Hong Kong Opens Doors to Crypto Trading, but China’s Stance Remains Firm
Hong Kong has given the green light for retail investors to trade digital assets, signaling its desire to become a crypto hub. However, experts like Sean Lee, Co-Founder of Odsy Network, believe that this move doesn’t indicate a broader shift in China’s crypto stance.
Lee dismissed the notion that China is warming up to crypto, emphasizing that the recent local government Web3 whitepaper and Hong Kong’s crypto trading permission aren’t indications of a crypto-friendly China. China has a history of strict regulations, banning digital asset trading and mining in 2021.
Although Hong Kong’s new policy provides a regulatory sandbox, Lee clarified that it doesn’t grant China access to or openness towards crypto. Rather, it positions Hong Kong as a testing ground. Nevertheless, the move is seen as positive for the city and the entire region, attracting crypto investment and potentially paving the way for institutional involvement.
While Hong Kong’s focus is on institutional players, Lee believes that if they develop products for retail investors, it could revolutionize the game. As of now, China’s crypto rules remain stringent, and Hong Kong’s development is seen as an independent endeavor within the region.
Clever Robot News Desk 9th June 2023