’s Crypto Policy Comments

Johnny Ng, a member of Hong Kong’s Legislative Council, has responded to the remarks by Ethereum co-founder Vitalik Buterin concerning Hong Kong’s crypto insurance policies. Buterin cautioned crypto tasks searching for to arrange operations in Hong Kong at this yr’s Web3 Transition Summit in Singapore which came about on Sept. 4.

“Yesterday, Ethereum founder Vitalik Buterin shared his views on the development of virtual asset projects (cryptocurrencies project) in Hong Kong. I respect his right to speak, but at the same time, I think he does not understand the situation in Hong Kong,” Ng wrote on social media platform X (translated by Google). He continued:

I sincerely invite Mr. Vitalik to return to Hong Kong to grasp the scenario. I’m keen to coordinate with related establishments and enterprises to share the scenario in Hong Kong with them.

Buterin said on the summit that he doesn’t perceive Hong Kong effectively. Ng defined that Hong Kong operates underneath a “one country, two systems” association, with legislative energy.

“As a member of the Legislative Council of the Hong Kong Special Administrative Region, I would like to share with you that every policy or legislation in Hong Kong will go through a period of discussion, including government policy writing, public consultation, discussions in multiple committees of the Legislative Council and the General Assembly, etc. So I hope Vitalik understands the actual situation,” he described.

The Ethereum co-founder additionally mentioned that he understands even much less the “complicated interaction” between Hong Kong and Mainland China. Ng responded by clarifying that China and Hong Kong “do not have the complications Vitalik said.”

Ng burdened: “The central government has always expressed support for the development of ‘one country, two systems’ in Hong Kong, so Hong Kong has room to formulate policies on virtual assets and welcomes global compliance companies to develop in Hong Kong.”

Buterin additional said that whereas crypto insurance policies in Hong Kong are “very friendly now,” he questioned: “How stable is the level of friendliness?” Ng responded: “Hong Kong’s policies and laws will not change overnight. All relevant strategies and regulations have gone through major social consensus and complete procedures.” The lawmaker concluded:

Therefore, I can inform Mr. Vitalik that Hong Kong’s insurance policies are very secure.

What do you consider the legislator’s response to Ethereum co-founder Vitalik Buterin’s feedback about Hong Kong’s crypto insurance policies? Let us know within the feedback part beneath.