China’s crypto stance remains unchanged

The attorney also stated that the cryptocurrency market in mainland China is "still effectively shut down."

China's crypto stance remains unchanged
China's crypto stance remains unchanged

Despite Hong Kong’s steady adoption of cryptocurrencies, mainland China’s anti-cryptocurrency posture in terms of local regulations has not altered.

A growing number of Chinese state-affiliated institutions have opened bank accounts in Hong Kong to service cryptocurrency clients. In April, CPIC Investment Management, a Hong Kong-based firm sponsored by the Chinese government, launched two cryptocurrency funds.

According to Chenggang Zhou, CEO of CPIC Investment Management, none of these developments indicate that China has softened or will shortly modify its approach to Bitcoin regulation.

Zhou stated in an interview on May 5 that Hong Kong’s efforts to promote Web3 and cryptocurrencies do not indicate a change in mainland regulatory regulations or the Chinese government’s attitude toward cryptocurrencies.

Zhou emphasized that CPIC Investment Management operates as a Hong Kong entity governed by the Securities and Futures Commission, despite receiving support from the Chinese government.

The CEO stated, “Hong Kong regulations permit us to invest in various markets, asset classes, and products, such as cryptocurrencies, so we are not in violation of any regulations or laws.” He added:

“We got involved in crypto because Hong Kong regulations allow us to do that. But it’s in no way any indication of the China government’s attitude or policy, or change of policy.”

Zhou remarked that China has maintained its anti-crypto posture for a long time, even before completely prohibiting crypto in September 2021. He stated that he does not anticipate the local government’s crypto policies altering shortly.

The CEO is not alone in believing that China will continue to be anti-cryptocurrency while attempting to increase Chinese bank deposits with crypto accounts.

David Lesperance, the founder of Lesperance & Associates, stated, “Given that the Chinese government is cracking down on the financial sector, it is hard to imagine that China will relax its control over the ability of Chinese nationals to use cryptocurrencies.”

According to Lesperance, China desires to increase its foreign currency holdings, be it fiat to purchase cryptocurrencies or cryptocurrencies themselves. “They are segmenting the markets to exclude domestic Chinese customers while attracting foreign ones,” he observed.

Additionally, the attorney stated that the cryptocurrency market in mainland China is “still effectively shut down.”

This raises enforcement concerns regarding the potential for Chinese clients to use Hong Kong exchanges to transfer money out of China. Lesperance remarked, “Certainly, the authorities will attempt to stop this leakage.”

The CPIC’s Zhou also mentioned that Hong Kong crypto exchanges have stringent Know Your Customer policies that restrict mainland Chinese investors from using their platforms.

“I do not anticipate that any licensed crypto exchanges in Hong Kong will accept mainland Chinese traders,” Zhou stated.


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