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3rd September 2023 > > China.


China ramps up its official pace of crypto adoption, which should worry bureaucrats in the US and the UK who have been dragging their regulatory feet.

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Leveraged shorts are growing by the day with mainstream commentary all looking rather negative.

Curious Cryptos’ Commentary – Hong Kong I

Switzerland based SEBA Bank has received approval in principle from the Hong Kong regulator to provide crypto services for institutional clients. Specifically securities dealing, custodial services, structured products, and the management of digital assets.

Regular readers will recall that Hong Kong has been vocal in its courting of crypto firms with a clear procedure in place for crypto firms to gain regulatory approval.

This is despite the “ban” on cryptos across China since 2021. You can be sure that this crypto friendly stance meets with the approval of dictator Xi and his murderous henchmen.

Curious Cryptos’ Commentary – Hong Kong II

The first company to gain a license for crypto services in Hong Kong was HashKey Exchange, allowing the company to offer crypto trading to retail clients.

The investment arm of the group, HashKey Capital has launched a $100mm fund aimed at high-net-worth investors and family offices with an interesting twist. BTC and ETH will account for less than half the holdings by value, with a larger than usual proportion of altcoins.

This is a ballsy move – most alts will go to zero, even some of the more established ones such as Layer-2 solutions and famous DeFi protocols. The CCC Treasury is currently at a 5% allocation or so to alts, investments that are always marked at zero until sold.

Livo Weng, HashKey’s COO, explains the company’s ambitions:

"We hope to grow our registered user base to between 500,000 to 1 million by the end of this year. We’re also anticipating a more bullish market next year. If that’s the case, we would target to serve 10 million users by 2025."

That’s China stealing a march on both the US and the UK right there.

Curious Cryptos’ Commentary – China

And if you still believe there is a “ban” on cryptos in China, a court report says otherwise.

The China Court has declared that cryptos are legal property and are protected by property law. At least that is what I am told – my ability to read Mandarin is a touch limited.

It would be a brave judge indeed who opined without first checking what Xi thinks on the matter.

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