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

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 friendly cryptocurrency policies in Hong Kong are “very stable.” In response to Buterin’s comments expressing his unfamiliarity with Hong Kong and its “complicated interaction” with Mainland China, the legislator has extended an invitation for the Ethereum co-founder to visit Hong Kong and acquire a deeper understanding of the city’s crypto regulations.

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 regarding Hong Kong’s crypto policies. Buterin cautioned crypto projects seeking to set up operations in Hong Kong at this year’s Web3 Transition Summit in Singapore which took place 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 come to Hong Kong to understand the situation. I am willing to coordinate with relevant institutions and enterprises to share the situation in Hong Kong with them.

Buterin stated at the summit that he doesn’t understand Hong Kong well. Ng explained that Hong Kong operates under a “one country, two systems” arrangement, with legislative power.

“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 also said that he understands even 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 stressed: “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 further stated that while crypto 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 tell Mr. Vitalik that Hong Kong’s policies are very stable.

What do you think about the legislator’s response to Ethereum co-founder Vitalik Buterin’s comments about Hong Kong’s crypto policies? Let us know in the comments section below.

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