Midnight for crypto in China, but Hong Kong keeps lights on

Mainland China’s recent ban on crypto, the most draconian yet, did not come as a surprise to those in the know, says Angelina Kwan of HashKey Group. How will this affect the crypto hub of Hong Kong?

From a ban on banks handling crypto-related transactions to a crackdown on crypto data centers that sent miners scrambling abroad, China has taken an uncompromising approach to controlling — some might say crushing — the cryptocurrency industry over the years. In September, Beijing outperformed even its own harsh standards as the central bank imposed a blanket ban on not only crypto transactions but essentially all forms of activity in the sector.

Why has China taken such a tough stance on a potentially prosperity-generating emerging industry? Is the People’s Bank of China’s latest move really a radical departure from previous pronouncements on the sector? And how will it affect what remains of the crypto ecosystem in China and elsewhere? Forkast.News put these questions to regulatory veteran Angelina Kwan, who once oversaw enforcement and the supervision of financial markets for the Hong Kong Securities and Futures Commission. Kwan is now a senior advisor to the board of HashKey Group, a digital assets management firm.

Source: https://forkast.news/midnight-for-crypto-china-hong-kong-keeps-lights-on/