While Hong Kong has given the green light to crypto institutions to revitalize its financial center and trading pool, it has also received covert support from China.
Hong Kong’s desire to be the center for cryptocurrencies and blockchain has brought a new trend. This trend has given the crypto market a bull run lately. Especially Asian-based cryptocurrencies have made their rise in the light of developments in Asia. In the midst of all these processes, Hong Kong’s crypto effort also received a boost from China.
Gateway to Crypto Bulls: Hong Kong
According to the news of Bloomberg, Hong Kong’s steps on cryptocurrencies have also received support from the Chinese government.
Last year, Hong Kong focused on its own bill to regulate the crypto industry and allow retail investors to invest directly in virtual assets. Following these initiatives, Hong Kong recently launched its mission to build a bridge between investors and cryptocurrencies.
According to Bloomberg, these initiatives by Hong Kong were met with moderation and calm in China. Beijing officials reportedly traveled frequently to Hong Kong to find out what was going on with these initiatives. According to reports, China gave approving support rather than opposing the initiatives of the Special Administrative Region of Hong Kong.
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