According to a Chainalysis report on Oct. 2, cryptocurrency value received in East Asia accounted for only 8.8% of the world between July 2022 and June 2023, making it the fifth most active crypto market. However, Chainalysis said Hong Kong's recent moves could help boost this number.
Crypto activity in East Asia fell from its prime position after China began its crusade against cryptocurrencies in 2019. However, there is "bubbling optimism" in Hong Kong, despite its much smaller population, Hong Kong is already an "extremely active" crypto market by gross transaction volume.
Between July 2022 and June 2023, the market received an estimated $64 billion in crypto, compared to $86.4 billion in China, despite having a population only 0.5% the size of the mainland. In comments to Chainalysis, Merton Lam of CryptoHK, a digital asset trading hub in Hong Kong, said cryptocurrencies are becoming a staple in the investment portfolios of many banks, private equity firms and high net worth individuals they work with within the region.
In short, while crypto activity has declined in East Asia due to China's crackdown, recent developments in Hong Kong could provide a boost to increase crypto activity in the region.
Source: Chainalysis
#cryptonews #crypto2023 #crypto
Crypto activity in East Asia fell from its prime position after China began its crusade against cryptocurrencies in 2019. However, there is "bubbling optimism" in Hong Kong, despite its much smaller population, Hong Kong is already an "extremely active" crypto market by gross transaction volume.
Between July 2022 and June 2023, the market received an estimated $64 billion in crypto, compared to $86.4 billion in China, despite having a population only 0.5% the size of the mainland. In comments to Chainalysis, Merton Lam of CryptoHK, a digital asset trading hub in Hong Kong, said cryptocurrencies are becoming a staple in the investment portfolios of many banks, private equity firms and high net worth individuals they work with within the region.
In short, while crypto activity has declined in East Asia due to China's crackdown, recent developments in Hong Kong could provide a boost to increase crypto activity in the region.
Source: Chainalysis
#cryptonews #crypto2023 #crypto
