Hong Kong Legislative Council member Johnny Ng has invited Ethereum (ETH) co-founder Vitalik Buterin to the region so he can gain insights into how to approach cryptocurrency projects, according to a September 15 report. after on X, formerly Twitter.
On September 14, Buterin, speaking at the Web3 Transitions Summit in Singapore, reportedly advised cryptocurrency projects to carefully assess the stability of Hong Kong’s crypto regulatory environment, noting that the complex relationship between the city-state and mainland China could pose challenges for companies. active in the region.
According to Buterin, he struggles to assess whether the current level of friendliness towards crypto can be sustained for long, given China’s open antagonism towards the emerging industry.
Ng replies to Buterin.
In response, Ng sought to allay Buterin’s concerns by emphasizing that the region cannot abruptly reverse its established policies because “any policy or legislation in Hong Kong will go through a period of discussion, including the writing of government policies, public consultation, discussions in several committees of the Legislative Council and the General Assembly.”
He added:
“Hong Kong’s policies and laws will not change overnight. All relevant strategies and regulations have gone through broad social consensus and complete procedures. Therefore, I can tell Mr. Vitalik that Hong Kong’s policies are very stable.”
The lawmaker also explained the region’s relationship with China, saying they have a “one country, two systems” policy that allows Hong Kong to “formulate policies in the field of virtual assets and welcomes global compliance companies develop under their jurisdiction’. According to Ng, there are no “complications” in this unique relationship.
Hong Kong is actively attracting crypto companies, including CoinEx, OKX and others, to its jurisdiction by setting up frameworks for their compliant activities.
The region’s financial watchdog, the Hong Kong Monetary Authority (HKMA), encouraged banking giants to accept crypto exchanges as customers and revealed intentions to implement a comprehensive regulatory framework for stablecoins.
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