๐๐น๐ท DeFi and Web 3 fans! The OTC crypto market in Hong Kong has reached $64 billion in volume in the last year, approaching China's $86.4 billion. ๐ฒ
๐ Although transaction values โโin China and Hong Kong have fallen, the existence and stability of major OTC markets suggest that Beijing has a certain tolerance for cryptocurrencies. ๐ค
๐จ๐ณ๐ญ๐ฐ The increasingly close relationship between China and Hong Kong has some speculating that Hong Kong's growing status as a crypto hub may mean that the Chinese government may be pushing back on digital assets, or at least becoming more open to crypto startups. ๐ง
๐ฆ Chainalysis notes that Hong Kong dominates large institutional crypto transactions relative to other Asian regions. According to the data, 46.8% of Hong Kong's annual crypto transactions were institutional transactions over $10 million, while retail transactions under $10,000 accounted for only 4%. ๐
๐ฐ๐ท While South Korea is more inclined to conduct retail transactions on central exchanges, ๐ฏ๐ต Japan uses DeFi protocols in a balanced manner with central exchanges. ๐น
What do you think this rapprochement between China and Hong Kong means for cryptocurrencies? We are waiting your comments! ๐ฃ๏ธ๐
๐ Although transaction values โโin China and Hong Kong have fallen, the existence and stability of major OTC markets suggest that Beijing has a certain tolerance for cryptocurrencies. ๐ค
๐จ๐ณ๐ญ๐ฐ The increasingly close relationship between China and Hong Kong has some speculating that Hong Kong's growing status as a crypto hub may mean that the Chinese government may be pushing back on digital assets, or at least becoming more open to crypto startups. ๐ง
๐ฆ Chainalysis notes that Hong Kong dominates large institutional crypto transactions relative to other Asian regions. According to the data, 46.8% of Hong Kong's annual crypto transactions were institutional transactions over $10 million, while retail transactions under $10,000 accounted for only 4%. ๐
๐ฐ๐ท While South Korea is more inclined to conduct retail transactions on central exchanges, ๐ฏ๐ต Japan uses DeFi protocols in a balanced manner with central exchanges. ๐น
What do you think this rapprochement between China and Hong Kong means for cryptocurrencies? We are waiting your comments! ๐ฃ๏ธ๐