Written by Clara Chiu, ex-HK Securities and Futures Commission Fintech Head & Licensing Director, CEO of QReg Advisory, and Angela Wong, Senior Consultant of QReg Advisory. China banned crypto activities in 2021, but recent developments suggest a slight change in tone. A Shanghai court has recognised crypto as property whilst the Peoples’ Bank of China (PBOC) 2024 Financial Stability Report has acknowledged global digital asset trends. Meanwhile, Hong Kong thrives as a regulated crypto hub, attracting institutional adoption with ETFs and stablecoin legislation. But China is at a crossroads: it can either maintain its ban and risk losing any participation and role in the development of this new asset class or adapt its policies to stay competitive. The coming years will be interesting to see whether China will continue its restrictions or pivots toward controlled integration of digital assets.
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Recent developments in Chinese law and the…
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Written by Clara Chiu, ex-HK Securities and Futures Commission Fintech Head & Licensing Director, CEO of QReg Advisory, and Angela Wong, Senior Consultant of QReg Advisory. China banned crypto activities in 2021, but recent developments suggest a slight change in tone. A Shanghai court has recognised crypto as property whilst the Peoples’ Bank of China (PBOC) 2024 Financial Stability Report has acknowledged global digital asset trends. Meanwhile, Hong Kong thrives as a regulated crypto hub, attracting institutional adoption with ETFs and stablecoin legislation. But China is at a crossroads: it can either maintain its ban and risk losing any participation and role in the development of this new asset class or adapt its policies to stay competitive. The coming years will be interesting to see whether China will continue its restrictions or pivots toward controlled integration of digital assets.