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Chinese Investors Defy Crypto Ban, Maintain Strong Appetite for Digital Assets

by Matoy
February 2, 2024
in Breaking News, Business, Crypto, Politics
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  • Despite China’s ban on crypto, Chinese investors remain bullish, with over 70% having crypto account for over half their portfolio.
  • China is taking steps to regulate crypto through new AML laws and Hong Kong’s crypto exchange licenses, marking a shift from bans to regulation.
  • Crypto news and opinion leaders are top information sources influencing Chinese investment choices, with over 70% preferring news media.

Chinese Investors Remain Bullish on Crypto

According to a December 2023 report by Kyros Ventures, over 70% of Chinese participants said that cryptocurrencies accounted for more than half of their investment portfolio. Additionally, 33% of Chinese investors hold a significant amount of stablecoins, second only to Vietnam. This indicates that Chinese crypto enthusiasts are willing to take on higher levels of risk compared to other Asian countries.

China Taking Steps to Regulate Crypto

While China banned crypto trading in 2021, authorities are now moving to amend AML laws to include crypto transactions. Additionally, Hong Kong issued its first crypto exchange licenses in 2022, showing a shift in attitudes toward regulation rather than outright bans.

ICYMI: Over 70% of Chinese investors have more than half of their portfolio in crypto

Via Kyros Ventures

— BlockNews.com (@blocknewsdotcom) February 2, 2024

Crypto News and Opinions Drive Investing Decisions

The Kyros report found that self-research, crypto news, and opinion leaders were the top three information sources influencing investment choices. Over 70% of Chinese and Thai participants preferred news media over other sources.

Asia Makes Strides Toward Crypto Clarity

In 2022, Asian countries like Hong Kong, South Korea, and Taiwan all took steps to increase regulatory clarity around cryptocurrencies through new legislation and consideration of crypto ETFs.

Conclusion

Despite China’s ban, Chinese investors continue to bet big on crypto compared to regional counterparts. Regulatory attitudes appear to be shifting from outright bans to regulation as seen across Asia. Crypto news and community opinion leaders will likely continue driving investment decisions pending clear regulation.

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