Chinese officials have drafted a proposal on how to handle crypto-related financial trials, expressing concern about the risks of cryptocurrencies. The proposal relates to the validity of legal acts related to cryptocurrencies, stating that crypto assets have some attributes of network virtual property and if used to settle debts, would be recognized as valid. However, investment contracts entered after Sept. 4, 2017, and any related contracts after the mining ban would be recognized as invalid. Meanwhile, Hong Kong is working to become more accommodating to crypto businesses and aims to become an "international virtual asset center." Despite China's ban on crypto, businesses have found ways to operate, and officials are optimistic about the potential of the metaverse industry.

(By Rahul Nambiampurath)