$XRP China is indeed pushing for crypto adoption in Hong Kong, with the Securities and Futures Commission (SFC) granting two new crypto licenses to PantherTrade and YAX, bringing the total number of licensed crypto trading platforms to seven since mid-2024.

This move is part of Hong Kong's efforts to establish itself as a crypto hub. The SFC introduced a licensing regime for crypto fund managers in October last year, aiming to legitimize the operation of growing crypto funds in the region.

China's central bank has also taken notice of Hong Kong's progress in implementing crypto licensing, highlighting it in their latest financial stability report.

These developments demonstrate China's growing interest in promoting crypto adoption in Hong Kong, which could have significant implications for the global crypto market.