Ethereum co-founder Vitalik Buterin acknowledged that the developer community's engagement in Asia with the Ethereum network has increased in recent years.
As part of the Permissionless II conference, organized by Blockworks and Bankless, Buterin spoke about the changes of the Asian community in the world of blockchain.
In reference to the Ethereum ecosystem, the network's co-founder acknowledged that there is currently "deep community and technical participation" in Ethereum by the crypto community in Asia, with several companies and developers building new products and services on the network, such as wallet software, and they are adopting the account abstraction to optimize the user experience without sacrificing security and efficiency.
Buterin expressed that he previously believed Asia would be dominated by cryptocurrency exchanges and crypto mining companies. However, he acknowledged that there is a lot of engineering talent in the region and that software development is becoming a growing trend.
“Asia is back,” Buterin said during his participation at the conference, according to Blockworks.
Ethereum for business use
During his participation at the Blockworks conference, Buterin also spoke about the possible use cases of Ethereum in the enterprise sector. He raised the possibility of companies and developers focusing on creating a new enterprise-use blockchain based on Ethereum.
According to Buterin, an enterprise-use blockchain can have great potential and “shine” in the gaming industry, supply chains and social networks.
At the conference, Buterin also spoke about the need to continue building a decentralized blockchain industry to ensure applications with a higher level of security, stability and privacy than those existing on Web2.
Buterin talks about the stability of Hong Kong's policies towards cryptocurrencies
Hong Kong has caught the attention of everyone in the cryptocurrency industry, including Vitalik Buterin.
The special administrative region of China, which operates under the “one country, two systems” model, has moved away from the restrictions that the Chinese government maintains towards the trading and mining of cryptoassets, implementing new policies which allow cryptocurrency companies to operate legally in the region and retail investors to participate in the trading of these digital assets.
The actions taken by Hong Kong government authorities have made it one of the friendliest regions for the development of the crypto industry. However, Buterin questioned the stability of Hong Kong's current policy in favor of cryptocurrencies.
During the Web3 Transitions Summit, which took place in Singapore, Buterin noted that Hong Kong is being very friendly to cryptocurrencies and the companies that operate with these digital assets currently, but did not know if this was a stable enough policy to be maintained for the next few years.
Buterin recalled that in the future all kinds of unknown events could occur in the crypto market. Furthermore, he said that he did not fully understand the functioning of Hong Kong and its "complicated" relationship with China.
“They are quite stable,” says Hong Kong
Responding to Buterin's comments, Johnny Ng, a member of Hong Kong's legislative council, said the region's current policies toward criptocoins are quite stable and that these will not change overnight.
Through X (formerly Twitter), the legislator invited Buterin to Hong Kong to learn first-hand about the real situation of cryptocurrencies in the region.
Johnny Ng stated that the current policies implemented by Hong Kong towards cryptocurrencies have gone through a long discussion process and have been approved after obtaining social and regulatory consensus. “Therefore, I can tell Mr. Vitalik that Hong Kong's policies are very stable,” he said.
A gateway to China?
Hong Kong is focusing on establishing a regulatory framework that is favorable and attractive to companies in the crypto and Web3 industry, in order to boost its economic growth and development and regain its status as an international financial center.
Christian Hui, Secretary of Financial Services and the Treasury of Hong Kong, expressed that the region has an interest in becoming a hub for the global cryptocurrency market, which is why many in the industry also believe that the region is serving as a sandbox. and that could eventually open the door for cryptocurrencies to return to China.
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