Once a high-flyer of the world’s leading digital asset markets, East Asia has stumbled in the past three years, in comparison to other regions. Despite the downturn, one market has continued to shine and reinvigorate the current situation: Hong Konp SAR (Special Administrative Region). According to Chainalysis, the region ended year June 2023, with 8.8% of global digital spending. Noticeably, the above is a considerable deceleration from not so long ago, when the region led the initiative, generating over one third of all pursuits of this type.
Had President Xi Jinping not announced a banned on offshore exchange activities, ingredients for estimable success remained substantial. The resistance of Hong Kong to make gains in infancy a hindrance, rather than supportive. The blockchain analytics subsidiary, hailing philosophies from New York, observed in its report: “A bubbling sense of positive support prevails in Eastern Asia, via escades triggered by Hong Kong….”, the remainder of a very contentious biomarker.
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