Hong Kong would not go crypto without China’s approval — Animoca exec

Hong Kong’s rapid adoption of cryptocurrencies and Web3 is a sign of some “big moves” happening in mainland China, a co-founder of the local game software firm Animoca believes. 

The current crypto trend in Hong Kong is “not really just about” the city-state, but about wider China, despite mainland China banning crypto, according to Animoca co-founder

As previously reported by Cointelegraph, the People’s Bank of China officially announced another ban on virtually all crypto activity in September 2021. It’s worth noting, however, that mainland China remained one of the world’s largest crypto-mining hubs despite the ban.

With the news about Hong Kong proactively adopting crypto-friendly regulations, many crypto observers expressed hope that China could potentially lift its years-long ban on crypto.

However, several state-related executives, including CPIC Investment Management CEO Chenggang Zhou, have recently reiterated that China remains and will remain anti-crypto in the near future.

Magazine: Asia Express: China expands CBDC’s tentacles, Malaysia is HK’s new crypto rival