China’s plan to liquidate confiscated crypto through Hong Kong exchanges isn’t simply a policy — it’s to control global digital asset markets and outmaneuver the US.
Opinion by: Joshua Chu, co-chair of the Hong Kong Web3 Association
Last week’s announcement of Hong Kong’s LEAP Digital Assets Policy Statement 2.0 was made with much anticipation and fanfare. The government of Hong Kong promised a comprehensive regulatory framework that will unify licensing and “expand the suite of tokenised products.”
Yet beneath the hype and visible maneuvers lies a far more consequential move: Beijing’s (the world’s second largest holder of crypto) announcement of its intention to liquidate confiscated virtual currencies through Hong Kong’s licensed exchanges. These events, while seemingly separate, are actually components of a carefully orchestrated strategy by China, designed to position Hong Kong as the dominant virtual asset hub and China’s strategic market operator.
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