This weekly roundup of news from mainland China, Taiwan and Hong Kong attempts to curate the most important industry news, including impactful projects, changes in the regulatory landscape, and blockchain enterprise integration.
After a turbulent summer of crackdowns, Chinese regulators have declared victory in cracking down on illegal cryptocurrency trading activities in the country. The disclosure came in the forecast section of the “China Financial Stability Report 2021” released by the People’s Bank of China on September 3.
In a section entitled Major achievements in the battle to prevent and defuse major financial risks, confirms that the regulatory work in Internet asset management, equity-based crowdfunding, Internet insurance, virtual currency trading, online forex trading, and other areas has basically been completed.
While this may sound like a giant negative for the industry, most projects and companies in China are now breathing a sigh of relief. The end of the crackdown means companies can have a little more breathing room to operate without fear of legal action.
The public blockchain industry in China, or what is left of it, will not have to exist in the shadows. There is also hope that upcoming editions of Shanghai Man’s columns will include more discussion of development and innovation, and less about crackdowns.
Most of the damage to regulators has affected the mining industry, although exchanges and brokers are certainly moving away from China in the long run. Players like ByBit and Amber have already announced that they are not accepting Chinese users, which could be a trend going forward if the risks of doing business in China are not balanced by the rewards. Bigger players like Binance and FTX will have much bigger decisions to make, but for now, they are not shy about including Chinese users and serving Chinese users.
From Sichuan to San Antonio
After ending operations in China, many major mining companies began looking for greener pastures abroad. Since Texas Governor Greg Abbott tweeted that Texas would become a leader in the crypto space, many crypto-mining companies have moved to the Lone Star State in search of regulatory stability.
Texas will be the pioneer of cryptocurrency.
Cryptocurrency is now coming to Texas grocery stores.
– Greg Abbott (@GregAbbott_TX) June 19, 2021
Bitmain, the world’s largest mining manufacturer, owns a file facility In Rockdale, Texas. Rockdale is a city of under 6,000, a far cry from the 21 million people who make up its home in Beijing. Incidentally, Bitmain also publishes $62 million worth of hardware in the state of Georgia.
Shenzhen-based BIT Mining is pumping $26 million to build a data center in Texas as well. It joins BlockCap, Riot Blockchain and other mining companies already in the region. All of these companies will support the news that state legislators have signed Texas House Act 4474 and 1576, legalizing cryptocurrencies under commercial laws.
Texas is now the fourth US state to recognize the status of digital assets, giving investors and companies the clarity that China sorely lacks. This summer alone, various regulators within China have flipped over the legal status of cryptocurrencies. This is causing faith in the sustainability of the Chinese market to weaken and should push more companies abroad.
One country, two regulators
An executive at the Hong Kong Securities and Futures Commission Believes The recent number of fraud cases indicates the need for stricter regulation. The Special Administrative Region has a more flexible policy towards digital assets, allowing exchanges such as FTX, Bitfinex and other fintech companies to set up shop.
Hong Kong has long been seen as a bridge between businesses and the strong Chinese market, although this dynamic has begun to reverse in recent years. With stricter rules and uncertainty in Hong Kong, Singapore is enjoying more growth in the cryptocurrency space, with a number of prominent players in the industry taking up residence there.
The general trend of NFTs in the Chinese market has not been lost. OKExChain launched a file OKExNFT Market On September 2, he joined the likes of Binance and FTX who have already launched similar platforms.
Although it doesn’t have the most creative naming team, it does have a number of Loot-like NFTs known as Root, which aims to take over the NFT and GameFi market. The gaming and commerce markets in China have been very active in the past, which makes this a logical move. It remains to be seen if OKExChain can match the success of other lateral exchange chains.
Steph Curry’s decision to join FTX as an ambassador has received mixed reviews with some suggesting that the NBA star, known in China for his playful personality, has matured into an entrepreneur.
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