June 5, 2023
By Murtuza Merchant
In a groundbreaking development, Hong Kong has officially announced the opening of its crypto markets to retail traders, marking a significant shift in the Chinese crypto narrative.
Effective from June 1, 2023, this move comes after China’s previous ban on crypto trading and signifies a new chapter for the region’s crypto industry.
Hong Kong, striving to establish itself as an Asian crypto hub, has been progressively easing its crypto legislation.
This move has gained the approval of mainland China, signifying a broader acceptance and recognition of the potential benefits of cryptocurrencies.
Within this evolving Chinese crypto landscape, several tokens have emerged with Chinese origins, strong backing, or significant interest from Chinese investors. Let’s delve into these tokens and explore the unique opportunities they present:
SelfKey ($KEY) – SelfKey is a blockchain-based identity platform built on Ethereum, enabling individuals and businesses to have full ownership over their data, documents, and digital assets. Notably, SelfKey’s marketplace has gained popularity in mainland China, offering a range of services to users.
IRISnet ($IRIS) – Founded by a Chinese tech company, Bianjie AI, IRISnet serves as a blockchain infrastructure that facilitates communication between different blockchains and enables seamless cross-chain data and token transfers. The native token $IRIS plays a vital role in transaction fees, staking, and governance within the network.
Linear Finance ($LINA) – As a Hong Kong-based cross-chain protocol, Linear Finance enables users to create, trade, and manage synthetic assets cost-effectively. Synthetic assets, tokenized derivatives linked to underlying assets, are revolutionizing the financial landscape, and Linear Finance is at the forefront of this innovation.
Highstreet ($HIGH) – Highstreet is a commerce-centric play-to-earn metaverse that merges shopping, socializing, gaming, and NFTs in a multiplayer role-playing game. Users can earn the native token HIGH by participating in quests, attending events, and shopping for NFTs from renowned real-world brands.
Alchemy Pay ($ACH) – Founded in Singapore, Alchemy Pay is a hybrid payment system catering to institutions, enabling online and offline companies to accept both fiat and cryptocurrency. With a vast network of partnerships, Alchemy Pay has garnered support from industry leaders and gained widespread adoption.
Conflux ($CFX) – Conflux Network is a layer-1 blockchain specifically designed for powering dApps and Web 3 infrastructure. With its emphasis on scalability, decentralization, and security, Conflux aims to overcome the limitations of existing protocols. Notably, it is the only regulatory-compliant public blockchain in China.
These tokens exemplify the evolving Chinese crypto market’s potential and have generated significant interest from investors. However, it is essential to conduct thorough research and exercise caution when considering investment opportunities.
The opening of Hong Kong’s crypto market to retail traders marks a remarkable turning point in the Chinese crypto narrative.
With greater accessibility and a growing ecosystem, Hong Kong is poised to become a prominent player in the global crypto landscape, driving innovation and fostering the adoption of cryptocurrencies in the region.
About the author
Murtuza Merchant is a senior journalist and an avid follower of blockchain and cryptocurrencies.