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Crypto Grows in China Against All Odds

02 Feb, 2024 Crypto News

Crypto Grows in China Against All Odds

Compared to their counterparts in Vietnam, South Korea, Taiwan, and Thailand, cryptocurrency enthusiasts in China are more willing to make significant investments in cryptocurrencies.

With the help of ten media organizations from China, Thailand, Korea, Taiwan, and Vietnam, the Vietnamese venture capital firm Kyros Ventures released a report in December 2023 that supports this claim.

Over 70% of respondents to the 5,268-person survey stated that cryptocurrencies made up more than half of their portfolio of assets.

However, Vietnam ranks first with 58.6% of its investors holding stablecoins, while 33.3% of Chinese investors hold a sizable amount of these coins.

With the exception of China and Vietnam, the majority of investors in other nations have decreased their stablecoin holdings, suggesting that they are more cautious when it comes to making investments in digital assets.

Officially, China ranks among the most difficult legal environments in the world for cryptocurrencies. Beijing outlawed cryptocurrency trading in 2021, and those involved in the industry have been arrested, fined, and imprisoned by the government.

According to the report, most Chinese investors opt to trade on centralized cryptocurrency exchanges (CEXs) in spite of the ban imposed by government agencies.

At just 22%, Thailand has the lowest percentage of people who own stablecoins.

China, however, plans to add cryptocurrency-related transactions to its Anti-Money Laundering regulations.

As per the report, a majority of investors in the five countries preferred self-research, crypto news, community groups, and key opinion leaders (KOLs) as their primary information channels in 2023.

Over 70% of investors from China and Thailand prefer news media.

By the end of 2023, there had been notable progress toward a growing momentum in the regulatory framework for the cryptocurrency industry in Asia.

Particularly, Hong Kong has led the charge in attempts to position itself as a center for Web3 and cryptocurrency innovation. In 2023, Hong Kong licensed its first bitcoin exchanges.

In order to safeguard cryptocurrency users, improve transaction transparency, and encourage market discipline, South Korea passed new laws last year.

The National Pension Service of South Korea has demonstrated its optimism for the cryptocurrency market by purchasing $19.9 million worth of Coinbase shares.

The Financial Supervisory Commission, Taiwan's top financial regulator, examined allowing cryptocurrency exchange-traded funds in the nation, but only after examining the product's growth in other global markets.

Sources:

https://cointelegraph.com/news/chinas-crypto-investment-trend-amid-regulations

https://asiareport.kyros.ventures/

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