Could Hong Kong Really Become China’s Crypto Proxy?
With its partial autonomy, the island city of Hong Kong has traditionally served as a “gateway to China” – the local commercial hub, backed by transparent English-style common law and an openly business-friendly government strategy. Could the port, home to seven million people, inherit this role in relation to the crypto industry, becoming a proxy for mainland China’s experiments with crypto?
Some impetus for such questioning was given by Arthur Hayes, the former CEO of crypto derivatives giant BitMEX in his October 26 blog post. Hayes believes that the Hong Kong government’s announcement regarding the introduction of a bill to regulate crypto be a sign that China is trying to force its way into the market again. The opinion was immediately reproduced in a series of industry and mainstream media.