๐ Hong Kong's crypto scene is bubbling with optimism, potentially lifting East Asia's crypto activity! ๐ According to Chainalysis, East Asia's share of crypto transaction value dropped from 30% in 2019 to less than 10% by Q2 2022, due to China's crypto bans. However, Hong Kong's recent industry-friendly regulations and initiatives could change the game. ๐ผ
- Hong Kong received an estimated $64 billion in crypto between July 2022 and June 2023, compared to $86.4 billion in China, despite having only 0.5% of the mainland's population. ๐คฏ
- Crypto is becoming a staple in investment portfolios of banks, private equity firms, and high-net-worth individuals in the region. ๐ฆ
- Hong Kong could serve as a "testing ground" for broader crypto adoption in China. ๐จ๐ณ
What do you think? Will Hong Kong's crypto ambitions lead to a resurgence in East Asia's crypto activity? Share your thoughts in the comments! ๐ฌ๐