Hong Kong Regulator Hosts Prime Ethereum Researcher Justin Drake, Asks Him to Prolong Invitation to Buterin

Picture Supply: Twitter / @Johnny_nkc

Hong Kong legislator Johnny Ng has met with Justin Drake, a prime Ethereum researcher, asking him to increase an invite to Vitalik Buterin and different core members of the Ethereum Basis. 

In a Monday tweet, Ng mentioned he hosted Drake on the Legislative Council Constructing, which is the house of the Courtroom of Ultimate Attraction of Hong Kong, explaining to him the federal government’s insurance policies relating to digital belongings. 

“I launched Justin to Hong Kong’s legislative course of, confirmed him a few of the amenities within the Legislative Council, and defined the method from the federal government drafting insurance policies to intensive public session, after which to the three readings of laws within the Legislative Council,” the lawmaker mentioned. 

Ng added that he mentioned Hong Kong’s Internet 3.0 and stablecoin insurance policies with the Ethereum veteran. 

“Because the stablecoin coverage is at present beneath session, I additionally invited him to offer related opinions to the federal government.”

Ng Asks Ethereum Basis Core Members to Go to Hong Kong

The regulator additionally requested Drake to increase an invite to different core members of the Ethereum Basis to return and go to Hong Kong. 

He particularly requested Drake to ship an invite to Buterin, who has lately issued a phrase of warning to cryptocurrency initiatives contemplating establishing their operations in Hong Kong. 

As reported, in the course of the Web3 Transitions Summit in Singapore, Buterin emphasised the necessity to consider the steadiness of the Hong Kong authorities’s crypto-friendliness earlier than committing to the area. 

He raised issues concerning the potential influence of future regulatory, political, and different unknown occasions on town state’s present pleasant surroundings.

“I do not perceive Hong Kong properly. I perceive even much less the difficult interplay between Hong Kong and the mainland currently,” Buterin mentioned on the time. 

“Clearly, it’s extremely pleasant now. However the massive query that I am asking and that I feel anybody is asking is: how secure is the extent of friendliness?”

Hong Kong Strives to Entice Crypto Companies

Hong Kong has lately proven a transparent need to rebuild its place as a hub for the trade and entice crypto corporations. 

Again in June, town’s monetary regulator carried out its new regulatory framework for crypto on the primary of June.

Underneath the brand new rulebook, the city-state will enable retail traders within the metropolis to commerce particular “large-cap tokens” on licensed exchanges, provided that safeguards similar to data checks, danger profiles, and cheap publicity limits are put in place.

The town-state has even pressured some banks, together with HSBC, Commonplace Chartered, and Financial institution of China, to interact with crypto purchasers.

Nevertheless, as of late, Hong Kong has been embroiled in a countroversy surrounding crypto change JPEX, which it’s probing over suspected fraud.

As per the authorities, over 1,400 folks have filed complaints to the police concerning the JPEX change, reporting round HK$1 billion, roughly $127 million, in losses.

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