Author: Timmy Shen; Source: theblock.co; Compilation: DeFi.io Community
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Vitalik Buterin stated today in Singapore that Hong Kong has shifted towards a crypto-friendly stance since the second half of last year, but crypto projects should consider the stability of this friendliness when setting up institutions in Hong Kong.
Vitalik Buterin, co-founder of Ethereum, said today that crypto projects looking to establish businesses in Hong Kong should weigh the Hong Kong government’s friendliness towards cryptocurrencies.
Buterin said at the Web3 Transitions Summit in Singapore, “If any crypto project wants to make Hong Kong their home, they would want some confidence – not just the friendliness now, but that it will continue to be friendly in a few years when all sorts of unknown, regulatory, political, and other types of events occur.”
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“I don’t know much about Hong Kong. I know even less about the recent complex interactions between Hong Kong and the mainland,” Buterin added. “It is obvious that both sides are very friendly now. But I think a big question anyone would have is: how stable is this friendliness?”
Unlike the widespread crackdown on cryptocurrency trading and mining in neighboring mainland China, Hong Kong has rolled out the red carpet for crypto companies this year – even encouraging banks to collaborate with them. In October 2022, the Hong Kong authorities issued a series of policy statements on cryptocurrencies to enhance its position as a global financial center. In December, the Hong Kong Legislative Council passed an amendment introducing a comprehensive licensing regime for virtual asset service providers, which took effect in June.
When asked if the Hong Kong government will continue to support cryptocurrencies, Buterin said, “I personally find it difficult to judge this question.”
Buterin continued, “For me, this is a key variable that I think is very valuable.” If they can make people believe in the friendly stability, then it will be in a favorable position. But I think that’s the challenge.”
Growing development capabilities in Asia
Buterin, who has been in Asia for the past few weeks, said he was surprised by the level of involvement from the local developer community.
“My biggest takeaway is that the progress in research has left a deep impression on me,” Buterin told The Block at the event, adding that he has been visiting India, Japan, Taiwan, Palau, and Singapore over the past few weeks.
“What I have seen in terms of activity in these areas from every country I mentioned has left a deep impression on me – just the number of people working on ZK and privacy solutions in many places like Japan and Taiwan alone is enough to impress me,” Buterin said. “It’s impressive.”
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