Chenggang Zhou, CEO of CPIC Investment Management, said that Hong Kong’s crypto moves have not changed China’s crypto stance.
“The Hong Kong government is working hard to promote Web3 and crypto, but that doesn’t mean any change in mainland regulatory legislation or the Chinese government’s stance on crypto,” Zhou told Cointelegraph. Zhou emphasized that CPIC, which launched two crypto funds in April, operates as a Hong Kong entity by the Securities and Futures Commission, despite being backed by the Chinese government.
It is thought that China will not give up on its strict policies
The CEO said that Hong Kong regulations allow investments in different markets or asset classes, so they do not violate any regulations or laws.
Zhou noted that China maintained its anti-crypto stance for a long time, even before completely banning crypto in September 2021. Underlining that he does not expect the local government to change their crypto policies in the near future, Zhou stated that crypto exchanges in Hong Kong have strict KYC policies aimed at restricting Chinese investors.
Zhou isn’t the only one who thinks China will continue to be anti-crypto. David Lesperance, founder of Lesperance & Associates, made important statements in an interview with Cointelegraph.
“Given the Chinese government’s harsh approach to the financial sector, it’s hard to imagine China loosening control over its citizens’ ability to use crypto,” Lesperance said in a statement.
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