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Shanghai Man: China Declares Victory Over Crypto – Is This the End of Action? – Cointelegraph Magazine

This weekly round of news from Mainland China, Taiwan and Hong Kong attempts to curate the industry’s most important news, including impressive projects, changes in the regulatory landscape, and enterprise blockchain integration.

Regulators win

After a heat of harsh crackdown, Chinese regulators are declaring their victory in ending illegal cryptocurrency trading activities in the country. The disclosure comes in the Outlook section of the “China Financial Stability Report 2021” released by the People’s Bank of China on September 3.

in the section titled Major achievements in the fight to prevent and mitigate major financial risks, it emphasizes that regulatory work in Internet asset management, equity-based crowdfunding, Internet insurance, virtual currency trading, online forex trading and other areas has basically been completed.

PBOC’s lengthy report declares victory over the crackdown on digital assets. Source: http://www.pbc.gov.cn/goutongjiaoliu/113456/113469/4332768/2021090315580868236.pdf

While this may seem like a huge negative for the industry, most projects and companies in China are now breathing a sigh of relief. The end of the action means companies can have a little more breathing room to operate without fear of legal action.

China’s public blockchain industry, or whatever is left, will no longer have to remain in the shadows. It is also expected that upcoming editions of Shanghai Man’s column will have more discussion about development and innovation, and less about crackdowns.

Most of the losses from regulators affect the mining sector, although exchanges and brokers are certainly moving away from China for the long term. Players such as Bybit and Ember have already announced that they do not accept Chinese users, which could be a trend going forward if the risks of doing business in China are not balanced with the rewards. Big players like Binance and FTX will have to make huge decisions, but for the time being, there is no holding back from engaging and serving Chinese users.

Sichuan to San Antonio

After shutting down operations in China, many large mining companies began to look for greener pastures abroad. Since Texas Governor Greg Abbott tweeted that Texas will become a crypto leader, many cryptocurrency mining companies have moved to the Lone Star State in search of regulatory stability.

Bitmain is the world’s largest mining company Facility in Rockdale, Texas. Rockdale is a city with less than 6,000 people, a far cry from the 21 million people living in Beijing in their home country. Incidentally, Bitmain is also deploying $62 million worth of hardware in the state of Georgia.

FILE: US Route 79 is the main street of Rockdale, TX IMG 2255.  JPG - Wikimedia Commons
This quiet Texas town is now home to a large bitcoin mining facility. (Source: Wikimedia Commons)

Shenzhen-based BIT Mining is pumping in $26 million to build a data center in Texas as well. It joins BlockCap, Riot Blockchain and other mining companies already in the area. All these businesses will be excited by the news that state legislators have signed Texas House Bills 4474 and 1576, which legalize cryptocurrencies under commercial laws.

Texas is now the fourth US state to recognize digital asset status, providing clarity to investors and companies that China is sorely lacking. Only this summer, various regulatory bodies within China have flopped on the legal status of cryptocurrencies. This is creating weak confidence in the stability of the Chinese market and should more companies move abroad.

one country, two regulators

Executive Officer of the Securities and Futures Commission of Hong Kong believe that The recent number of fraud cases point towards the need for tighter regulation. The Special Administrative Region has a much more lax policy towards digital assets, allowing exchanges such as FTX, Bitfinex and other fintech companies to set up shop.

Hong Kong has always been viewed as a bridge between corporations and the strong Chinese market, although in recent years, this dynamic has begun to reverse. With stringent regulations and high uncertainty in Hong Kong, Singapore is enjoying a lot of growth in the cryptocurrency space, with many high-profile industry players residing there.

irreconcilable trend

The overall trend of NFTs in the Chinese market is not lost. OKExChain launched OKExNFT Marketplace 2, joined the likes of Binance and FTX, who have already launched similar platforms.

While the team doesn’t have the most creative naming, it does have several loot-lookalike NFTs known as Roots, which aim to grab the NFT and gamefi market. China’s gaming and business markets have, in the past, been very active, making this a logical move. Whether OKExChain can match the success of other exchange sidechains remains to be seen.

Steph Curry’s decision to join FTX as an ambassador received mixed reviews as some reported that the NBA star, known in China for his playful personality, has matured into a master of the business.

The OKExNFT Marketplace launched this week with a smaller GameFi offering.

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