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A legislator from Hong Kong responds to Vitalik’s remarks regarding crypto-friendliness

Johnny Ng, a prominent member of Hong Kong’s Legislative Council, extended a heartfelt invitation to Vitalik Buterin, co-founder of Ethereum. His invitation aimed to provide Buterin with a deeper understanding of Hong Kong’s evolving stance on cryptocurrencies.

Taking to social media on September 15, Johnny Ng responded to Buterin’s recent remarks regarding Hong Kong’s future approach to cryptocurrencies. Ng’s message was warm and inviting, as he expressed a sincere desire for Buterin to visit Hong Kong and gain insight into the region’s crypto landscape. In addition to this, Ng pledged to collaborate with relevant institutions and businesses to share comprehensive information about Hong Kong’s current situation.

During the Web3 Transition Summit held in Singapore on September 14, Buterin candidly admitted, “I don’t possess an in-depth understanding of Hong Kong, especially concerning its complex relationship with the mainland.” He emphasized the importance for crypto projects to have confidence not only in Hong Kong’s current crypto-friendliness but also in its long-term commitment amidst unpredictable regulatory and political developments.

Buterin’s concerns prompted Ng to reassure him that Hong Kong’s crypto policies are rooted in stability. Ng highlighted the rigorous process these policies undergo, including government policy drafting, public consultation, and discussions within various Legislative Council committees and the General Assembly.

Remarkably, Hong Kong has maintained its status as the most crypto-friendly destination for two consecutive years, boasting an impressive score of 8.36, compared to the United States at 7.25. The momentum continues to build as, on August 30, both HashKey and OSL secured clearance to offer retail crypto services in Hong Kong. Notably, cryptocurrency exchange OKX is on the verge of obtaining its license in the region, marking another significant milestone in Hong Kong’s crypto journey.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.