Ethereum co-founder Vitalik Buterin has received assurances from a member of the Hong Kong Legislative Council that the city's pro-cryptocurrency regulations are "very stable." The lawmaker has extended an invitation to Ethereum co-founder Vitalik Buterin to visit Hong Kong and gain a deeper grasp of the city's crypto rules in response to Buterin's statements expressing his unfamiliarity with Hong Kong and its "complicated interaction" with Mainland China.
Legislator in Hong Kong responds to Vitalik Buterin's remarks on crypto policy
Hong Kong Legislative Council member Johnny Ng has reacted to comments made by Ethereum co-founder Vitalik Buterin regarding Hong Kong's cryptocurrency regulations. At this year's Web3 Transition Summit in Singapore on September 4, Buterin issued a warning to cryptocurrency businesses looking to establish operations in Hong Kong.
"Vitalik Buterin, the creator of Ethereum, expressed his opinions on the growth of virtual asset initiatives (or cryptocurrency projects) in Hong Kong yesterday. I accept his right to speak, but I also believe that he is unaware of the circumstances in Hong Kong, Ng commented on the social media site X (Google translation). He went on:
I cordially welcome Mr. Vitalik to visit Hong Kong to grasp the circumstances. In order to inform them about the situation in Hong Kong, I am willing to work with pertinent organizations and businesses.
At the meeting, Buterin said that he doesn't really get Hong Kong. According to Ng, Hong Kong is governed by the principle of "one country, two systems" and has legislative authority.
"As a member of the Legislative Council of the Hong Kong Special Administrative Region, I would like to inform you that every policy or piece of legislation in Hong Kong will undergo a period of discussion, including the formulation of government policy, public input gathering, discussions in various committees of the Legislative Council and the General Assembly, etc. So I'm hoping Vitalik is aware of the truth," he said.
The co-founder of Ethereum added that he comprehends Hong Kong and Mainland China's "complicated interaction" even less. As a clarification, Ng stated that China and Hong Kong "do not have the complications Vitalik said."
In Ng's words, "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."
Although Hong Kong's cryptocurrency regulations are "very friendly now," Buterin continued, "How stable is the level of friendliness?" "Policies and laws in Hong Kong will not change overnight," Ng retorted. All pertinent policies and procedures have undergone extensive social consensus and thorough processes. Finally, the congressman said:
Mr. Vitalik can therefore be assured that Hong Kong's policies are extremely stable.
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