Crypto Comeback: China Secretly Pushes Hong Kong to Become Crypto Hub

China Secretly Backing Hong Kong’s Crypto Ambitions

• China has been secretly backing Hong Kong in its ambition to become a crypto hub of Asia.
• Reports suggest that officials from mainland China have been visiting Hong Kong lately to check on the developments in the region’s crypto landscape.
• Beijing is providing under-the-radar backing to Hong Kong’s crypto ambitions and allowing retail traders to trade larger crypto coins such as Bitcoin and Ethereum.

Bitcoin Price Surge

Last week, Bitcoin price surged by over $2100 billion, with the trading value at $24,645 with a market cap of $475 billion. For BTC to continue the upward momentum, it needs to surge past the crucial level of resistance at $25,000.

Retail Trader Participation

Last Monday (February 20), The Securities and Futures Commission (SFC) released a consultation paper which spoke about allowing retail traders to participate in trading of larger crypto coins such as Bitcoin and Ethereum. They provided safeguards such as knowledge tests and risk profiles while also keeping reasonable limits on exposure.

China Getting Back Into Crypto Game Through Hong Kong Route

Sources familiar with the matter stated that representatives from China’s Liaison Office have been frequent guests at Hong Kong’s crypto gatherings recently. The officials are monitoring developments, asking for reports and making follow-up calls – indicating Beijing’s attitude towards Hong Kong’s crypto ambitions.


It seems like China is using Hong Kong as a testing ground to get back into the cryptocurrency game – while maintaining its ban on cryptos in mainland China. Businesses from Chinese mainland and overseas jurisdictions are planning a return to Hong Kong due to these developments. Nick Chan, an NPC member who advises on cyber-security said: „As long as one doesn’t violate the bottom-line“.