Despite the global adoption of cryptocurrency in Hong Kong, mainland China has not changed its anti-crypto stance, according to Shan Zhong, the head of China Pacific Insurance (CPIC).
Zhong has noted that, as a Hong Kong-based organization regulated by the Securities and Futures Commission, CPIC is able to invest in various markets, including digital assets, without violating the country’s laws.
However, he stressed that the Chinese government still has a hard stance on the financial sector and cryptocurrencies.
David Lesperance, founder of law firm Lesperance & Associates, echoed this sentiment, noting that the cryptocurrency market in China is “still effectively closed.”
This is causing law enforcement concern that citizens will be able to use Hong Kong exchanges to purchase digital assets.
