In a recent statement, Hong Kong Legislative Council member Johnny Ng personally invited Ethereum co-founder Vitalik Buterin to visit Hong Kong and gain a better understanding of the territory’s crypto-friendliness.
After Vitalik Buterin made comments regarding the future “friendliness” of Hong Kong towards cryptocurrencies, Johnny Ng, a Legislative Council member in Hong Kong, took to social media on September 15 to address the issue.
In his response to Buterin’s comments, Ng extended a “sincere invitation” to the Ethereum co-founder, expressing his willingness to facilitate meetings with relevant institutions and businesses to share the situation in Hong Kong.
At the Web3 Transition Summit, Buterin expressed his uncertainty about Hong Kong’s future regulatory landscape. He pointed out the complexity and evolution of the relationship between Hong Kong and mainland China. While Buterin has a comprehensive understanding of the crypto industry as a whole, he acknowledged his lack of a detailed understanding of Hong Kong’s specific crypto situation.
Buterin emphasized the crypto industry’s need for regulatory stability in Hong Kong. He emphasizedthat projects operating in the region need to have confidence that they will remain crypto-friendly in the long term. He also highlighted that events like regulatory changes and political developments could impact the industry and create uncertainty for these projects.
Buterin went on to raise questions about the “stability” of Hong Kong’s current crypto-friendly stance, noting that the level of friendliness towards crypto could fluctuate over time, depending on various factors.
In response to Buterin’s concerns, Ng reassured that Hong Kong’s policies do not undergo sudden or unexpected changes.
Similarly, Ng elaborated that all policies or legislation in Hong Kong undergo a multi-step process of consultation and discussion. This process includes drafting the policy, conducting public consultations, engaging in discussions in multiple committees of the Legislative Council, and culminating in a vote by the General Assembly.
Hong Kong has consistently held its position as the top crypto-ready country with a score of 8.36, the United States has lagged in recent years with a score of 7.25 in 2022.
Hong Kong’s Securities and Futures Commission (SFC) made a significant move on August 30, 2022, by granting license to crypto exchanges HashKey and OSL, marking them as the first to offer retail crypto services in the country.