Chainalysis, a blockchain research organization, recently released a survey report stating that although Hong Kong’s population is far smaller than that of China and the global cryptocurrency market is at a low ebb, in the past year, Hong Kong’s over-the-counter cryptocurrency trading volume has reached 640 million billion, only slightly lower than China’s $86.4 billion.

Chainalysis believes that although China has banned cryptocurrency trading for many years, Hong Kong’s cryptocurrency OTC market has still been able to remain strong and active, which in turn means that the Chinese authorities still maintain a certain degree of tolerance for cryptocurrency.

The report states: “The growing ties between China and Hong Kong have led some to speculate that Hong Kong’s growing status as a cryptocurrency hub may indicate that the Chinese government is changing its attitude towards digital assets, or at least becoming more open to cryptocurrency projects. "

Chainalysis also mentioned in the report that the East Asian market accounts for nearly 8.8% of the total global cryptocurrency trading volume, and Hong Kong dominates large institutional cryptocurrency trading compared to other Asian regions.

Data shows that 46.8% of annual cryptocurrency transactions in Hong Kong are institutional transactions of more than US$10 million; while retail transactions of less than US$10,000 account for only 4% of Hong Kong’s trading volume, slightly lower than the global average of 4.7%.

This article is not afraid of the cryptocurrency bear market! Annual Report: Hong Kong’s OTC trading volume hits US$64 billion appeared first on Blockchain.