China could be contemplating a crypto comeback as one of the nation’s close neighbors adopts a more welcoming stance toward blockchain at large.

In a newly published report, blockchain data platform Chainalysis found that recent crypto volume transferred to Hong Kong has rivaled that transferred to mainland China over the past year, despite hosting only 0.5% of the latter’s population. 

“Hong Kong is an extremely active crypto market by raw transaction volume, with an estimated $64.0 billion in crypto received between July 2022 and June 2023,” wrote Chainalysis in an excerpt from its 2023 Geography of Cryptocurrency Report. By comparison, China received $86.4 billion in transactions over the same period. 

While China enacted a series of bans on all things crypto in 2021, Hong Kong is now actively promoting Web3 development. The region adopted a policy framework that subjects similar crypto and TradFi services to the same regulatory standards in June, and provided its first retail crypto exchange license to HashKey in August.

The trend “may signal that the Chinese government is reversing course on digital assets, or at least becoming more open to crypto initiatives.” wrote Chainalysis. 

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Author: Andrew Throuvalas

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