China's cryptocurrency regulation is gradually opening up, with Hong Kong's pilot programs and compliance exploration becoming key pathways
Current policy trends indicate that the likelihood of the mainland of China fully opening up cryptocurrency trading is low, and it is more likely to explore gradual opening through the Hong Kong experimental zone:
Hong Kong's regulatory experience: Based on licensed exchange operations and public blockchain infrastructure, or through the 'Cross-Border Wealth Management Connect' pilot to open up compliant investment channels;
Legal attribute definition: Continuing the judicial practice of recognizing cryptocurrency assets as virtual commodities for property rights, gradually allowing individual holding and trading, with pilot institutions for cryptocurrency products (such as ETFs);
Stablecoin innovation experiments: Combining the development experience of digital RMB, exploring RMB-pegged compliant stablecoins to enhance cross-border payment capabilities