Hong Kong Invites Buterin Over Crypto Fears, DJ 3LAU Opts Out Of Friend.tech Over Regulatory Risks

Here are some of the major developments from the world of crypto over the past few days
Digital currency
Digital currency

Hong Kong Legislative Council member Johnny Ng has extended an invitation to Ethereum inventor Vitalik Buterin in response to the latter’s comments that he doesn’t understand Hong Kong well with regards to its future “friendliness” towards cryptocurrency.

Ng posted on social media on September 15, 2023 that he “sincerely invites” Vitalik Buterin to Hong Kong to better understand the situation regarding its crypto-friendliness, adding that he would “coordinate with relevant institutions and enterprises to share the situation in Hong Kong.”

Buterin had in a statement on September 14 at the Web 3.0 Transition Summit in Singapore, said: “I don’t understand Hong Kong well. The recent complex interplay between Hong Kong and the mainland is something I understand even less.”

DJ 3LAU Opts Out Of Friend.tech Over Regulatory Risks

Disk jockey and cryptocurrency investor Justin Blau, who goes by his stage name ‘3LAU’, has decided to opt out of the decentralised social networking platform Friend.tech. He cited worries over regulatory hazards that the platform would present as his justification for the choice. He said the risks were high and that he has a “responsibility” to avoid regulatory grey areas.

3LAU had stated in a discussion on X (previously Twitter) on September 15, 2023 that he left Friend.tech after “understanding more of the risks”.

According to 3LAU, the automated market maker (AMM) that permits the selling of user keys (formerly known as shares) on the platform is his main area of worry. He said that a function like that on a social networking platform falls into a legal grey area and might later present problems for users.

$1 Billion Expense Paying Off, Says Polygon Co-Founder

Polygon co-founder Sandeep Nailwal has said that they have benefitted from spending $1 billion to provide scaling solutions for the Ethereum ecosystem that are underpinned by zero-knowledge (ZK) evidence.

At a keynote talk at the recent Token2049 conference in Singapore, Nailwal discussed the progress of “Polygon 2.0” scaling efforts and the potential of recursive ZK-proof technology to create a seamless, interoperable Blockchain ecosystem.

He highlighted how Web 2 and Web 3.0 are similar in form and function, with the former serving as the Internet of information with “practically unlimited scalability” as well as the ability to transfer or convey information in various forms seamlessly across the world at great speeds. Web 3.0, on the other hand, represented the “Internet of value,” he added.

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