China's cryptocurrency barons seek new life in Japan, HK
Beijing's clampdown on trading and coin offerings is forcing them from their home turf into friendlier Asian jurisdictions
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
CHINA'S largest cryptocurrency operators are proving hard to keep down.
From OKCoin to Binance.com, Chinese exchanges and wallet services are seeking a second life in friendlier Asian jurisdictions as Beijing clamps down on trading and coin offerings. Going it alone or with partners, these services are applying for licences in Japan, setting up over-the-counter shops in Hong Kong, or laying the groundwork to operate from Singapore and South Korea.
Forced from their own home turf, the players that once dominated the world's largest digital currency market are betting that investors harbouring an insatiable demand for alternative investments will follow. Going abroad may help operators hedge risks, attract new customers and stake out other corners of the US$170 billion industry.
Copyright SPH Media. All rights reserved.
TRENDING NOW
From 1MDB to ‘corporate mafia’: Is Malaysia facing a new governance test?
Higher costs, lower returns: Why are Singaporeans still betting on real estate?
South-east Asian markets account for 8.8% of global capital inflows from 2021 to 2024: report
Richard Eu on how core values, customers keep Singapore’s TCM chain Eu Yan Sang relevant
