The cryptocurrency market has seen a surge in popularity amidst the ongoing global banking crisis and high inflation, leading banks in Mainland China to seek ways to invest in digital assets. Despite the ban on cryptocurrency trading and related businesses by the People’s Bank of China in 2021, Mainland China residents are finding unorthodox methods to access the Web3 industry and invest in the digital asset market.
To access the Binance crypto trading platform, Mainland China residents are reportedly using VPN and fake proof-of-residence. This allows them to bypass China’s strict regulations and participate in the cryptocurrency market. Additionally, Bitcoin prices have gained nearly 70 per cent year-to-date while the traditional stock market is either lagging in negative gains or minimal volatility.
According to a report by Bloomberg, Hong Kong arms of Bank of Communications Co., Bank of China Ltd., and Shanghai Pudong Development Bank have sought to invest in Web3 startups. The fall of three US regional banks has seen Asian investors migrate from American financial institutions to local firms.
The Hong Kong Monetary Authority (HKMA) has stated that it takes nearly three months for crypto-related businesses to open a corporate bank account in Hong Kong.
The entrance of the Chinese banking sector in Hong Kong could significantly bump crypto mainstream adoption in the region. This move could be a game-changer for the crypto industry in Hong Kong and beyond, as Chinese banks are known for their influence and investment power.
“It would be great if local banks could start some trial program to support crypto firms and more professional service providers that understand our native environment,” said Dominic Law, chief Metaverse officer of Neopets Metaverse, a game backed by Chinese firm NetDragon Websoft Holdings Ltd. “The business landscape would certainly be more welcoming and easier to support more startups to develop in this field.”
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