Despite Hong Kong's progress with cryptocurrency adoption, mainland China has not changed its anti-crypto stance in terms of local regulations, according to CPIC Investment Management CEO Chenggang Zhou. While some Chinese state-affiliated banks have opened bank accounts to serve crypto clients in Hong Kong and CPIC launched two cryptocurrency funds in April, Zhou emphasized that CPIC operates as a Hong Kong entity regulated by the Securities and Futures Commission and that Hong Kong regulations allow them to invest in different markets or asset classes, including cryptocurrencies. Zhou doesn't expect the Chinese government to change its crypto policies in the foreseeable future, and Lesperance & Associates founder David Lesperance noted that the crypto market in mainland China is "still effectively shut down."

(By HELEN PARTZ)