Today, June 1, is an important day for crypto and Hong Kong. The city just lifted its crypto ban and is once again allowing retail trading.
Now, there’s a lot of speculation about what this will ultimately mean for the city and for Asia, given that Beijing is a crypto hater (all crypto transactions have been banned in China since 2021).
Some think that this could be a leading indicator for a softening Chinese position on crypto; while the cynics think that this reinstatement could be short lived given that Beijing remains a hater.
Whatever the outcome, I think it is noteworthy that Hong Kong is trying to reestablish itself as a global hub for digital assets and that it believes crypto is here to stay.
It is also a good reminder that, even though the herd has moved onto AI, there’s still important work happening beneath many of the mainstream headlines.
My own conviction and activities around crypto haven’t changed over the last year, and so I’m happy to see cities like Hong Kong working to reassert themselves in this space.