HK crypto policies “very stable”, says legislator

18 Sep 2023

A member of the Hong Kong Legislative Council has told the Ethereum co-founder Vitalik Buterin that the friendly crypto policies in Hong Kong are “very stable.”

The statement was in response to Buterin’s comments regarding his unfamiliarity with Hong Kong and its “complicated interaction” with Mainland China. He also issued a warning to crypto projects looking to set up in the financial hub at the Web3 Transition Summit in Singapore earlier this month.

From Hong Kong’s Legislative Council, Johnny Ng stated: “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.

He went on to say: “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.”

During the recent Web3 summit, the Ethereum co-founder said he didn’t have a very deep understanding of Hong Kong. NG went on to respond that Hong Kong operates under a “one country, two systems” arrangement, with legislative power, reports.

“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 added.

Buterin also said he has a lesser understanding of the “complicated interaction” between Hong Kong and Mainland China.

Ng continued: “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.”

In response to the “level of friendliness” of Hong Kong’s crypto policies, NG said: “Hong Kong’s policies and laws will not change overnight. All relevant strategies and regulations have gone through major social consensus and complete procedures.”

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