Vitalik Buterin questioned the stability of Hong Kong's crypto policy
Date: 2023-09-15 Author: Karina Ziganova Categories: BLOCKCHAIN
In October 2022, the BFU&C of the Special Administrative Region of China announced the easing of restrictions on digital assets. The two ETFs began trading on the Hong Kong Stock Exchange and are linked to US-listed cryptocurrency futures.
Accelerator G-Rocket has announced that it will be able to help 1,000 Web3 startups open a business in Hong Kong in three years.
The jurisdictional authorities have budgeted $6.4 million to support cryptocurrencies and have declared their readiness to accept companies from all over the world. In July, the government created a task force to develop Web3.
“If any crypto project wants to make Hong Kong its home, it would like to have some confidence - not only that it is friendly now, but also that it will remain so years from now when various regulatory, political and other events occur. kinds of events,” Buterin said during the Web3 Transitions conference in Singapore.
As he put it, he has little understanding of the relationship between Hong Kong and mainland China.
Trading in Bitcoin and other cryptocurrencies on local exchanges has been prohibited in China since 2017. Subsequently, the authorities only tightened control over industry participants.
According to Buterin, Hong Kong is now developing a friendly attitude towards the industry.
“I think everyone wants to know the answer to the big question: How stable is this level?” - he said.
According to the Ethereum Co-Creator, the continued support of cryptocurrencies by jurisdictional authorities is a “key variable” that is difficult to judge.
According to Bloomberg, Beijing is favorable to Hong Kong's desire to become a crypto hub.
Former CEO of the Bitcoin exchange BitMEX Arthur Hayes admitted that China is trying to return to the industry through the region. The same opinion was expressed by Yat Siu, co-founder of Animoca Brands.
But Shan Zhong, being the chief insurer of China Pacific Insurance (CPIC), did not agree with such prospects.
