New Financial Trials Draft in China Targets Crypto Market

Chinese officials have drafted proposals setting out protocols for dealing with cryptocurrency-related financial trials, amid concerns about the risks of digital assets. A meeting focused on policies and measures that would allow for financial trials of cryptocurrencies was the context for the production of a new draft. The document opens by stating that cryptocurrency trading has “seriously disturbed the economic and financial order and seriously jeopardised the property safety of the people”. The proposals concern the validity of legal acts linked to cryptocurrencies, with crypto assets treated as network virtual property with some properties.

Hong Kong has been working to position itself as a financial hub since China’s crypto crackdown. It has focused on welcoming Chinese cryptocurrency firms and becoming an international virtual asset centre. Hong Kong’s government has asked banks to provide services to crypto companies, despite China’s ban on digital assets. 
Crypto mining remains heavily scrutinised in China, which has banned it, although underground operations have continued. Officials raided illegal mines, and North America has experienced a boost in the number of miners there following China’s ban. The country also recently fined Bitmain for tax violations.

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