Mainland China has not changed its anti-crypto stance despite the global adoption of the industry in Hong Kong. This was stated by the head of the local insurance company China Pacific Insurance (CPIC) Shan Zhong in an interview with Cointelegraph.
He stressed that despite the support of the Chinese government, CPIC operates as a Hong Kong-based organization regulated by the local Securities and Futures Commission.
“The Hong Kong government is trying very hard to promote Web3 and cryptocurrencies, but this does not imply any changes in the regulations in the mainland or the attitude of the Chinese government towards cryptocurrencies,” Zhong explained.
Chapter four on volume of an insurance company’s revenue in the country noted that Hong Kong’s rules allow them to invest in various markets, including digital assets, without violating the country’s fundamental laws.
“Given that the government has hit hard on the financial sector, it’s hard to imagine that it is loosening control over the use of cryptocurrencies among citizens,” added David Lesperance, founder of law firm Lesperance & Associates.
According to Bloomberg, officials from Beijing are tacitly supporting Hong Kong’s crypto-currency initiatives. Major banks in China are also showing interest in servicing affiliated companies in the jurisdiction. Arthur Hayes, the former CEO of BitMEX bitcoin exchange, allowed China to return to the crypto industry through Hong Kong.
Lesperance noted that the cryptocurrency market in China is “still effectively closed.” This situation is causing law enforcement concern that citizens will be able to use Hong Kong exchanges to purchase digital assets.
Zhong mentioned that trading platforms in Hong Kong have a strict policy KYCwhich aims to limit the access of investors from the mainland.
Recall that in April, CPIC, through a subsidiary, launched two investment funds in the jurisdiction focused on the digital asset industry.
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Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
Mainland China has not changed its anti-crypto stance despite the global adoption of the industry in Hong Kong. This was stated by the head of the local insurance company China Pacific Insurance (CPIC) Shan Zhong in an interview with Cointelegraph.
He stressed that despite the support of the Chinese government, CPIC operates as a Hong Kong-based organization regulated by the local Securities and Futures Commission.
“The Hong Kong government is trying very hard to promote Web3 and cryptocurrencies, but this does not imply any changes in the regulations in the mainland or the attitude of the Chinese government towards cryptocurrencies,” Zhong explained.
Chapter four on volume of an insurance company’s revenue in the country noted that Hong Kong’s rules allow them to invest in various markets, including digital assets, without violating the country’s fundamental laws.
“Given that the government has hit hard on the financial sector, it’s hard to imagine that it is loosening control over the use of cryptocurrencies among citizens,” added David Lesperance, founder of law firm Lesperance & Associates.
According to Bloomberg, officials from Beijing are tacitly supporting Hong Kong’s crypto-currency initiatives. Major banks in China are also showing interest in servicing affiliated companies in the jurisdiction. Arthur Hayes, the former CEO of BitMEX bitcoin exchange, allowed China to return to the crypto industry through Hong Kong.
Lesperance noted that the cryptocurrency market in China is “still effectively closed.” This situation is causing law enforcement concern that citizens will be able to use Hong Kong exchanges to purchase digital assets.
Zhong mentioned that trading platforms in Hong Kong have a strict policy KYCwhich aims to limit the access of investors from the mainland.
Recall that in April, CPIC, through a subsidiary, launched two investment funds in the jurisdiction focused on the digital asset industry.
Found a mistake in the text? Select it and press CTRL+ENTER
Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
