$118,368.00
-0.85%$3,595.31
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-0.10%$188.53
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0.01%$0.242597
-7.80%$3,584.24
-2.32%$0.816257
-8.04%$0.309484
-1.24%$118,092.00
-0.96%$43.76
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-6.23%$3,860.96
-2.74%$0.24805
-8.34%$513.21
-0.95%$3,843.48
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-0.14%$0.00001396
-7.27%$3,595.63
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0.00%$1.002
0.12%$1.001
0.07%$118,427.00
-0.81%$43.98
-1.60%$4.16
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-6.77%$4.67
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-2.87%$0.119933
-3.60%$1.18
-0.01%$0.45257
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-6.43%$1.026
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-7.95%$229.67
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-6.70%$48.67
0.62%$0.104555
-4.97%$0.801447
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0.00%$0.267
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0.06%$0.02548725
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0.78%$0.232215
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0.40%$0.741651
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0.02%$121.03
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4.10%$3,759.11
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0.12%$1.54
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7.45%$1.002
0.16%$3,781.01
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0.00%$0.0001333
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22.55%$0.102987
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0.01%$1.001
0.11%$1.085
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1.84%$2.73
1.62%$118,005.00
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12.88%$0.171466
4.36%$0.01781164
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-2.02%$3,834.07
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20.26%$0.131334
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0.01%$0.0000007
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0.01%$3,604.64
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1.43%$1.87
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1.02%$0.01695337
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0.01%$0.058425
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0.00%$0.073324
-2.48%$3,968.16
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3.50%$1.00
0.30%$0.41359
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0.04%$3,944.55
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0.05%$0.00002268
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2.07%$0.4138
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0.01%$1.34
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0.01%$0.0080662
-5.70%$0.0426108
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0.01%$1.001
0.32%$43.58
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-6.97%$1.004
2.10%$0.413412
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1.88%$0.286276
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0.24%$0.084628
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-5.52%$0.999896
0.02%$23.92
-4.57%$143.63
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1.54%$1.49
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-2.31%$0.00000075
26.15%$0.998472
0.02%$213.19
-5.38%$4,046.35
-2.46%$1.002
0.05%Reading
Hong Kong last week greenlit digital asset trading for retail investors in a move that appears to be an attempt to rebrand the city as a crypto hub.
Does this now mean that China—a country notorious for cracking down on crypto—has now changed course and reopened up to the world of Web3 and Bitcoin?
“Bullshit,” according to one expert who spoke to Decrypt.
Sean Lee, Co-Founder of Odsy Network and a senior advisor at the Crypto Council for Innovation, told Decrypt that despite being a special administrative region of China, the world’s second largest economy would not be opening up to crypto just yet.
“Like everybody is saying China’s warming up to crypto,”Lee said. “Like that’s bullshit. That’s a big ass no.” He added that Beijing’s recent local government Web3 whitepaper also wasn’t necessarily a move towards a crypto-friendly China either.
Hong Kong was a big crypto hub years back, with major digital asset exchanges such as Binance, Bitfinex and FTX basing their operations there. But that changed following China’s strict COVID-19 lockdowns and regulatory crackdowns—which scared many crypto startups away.
The central banks of Hong Kong and the United Arab Emirates have announced plans to strengthen their financial cooperation—and work together on regulating virtual assets. A bilateral meeting was held in Abu Dhabi, with financial infrastructure and cross-border trade settlements also on the agenda. Last month, the UAE's Securities and Commodities Authority began allowing crypto firms to apply for operating licenses—and Hex Trust, a crypto custodian based in Hong Kong, was one of the first to rece...
Now, Hong Kong is allowing retail investors to trade crypto under a new set of strict rules which asks crypto companies to comply and register with the Securities and Futures Commission (SFC).
This led some—including Huobi advisor and crypto mogul Justin Sun—to say that China would be opening up to digital assets too as it controls Hong Kong.
But China has some of the world’s strictest crypto rules—its government banned digital asset trading and mining back in 2021.
Lee did add this would be a testing ground for China.
Justin Sun, Tron founder and advisor to crypto exchange Huobi, talks to Decrypt's Liam Kelly and Stacy Elliott about the impact of Hong Kong allowing residents to trade crypto, complications of restricting access based on location, and how AI will change the industry.
“[Hong Kong’s new policy] does not mean China now gets access to or is opening up to crypto. Now what it does mean is that Hong Kong is a regulatory sandbox for China.”
Lee added that Hong Kong’s move was good for the city and the continent as a whole in attracting crypto investment. He added that the “goal is never retail per se,” but rather the ideal situation is for institutions to get involved—and if big players then create products that can be sold to retail investors, that “changes the game.”
A century-old Japanese textile company has become the latest financially battered firm to turn to Bitcoin as a treasury asset, announcing plans to purchase up to $5.4 million (800 million yen) in crypto to stabilize its bottom line after years of losses and muted cash flow. Kitabo Co., Ltd., a Tokyo Stock Exchange-listed textile manufacturer that produces synthetic fibers and industrial materials, announced in a statement on Tuesday that it will begin gradually acquiring Bitcoin using dollar-cos...
Tesla’s long-awaited retro-style diner finally opened over the weekend in Los Angeles, and yes, there’s rollerskating waitstaff, rooftop seating, and a humanoid robot handing out popcorn. No, you can’t pay in Dogecoin, yet. Located near the iconic Paramount Studios, the two-story fever dream sits atop a Supercharger hub with 80 EV-only parking spaces. Part midcentury nostalgia trip, part Muskovite experiment, the diner has seating for 250 people and features two, drive-in-movie-sized LED screens...
SpaceX has moved $153 million of its Bitcoin holdings, marking its first blockchain activity in three years, according to on-chain data provider Arkham Intelligence. The aerospace company moved 1,308 BTC tokens from 16 Pay-to-Public-Key-Hash addresses to a sole SegWit-compatible Pay-to-Witness-Public-Key-Hash wallet address, the data shows. SpaceX currently has 8,285 Bitcoin, or $988.89 million worth of the token, on its balance sheet, according to data from bitcointreasuries.net. SpaceX last m...
