Hong Kong Legislative Council Member Invites Vitalik Buterin to Visit
Hong Kong Legislative Council member Johnny Ng responded to comments from Ethereum co-founder Vitalik Buterin regarding the stability of the crypto climate in Hong Kong. Ng invited Buterin to visit the city to gain a better understanding of the situation.
Ng expressed his respect for Buterin’s right to speak but disagreed with his assessment, stating that Hong Kong’s policies and laws are stable and have gone through thorough social consensus and procedures. He offered to coordinate with relevant institutions and enterprises to showcase Hong Kong’s crypto environment.
Buterin Raises Concerns About Crypto-Friendliness in Hong Kong
At the Web3 Transitions Summit in Singapore, Buterin cautioned crypto projects considering Hong Kong as their base to evaluate the stability of the government’s crypto-friendliness. He emphasized the need for confidence that the friendliness will persist despite potential regulatory, political, and unknown events.
Buterin acknowledged his limited understanding of Hong Kong and its relationship with mainland China. In response, Ng reiterated that Hong Kong operates under the “one country, two systems” principle, with its own legislative power and procedures for policy formulation.
Hong Kong Welcomes Crypto Firms
Hong Kong has been more welcoming towards cryptocurrencies compared to mainland China, encouraging collaboration between crypto firms and banks. However, recent rankings showed a slight decline in Hong Kong’s crypto adoption ranking.
In December, the Legislative Council approved a comprehensive licensing system for virtual asset service providers. Despite this, there has been a drop in rankings for both Hong Kong and mainland China.
Hot Take: Invitation Extended, Stability Emphasized
In response to concerns raised by Vitalik Buterin about the stability of Hong Kong’s crypto-friendliness, Hong Kong Legislative Council member Johnny Ng has invited Buterin to visit the city. Ng emphasized that Hong Kong’s policies and laws are stable, having undergone extensive social consensus and procedures. He also highlighted the special administrative region’s legislative power and its ability to formulate policies on virtual assets. While Hong Kong welcomes global compliant companies, it also recognizes the importance of stability in maintaining a friendly environment for crypto projects. The invitation awaits Buterin’s response.
Theon Barrett shines as a distinguished crypto analyst, accomplished researcher, and skilled editor, making significant strides in the field of cryptocurrency. With an astute analytical approach, Theon brings clarity to intricate crypto landscapes, offering insights that resonate with a broad audience. His research prowess goes hand in hand with his editorial finesse, allowing him to distill complex information into accessible formats. Theon’s work serves as a guiding light for both experienced enthusiasts and newcomers, providing well-researched perspectives that empower informed decision-making in the ever-evolving realm of cryptocurrencies.
