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Hong Kong Regulator Hosts Top Ethereum Researcher Justin Drake, Asks Him to Extend Invitation to Buterin

Ruholamin Haqshanas
Last updated: | 2 min read
Image Source: Twitter / @Johnny_nkc

Hong Kong legislator Johnny Ng has met with Justin Drake, a top Ethereum researcher, asking him to extend an invitation to Vitalik Buterin and other core members of the Ethereum Foundation. 

In a Monday tweet, Ng said he hosted Drake at the Legislative Council Building, which is the home of the Court of Final Appeal of Hong Kong, explaining to him the government’s policies regarding digital assets. 

“I introduced Justin to Hong Kong’s legislative process, showed him some of the facilities in the Legislative Council, and explained the process from the government drafting policies to extensive public consultation, and then to the three readings of legislation in the Legislative Council,” the lawmaker said. 

Ng added that he discussed Hong Kong’s Web 3.0 and stablecoin policies with the Ethereum veteran. 

“As the stablecoin policy is currently under consultation, I also invited him to provide relevant opinions to the government.”

Ng Asks Ethereum Foundation Core Members to Visit Hong Kong

The regulator also asked Drake to extend an invitation to other core members of the Ethereum Foundation to come and visit Hong Kong. 

He specifically asked Drake to send an invitation to Buterin, who has recently issued a word of caution to cryptocurrency projects considering establishing their operations in Hong Kong. 

As reported, during the Web3 Transitions Summit in Singapore, Buterin emphasized the need to evaluate the stability of the Hong Kong government’s crypto-friendliness before committing to the region. 

He raised concerns about the potential impact of future regulatory, political, and other unknown events on the city state’s current friendly environment.

“I don’t understand Hong Kong well. I understand even less the complicated interaction between Hong Kong and the mainland lately,” Buterin said at the time. 

“Obviously, it’s very friendly now. But the big question that I’m asking and that I think anyone is asking is: how stable is the level of friendliness?”

Hong Kong Strives to Attract Crypto Firms

Hong Kong has recently shown a clear desire to rebuild its position as a hub for the industry and attract crypto firms. 

Back in June, the city’s financial regulator implemented its new regulatory framework for crypto on the first of June.

Under the new rulebook, the city-state will allow retail investors in the city to trade specific “large-cap tokens” on licensed exchanges, given that safeguards such as knowledge tests, risk profiles, and reasonable exposure limits are put in place.

The city-state has even pressured some banks, including HSBC, Standard Chartered, and Bank of China, to engage with crypto clients.

However, as of late, Hong Kong has been embroiled in a countroversy surrounding crypto exchange JPEX, which it is probing over suspected fraud.

As per the authorities, over 1,400 people have filed complaints to the police about the JPEX exchange, reporting around HK$1 billion, approximately $127 million, in losses.