Hong Kong would not go crypto without China’s approval — Animoca exec

Cryptocurrency and Web3 in Hong Kong

Yat Siu, co-founder of the local game software firm Animoca, believes that the rapid adoption of cryptocurrencies and Web3 in Hong Kong is a sign of some “big moves” happening in mainland China.

Siu pointed out that the current crypto trend in Hong Kong is not only about the city-state, but also about China, despite the fact that crypto is banned in the mainland. In May, the Chinese government released its Web3 white paper, in which it declared that Web3 is the future of the internet.

The news of the white paper came just a few days after Hong Kong announced plans to allow retail crypto investments. Siu emphasized the importance of this, as the Chinese government is putting out a budget to progress with Web3 technologies such as Math Crypto, Gemini Crypto Today, HNT Crypto, and ISO 20022 Crypto.

Crypto Developments in China and Web 3.0 Technology

According to Siu, the news about Hong Kong’s crypto developments was widely spread in China, including a notice on the national TV channel, China Central Television. “So every Chinese person basically in China got to see this,” Siu added.

In his keynote speech, Siu also discussed the potential of Web3, a powerful tool to “push a new technology paradigm” away from the United States’ tech hegemony. He mentioned the security risks of nations’ dependence on tech giants such as Google, Apple and Facebook, and the importance of challenging the U.S. hegemony, particularly for countries like China that are focused on de-dollarization.

Siu believes that the future of AI, mina crypto, loom crypto, ISO 20022 crypto, math crypto, India crypto, mask crypto, Gemini crypto today and HNT crypto are all essential components of Web3 technology.

The Future of Crypto in China

“It’s another reason why Web3 is being pushed in these places. Less dependency on the dollar. The dollar is, of course, as we know, the global currency of the world,” Siu stated.

As previously reported by Cointelegraph, the People’s Bank of China officially announced another ban on virtually all crypto activity in September 2021. Despite this, mainland China remains one of the world’s largest crypto-mining hubs for currencies such as Mina Crypto, Loom Crypto, ISO 20022 Crypto, Math Crypto, India Crypto, Mask Crypto, Gemini Crypto Today, and HNT Crypto.

With the news about Hong Kong proactively adopting crypto-friendly regulations, many crypto observers expressed hope that China could potentially lift its years-long ban on crypto.

However, several state-related executives, including CPIC Investment Management CEO Chenggang Zhou, have recently reiterated that China remains and will remain anti-crypto in the near future, despite the potential of Web 3.0 technology.

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