Yat Siu, co-founder of Animoca, sees Hong Kong’s swift adoption of cryptocurrencies and Web3 as a reflection of major developments taking place in mainland China.
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Siu emphasized that China’s release of the Web3 white paper in May signals their belief in Web3 as the future of the internet. Despite the cryptocurrency ban in mainland China, the government’s commitment to advancing Web3 should not be underestimated.
Crypto Trends in Hong Kong – Message from Higher Authorities
According to Siu, the recent surge in crypto trends in Hong Kong indicates a message from higher authorities, possibly with China’s approval. Hong Kong’s plans to allow retail crypto investments received extensive coverage in China, including on the national TV channel, China Central Television.
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Siu highlighted that countries like Japan, Korea, and China view Web3 as a potent tool to challenge the technological dominance of the United States. They see it as an opportunity to lessen their reliance on dominant U.S. technologies, like those provided by Google, Apple, and Facebook.
Crypto Regulations in Hong Kong and China’s Stance
Despite China’s crypto ban in 2021, Hong Kong’s crypto-friendly regulations have raised hopes for a potential lifting of the ban in mainland China. However, state-related executives emphasize that China will persist in its anti-crypto stance in the near future.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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