Possibility of Reopening China's Digital Asset Market, Solana CEO Predicts Supercycle

If China reopens its digital asset market, a new supercycle could begin in the global market. The Chinese government is maintaining trading restrictions while testing regulatory models through Hong Kong and expanding blockchain infrastructure. Solana CEO Joseph Tsai stated that China cannot ignore blockchain technology and is testing digital asset regulation and technology adoption using Hong Kong. Hong Kong has approved regulated spot exchange-traded funds (ETFs) and is strengthening audit regulations for digital asset service providers (VASPs). Approximately 190,000 BTC, equivalent to about $15.7 billion, is stored in wallets related to the Chinese government. Chinese Bitcoin miners account for about 14-20% of the global Bitcoin mining hash rate. CEO Tsai predicted that if China expands digital asset trading and blockchain utilization, it will have a significant impact on the market. China is expanding the industrial application of blockchain technology and is promoting the construction of blockchain and computing infrastructure through a policy consisting of 19 measures.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.