Wang Yang, Vice President of the Hong Kong University of Science and Technology, comments on the implications of China's cryptocurrency policies.
He stressed that Hong Kong should not stop cryptocurrency companies that do not transact with local citizens, as these companies could support Hong Kong’s virtual asset ecosystem.
Yang criticized China’s ban on cryptocurrency mining, pointing out that this decision has allowed the U.S. a significant tax revenue opportunity estimated at $4 billion.
He suggested that instead of an outright ban, China should consider allowing state-owned enterprises to participate in mining or invest in mining operations to better control risk while protecting economic interests.
Yang also urged China to reconsider its stance on digital assets, suggesting that the acceptance of these assets should be aligned with theBelt and RoadInitiative and facilitate the tokenization of Real-World Assets (RWAs).
He acknowledged that cryptocurrencies are currently perceived as uncontrollable, but suggested that China’s strategic development may necessitate a policy shift. He also hinted that Donald Trump’s eventual return to power could force China to quickly revise its digital asset policies.
Mark Cuban, the billionaire entrepreneur, expressed concerns about SEC Chairman Gary Gensler’s regulatory approach, claiming it could have prevented the collapses of FTX and Three Arrows Capital (3AC).
Coinbase is set to remove all stablecoins that fail to meet regulatory standards in the European Economic Area (EEA) by the end of the year as part of its compliance with tightening EU regulations.
The International Monetary Fund (IMF) has once again turned its attention to El Salvador, urging the nation to enhance its regulatory framework regarding Bitcoin.
Turkish investors are closely monitoring the topic of cryptocurrency taxation, but Treasury and Finance Minister Mehmet Şimşek has made it clear that taxes on stocks and cryptocurrencies are not currently under consideration.