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Hong Kong could be a ‘tailwind’ for lagging crypto activity in Asia: Chainalysis

Published 10/03/2023, 12:55 AM
Updated 10/03/2023, 02:40 AM

Recent crypto advancements in Hong Kong could provide a “potential tailwind” to lift crypto activity in the East Asian region, which has mainly suffered from a China-wide ban on trading activities since 2019.

Cryptocurrency value received in East Asia amounted to just 8.8% of the world between July 2022 and June 2023, according to an Oct. 2 report from Chainalysis, making it the fifth most active crypto market. However, Chainalysis said Hong Kong’s recent moves could help increase this number.

Share of cryptocurrency transaction value by region, with Eastern Asia colored in yellow. Source: Chainalysis.

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