China Gives its Support to Hong Kong Initiative to Become a Crypto Hub

The Chinese authorities have given their support to Hong Kong’s initiative to create a center for the development of the blockchain industry in the metropolis.

Crypto companies that were forced to leave China will now register in Hong Kong. All types of transactions with digital currencies are banned in China.

In addition, the People’s Bank ordered all financial institutions to freeze contacts with exchanges and services representing the crypto sector. Companies that previously operated in mainland China will now be able to register their business in Hong Kong.

Beijing does not yet plan to abandon the removal of restrictions on the industry. In Hong Kong, the new crypto regulation regime will come into effect on July 1, 2023.