Hong Kong Legislator Challenges Ethereum Founder To Visit City: Here’s Why By Benzinga
Benzinga – Johnny Ng, a member of the Hong Kong Legislative Council, has extended an invitation to Ethereum (CRYPTO: ETH) founder Vitalik Buterin to visit Hong Kong.
This was in response to Buterin’s reservations about the long-term stability of Hong Kong’s stance on cryptocurrency projects.
During the summit, Buterin commented on the challenges faced by crypto projects considering Hong Kong as their operational base.
He emphasized the importance of not just the current friendly environment but its consistency in the future, especially in light of unpredictable regulatory, political and other events.
“While the current environment is undoubtedly welcoming, the real concern is the enduring nature of this friendliness,” Buterin remarked.
He further highlighted the need for clarity on how stable this welcoming attitude would remain in the coming years.
This topic and others related to the future of digital assets will be further explored at the upcoming Benzinga’s Future of Digital Assets conference on Nov. 14.
Reacting to Buterin’s comments, Ng expressed his belief that the Ethereum founder might not have a comprehensive understanding of Hong Kong’s situation.
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He stated, “I respect his right to speak, but I feel he might not grasp the entirety of Hong Kong’s context.”
To address this, Ng offered to facilitate interactions between Buterin and relevant institutions and enterprises in Hong Kong to provide a clearer picture.
He emphasized Hong Kong, being a special administrative region, has a thorough process for policy and law formulation.
This process includes stages such as government policy drafting, public consultations and multiple discussions in the Legislative Council’s committees and the General Assembly.
On the topic of the relationship between Hong Kong and mainland China, Ng clarified there aren’t any complications as perceived by Buterin.
He reassured the central government has consistently supported the “one country, two systems” approach, giving Hong Kong the autonomy to devise its policies on virtual assets.
This, according to Ng, makes Hong Kong an attractive destination for compliant global companies looking to venture into the crypto space.
Addressing the stability of Hong Kong’s crypto-friendly policies, Ng stated, “Hong Kong’s policies and laws undergo extensive social consensus and procedures, ensuring they don’t change abruptly.”
He further assured Buterin of the stability and consistency of Hong Kong’s approach towards cryptocurrency projects.
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