Hong Kong Legislator Johnny Ng Meets with Ethereum Researcher Justin Drake
Hong Kong legislator Johnny Ng has had a meeting with Justin Drake, a prominent Ethereum researcher, and requested that he extend an invitation to Vitalik Buterin and other core members of the Ethereum Foundation. Ng hosted Drake at the Legislative Council Building in Hong Kong, where he explained the government’s digital asset policies and legislative process.
During the meeting, Ng also discussed Hong Kong’s Web 3.0 and stablecoin policies with Drake. He invited Drake to provide relevant opinions to the government regarding the ongoing consultation on stablecoin policy.
Ng Requests Visit from Ethereum Foundation Core Members
In addition to meeting with Justin Drake, Johnny Ng asked him to invite other core members of the Ethereum Foundation to visit Hong Kong. Specifically, Ng requested an invitation for Vitalik Buterin, who recently expressed concerns about the stability of Hong Kong’s crypto-friendly environment.
Buterin emphasized the need for evaluating the long-term stability of the government’s friendliness towards cryptocurrencies due to potential regulatory changes and political uncertainties. Ng hopes that inviting Buterin and other core members will help showcase Hong Kong’s commitment to the industry.
Hong Kong’s Efforts to Attract Crypto Firms
Hong Kong has been actively working towards rebuilding its position as a leading hub for the cryptocurrency industry and attracting crypto firms. In June, the city implemented a new regulatory framework for cryptocurrencies, allowing retail investors to trade specific “large-cap tokens” on licensed exchanges with proper safeguards in place.
The city-state has even exerted pressure on banks like HSBC, Standard Chartered, and Bank of China to engage with crypto clients. However, recent controversy surrounding crypto exchange JPEX has overshadowed these efforts. The authorities are currently investigating JPEX over suspected fraud, with over 1,400 people reporting significant losses.
Hot Take: Hong Kong Seeks to Strengthen Crypto Industry with Ethereum Foundation Visit
Hong Kong legislator Johnny Ng’s meeting with Ethereum researcher Justin Drake and his invitation to Vitalik Buterin and other core members of the Ethereum Foundation demonstrate the city’s commitment to strengthening its crypto industry. By engaging with key figures in the Ethereum community, Hong Kong aims to showcase its favorable policies and stability.
However, recent controversies surrounding a crypto exchange probe highlight the challenges faced by Hong Kong in building trust within the industry. It remains to be seen how the city-state will navigate these hurdles and regain its position as a leading hub for cryptocurrencies.
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