A member of the Hong Kong Legislative Council, Johnny Ng, has offered assurance to Vitalik Buterin, the co-founder of Ethereum, that the city’s amenable regulations towards cryptocurrency are firmly stable. This comes after Buterin expressed his lack of comprehensive understanding about the city and its intricate relationship with Mainland China. Ng has extended an invitation to Buterin to come to Hong Kong for an in-depth exploration of its cryptocurrency laws.
Johnny Ng Addresses Vitalik Buterin’s Concerns on Hong Kong’s Cryptocurrency Policies
In reaction to Vitalik Buterin’s statements on Hong Kong’s cryptocurrency policies during the Web3 Transition Summit in Singapore on September 4, Johnny Ng, a Legislative Council member from Hong Kong, took to social media platform X to issue a response.
Ng wrote, translated from the original language via Google, “Vitalik Buterin recently conveyed his opinions on the evolution of digital asset initiatives in Hong Kong. While I value his right to express himself, I believe he lacks a nuanced understanding of the local context.” He added:
“I earnestly extend an invitation to Mr. Buterin to visit Hong Kong to familiarize himself with the actual scenario. I am prepared to collaborate with pertinent institutions and corporations to elucidate Hong Kong’s situation for him.”
Buterin admitted during the summit that he possesses limited knowledge about Hong Kong. Ng took this opportunity to clarify that the city functions under a “one country, two systems” framework, complete with legislative authority.
“As a representative in Hong Kong’s Legislative Council, I wish to convey that each policy or law in the city undergoes an extensive review process. This includes government proposal drafting, public consultation, and deliberation across various committees in the Legislative Council and the General Assembly. I hope that this provides Mr. Buterin with a clearer picture,” Ng elaborated.
In his original remarks, Buterin had also professed confusion about the complex dynamics between Hong Kong and Mainland China. Ng countered this by stating, “The intricacies that Mr. Buterin alluded to between China and Hong Kong do not exist as he describes.”
Ng emphasized, “The central government has consistently backed the ‘one country, two systems’ principle in Hong Kong. This grants the city the latitude to create its own regulations concerning digital assets and to welcome globally compliant enterprises to establish themselves here.”
Responding to Buterin’s query about the stability of the current “friendly” crypto policies in Hong Kong, Ng concluded, “Hong Kong’s laws and policies do not undergo abrupt changes. Every strategic directive and rule has been subjected to broad social agreement and comprehensive procedural steps.”
We welcome your thoughts on the legislator’s reply to Ethereum co-founder Vitalik Buterin’s observations about the state of cryptocurrency regulations in Hong Kong. Please share your views in the comments section below.
Frequently Asked Questions (FAQs) about Hong Kong’s cryptocurrency policies
What is the main focus of the text?
Who extended an invitation to whom and for what reason?
Johnny Ng extended an invitation to Vitalik Buterin, the co-founder of Ethereum, to visit Hong Kong. The reason for the invitation is to provide Buterin with an in-depth understanding of Hong Kong’s regulatory landscape concerning cryptocurrencies.
What was Vitalik Buterin’s initial concern regarding Hong Kong?
Vitalik Buterin expressed concerns about the stability of Hong Kong’s “friendly” cryptocurrency policies and admitted a lack of comprehensive understanding about Hong Kong’s complex relationship with Mainland China.
How did Johnny Ng respond to Vitalik Buterin’s comments?
What platform did Johnny Ng use to respond to Vitalik Buterin?
Johnny Ng used a social media platform referred to as “X” to respond to Vitalik Buterin. The comments were translated by Google.
What event prompted this discussion?
The discussion was prompted by Vitalik Buterin’s remarks at the Web3 Transition Summit held in Singapore on September 4.
What is the “one country, two systems” framework mentioned in the text?
The “one country, two systems” framework is an administrative arrangement that allows Hong Kong to operate under its own set of laws and policies, distinct from those of Mainland China. According to Johnny Ng, this framework gives Hong Kong the latitude to formulate its own policies concerning digital assets.
What does Johnny Ng emphasize about the stability of Hong Kong’s policies?
Johnny Ng emphasizes that Hong Kong’s policies, including those related to digital assets, do not change abruptly. They are subjected to broad social agreement and comprehensive procedural steps, making them exceptionally stable.
What are the reader’s opinions invited on?
The reader’s opinions are invited on Johnny Ng’s response to Vitalik Buterin’s comments about the state of cryptocurrency regulations in Hong Kong.
Where did Vitalik Buterin make his original comments about Hong Kong?
Vitalik Buterin made his original comments about Hong Kong during the Web3 Transition Summit in Singapore.
More about Hong Kong’s cryptocurrency policies
- Web3 Transition Summit Overview
- Vitalik Buterin’s Official Twitter
- Hong Kong Legislative Council Official Website
- Overview of Hong Kong’s Cryptocurrency Regulations
- “One Country, Two Systems” Explained
- Johnny Ng’s Social Media Platform X Profile
- Ethereum Official Website
- Hong Kong’s Public Consultation Process for Policies
- Mainland China and Hong Kong Relations
- Digital Assets and Global Compliance