Sat, May 27, 2023

Hong Kong’s influence on China’s crypto market


Despite Hong Kong’s steady development in bitcoin usage, mainland China’s anti-crypto position in terms of local legislation has not altered. Some Chinese state-affiliated banks are progressively opening bank accounts in Hong Kong to accommodate crypto customers. In April, CPIC Investment Management, a China government-backed corporation based in Hong Kong, established two Bitcoin funds.

According to CPIC Investment Management CEO Chenggang Zhou, all of these changes do not imply to China. The country is planning to modify its stance on Bitcoin regulation anytime soon. In the meantime, the Hong Kong administration has been working diligently to advocate for Web3 and cryptocurrency. Despite this, there have been no alterations in mainland regulations or the Chinese government’s stance on cryptocurrency. Zhou expressed his outlook in an interview with Cointelegraph on May 5.

Clearly, the Chinese government supports CPIC Investment Management works. Besides, the Securities and Futures Commission governs Hong Kong business, according to Zhou.

The CEO explained that they were not breaking any regulations or laws. Currently, Hong Kong regulations allow businesses to invest in different markets, asset classes, or products like cryptocurrencies. He added that their involvement in cryptocurrency is due to Hong Kong’s legislation. However, it is in no way indicative of any change in the policy of the Chinese government.

China’s attitude toward crypto

Zhou explains that China has maintained its anti-crypto position for a long time. Moreover, even before outright prohibiting cryptocurrency in September 2021, China was against it. He stated that he does not see the local government changing its crypto policy in the near future.

The CEO is not alone in believing that China is and will stay anti-crypto. Even considering the efforts to supplement Chinese bank deposits with crypto accounts.

David Lesperance, the founder of Lesperance & Associates, addressed Cointelegraph. According to him, China aims to expand its foreign currency deposits, whether they be fiat or crypto. He observed that dividing the markets in order to exclude domestic Chinese customers aims to attract foreign customers.

The lawyer also stated that the cryptocurrency market in mainland China is still under a shutdown. This raises enforcement worries about Chinese clients being able to utilize Hong Kong exchanges to withdraw funds from China. Certainly, the authorities will try to stop this leakage, Lesperance concluded.

Given the Chinese government’s harsh stance on the financial industry, it’s difficult to envision China relaxing its grip on Chinese residents’ capacity to utilize cryptocurrency.



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