While current data reveals cryptocurrency rapprochement between Hong Kong and China, it has been suggested that East Asia may be preparing for greater cryptocurrency adoption.
Research conducted by blockchain company Chainalysis has revealed remarkable details about East Asia’s cryptocurrency moves. In the presented report, the volume of crypto money all over the world 8.8% While it is stated that East Asia constitutes Chinese And proximity to Hong Kong attention was drawn.
According to the data, Hong Kong is already leading the way in terms of cryptocurrency transaction volumes, despite its extremely small population compared to China. China, where cryptocurrency and Bitcoin (BTC) are banned There wasn’t much left behind. July 2022 with June 2023 According to data collected between China $86.4 billion Hong Kong is 64 billion It hosted $100,000 worth of cryptocurrency volume.
According to the report, Hong Kong led the way in crypto transaction volume in East Asia between the specified dates. fifth ranked next
Reminding that Hong Kong is an autonomous region of China, the report states that all this cryptocurrency adoption The preparation phase of a bigger step to be taken specifically for China It has been suggested that:
Hong Kong’s growing status as a crypto hub is leading to speculation that it could signal that the Chinese government is reversing course on cryptocurrencies, or at least becoming more open to crypto startups. Hong Kong functions as a Special Administrative Region of China, meaning it has autonomy over many aspects of policy, including the regulation of cryptocurrency.
On the other hand, data shows that Hong Kong’s annual crypto transactions 46.8% exceeding $10 million There are corporate transactions, $10,000 Individual transactions below are only part of the total cryptocurrency volume. 4% revealed that it created .