Hong Kong lawmaker quiets crypto stability concerns raised by Ethereum co-founder

Hong Kong Legislative Council subordinate Johnny Ng has invited Ethereum (ETH) co-founder Vitalik Buterin to the portion truthful that helium tin summation insights into its attack to cryptocurrency projects, according to a Sept. 15 post connected X, formerly Twitter.

On Sept. 14, Buterin, speaking astatine the Web3 Transitions Summit successful Singapore, reportedly advised cryptocurrency projects to cautiously measure the stableness of Hong Kong’s crypto regulatory environment, noting that the analyzable narration betwixt the city-state and Mainland China could airs challenges for ventures operating successful the region.

According to Buterin, helium has trouble judging if the existent level of friendliness towards crypto could beryllium sustained for a agelong time, considering China’s unfastened antagonism to the emerging industry.

Ng replies to Buterin.

In response, Ng attempted to code Buterin’s concerns by emphasizing that the portion cannot abruptly reverse its established policies due to the fact that “every argumentation oregon authorities successful Hong Kong volition spell done a play of discussion, including authorities argumentation writing, nationalist consultation, discussions successful aggregate committees of the Legislative Council and the General Assembly.”

He added:

“Hong Kong’s policies and laws volition not alteration overnight. All applicable strategies and regulations person gone done large societal statement and implicit procedures. Therefore, I tin archer Mr. Vitalik that Hong Kong’s policies are precise stable.”

The lawmaker besides explained the narration betwixt the portion and China, saying they signifier a “one country, 2 systems” argumentation that allows Hong Kong to “formulate policies connected virtual assets and welcomes planetary compliance companies to develop” nether their jurisdiction. According to Ng, determination are nary “complications” successful this unsocial relationship.

Hong Kong is actively drafting crypto firms, including  CoinEx, OKX, and others, to its jurisdiction by establishing frameworks for their compliant operations.

The region’s fiscal watchdog, Hong Kong Monetary Authority (HKMA), encouraged banking giants to judge crypto exchanges arsenic clients and revealed intentions to instrumentality a broad regulatory model for stablecoins.

The station Hong Kong lawmaker quiets crypto stableness concerns raised by Ethereum co-founder appeared archetypal connected CryptoSlate.