Chainalysis: Hong Kong and China’s OTC Markets Remain Active Despite Crypto Winter

Hong Kong’s active over-the-counter crypto market drove $64 billion in volume, not too far below China’s $86.4 billion during the last year despite the territory having a much smaller population and the global chill through crypto markets.

“The increasingly close relationship between China and Hong Kong leads some to speculate that Hong Kong's growing status as a crypto hub may signal that the Chinese government is reversing course on digital assets, or at least becoming more open to crypto initiatives,” it said in its report.

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