Ethereum

Read

JPEX

Yat Siu, founder of Animoca Brands, offered to fly Vitalik Buterin to Hong Kong and act as his tour guide to help navigate the city-state’s crypto regulatory landscape after Buterin shared doubts about long-lasting policies. 
Animoca’s chief executive dispelled claims that the relationship with Beijing could hamper regulatory stability and disrupt crypto-friendly policies in the near future. Siu stressed that Hong Kong operates a free market and serves as a cornerstone in China’s approach to emerging technology like web3. 
<blockquote class="wp-block-quote"> 
 Despite everything that one may be reading in the media, Hong Kong has actually been one of the most stable economies in the world, ranked by organizations that are unrelated to Hong Kong. <cite>Yat Siu, founder and ceo Animoca Brands, on <a href="https://x.com/CoinDeskChinese/status/1703958557266239616?s=20" data-type="link" data-id="https://x.com/CoinDeskChinese/status/1703958557266239616?s=20" target="_blank" rel="noopener noreferrer nofollow">CoinDesk TV</a>.</cite> 
</blockquote> 
Buterin had previously expressed his concerns about how concrete crypto-friendly laws in Hong Kong might last due to China’s ban on crypto. The Ethereum co-founder shared these remarks during the 2023 Web3 Transitions Summit in Singapore. 
Siu is the second individual to suggest that Buterin visit Hong Kong and get personally acquainted with the region’s efforts regarding digital assets.&nbsp;Johnny Ng, a local policymaker, also <a href="https://crypto.news/hong-kong-policymaker-responds-to-vitalik-buterin-over-regulation/" rel="noopener noreferrer nofollow">invited</a> Buterin to Hong Kong and offered to introduce him to relevant agencies working on establishing the region as a global crypto hub. 
 You might also like: <a href="https://crypto.news/hong-kongs-first-licensed-crypto-exchange-hashkey-launches-fund/" rel="noopener noreferrer nofollow"> Hong Kong’s first licensed crypto exchange HashKey launches fund </a> 
<h2 class="wp-block-heading" id="hong-kong-s-crypto-rally">Hong Kong’s crypto rally</h2> 
Both invitations come amid Hong Kong’s push to attract crypto businesses and digital asset operators by implementing policies to incentivize web3 growth. 
In addition to a licensing regime for both retail and institutional crypto service providers. Hong Kong also encouraged banks to onboard digital asset entities as customers. 
The Special Administrative Region could publish a stablecoin regulatory framework by mid-2024, as <a href="https://crypto.news/hong-kong-will-potentially-launch-stablecoin-regulations-by-mid-2024/" rel="noopener noreferrer nofollow">reported</a> by crypto.news&nbsp; 
While policies are installed to fairly regulate markets, authorities retain the hammer at hand for non-compliance actors. The Hong Kong Monetary Authority <a href="https://crypto.news/hong-kong-central-bank-warns-crypto-firms-against-misleading-bank-claims/" rel="noopener noreferrer nofollow">advised</a> crypto companies against making misleading bank claims.&nbsp; 
Furthermore, Hong Kong’s Securities and Futures Commission <a href="https://crypto.news/hong-kongs-sfc-cautions-against-unregulated-crypto-trading-by-jpex/" rel="noopener noreferrer nofollow">warned</a> users against trading on JPEX, an unregistered crypto exchange. Law enforcement later arrested six individuals tied to crypto fraud allegations on JPEX’s platform. 
 Read more: <a href="https://crypto.news/hong-kong-arrests-over-jpex-crypto-fraud-increase-to-six-people/" rel="noopener noreferrer nofollow"> Hong Kong arrests over JPEX crypto fraud increase to six people </a>

Animoca CEO invites Ethereum’s creator to Hong Kong

Table of Contents

crypto.news

Other articles published on Sep 19, 2023

North Korean hackers actively launder Stake’s $3.6m

a16z leads $25m round for Bastion to bridge corporates to web3

XRP Rides the Bullish Wave as Bitcoin’s Dominance Wanes

Shibarium adds over 36,000 wallets a day since launch

Top 5 Meme Coins Bull Run

Ant Group Rolls Back Crypto Bet After Exiting $100 Million Fund

Join our free newsletter for daily crypto updates!