China Financial News

As US regulators sued three major crypto exchanges this year, billions of dollars of trading volumes have migrated to Asia. That shift could be poised to accelerate as market makers and exchanges move resources to a region where several jurisdictions have introduced regulatory frameworks and are vying for digital-asset traders. Investors and marketplaces are flocking to Singapore, Japan and South Korea — and more recently to Hong Kong, which this month introduced a new regulatory regime for crypto. Bitcoin trading activity in predominantly Asian hours have risen this year even as they slumped in US and European hours, data compiled by CryptoQuant show. The token accounts for almost half of crypto’s total market value. The resilience in Asian crypto volumes is underpinned by institutional investors who perceive the regulatory environment there as less risky, according to several market participants interviewed by Bloomberg. “With so much regulatory uncertainty in the US, Asia has become an increasingly important hub for digital-asset activity,” said Jonny Caldwell, who focuses on alternative investments including cryptocurrencies as co-head of asset management at Trovio Group. “We are observing a major shift to Asian-based exchanges and venues in the last few months.”

BRICS is an acronym that represents an alliance of five major emerging economies: Brazil, Russia, India, China and South Africa. Jim O’Neill, an economist at Goldman Sachs, coined the phrase in 2001 to emphasize the combined potential of these countries in the global economy. 

A Chinese ministry has warned citizens of the severe consequences of “facilitating” crypto transactions on behalf of other people.

BEIJING — Subsidies for electric cars aren't enough to boost growth in China's slowing economy.

Crypto exchange Gemini has announced plans to expand into the Asia-Pacific (APAC) region to capture the “next wave of growth for crypto.”

The government of China has tried hard to make people believe that Bitcoin (BTC) would become worthless, but its predictions to date have been far off the mark. The original cryptocurrency has gained around 36% since the Chinese government stated it would become worthless in 2022.

BEIJING – European businesses in China are finding it harder to operate in the country, even after it has re-opened from Covid, the EU Chamber of Commerce in China found in its latest member survey, released Wednesday.

BEIJING — Chinese electric car company Nio announced Tuesday it received $738.5 million in new capital from a fund owned by the Abu Dhabi government.

BEIJING — Secretary of State Antony Blinken underscored the importance of the economic aspects of the bilateral U.S.-China relationship during his high-stakes trip to Beijing earlier this week.

Joe Tsai, the soon-to-be former executive vice chair of China-based technology giant Alibaba, will replace Daniel Zhang as company chair.

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Alibaba has announced that crypto-friendly Joseph Tsai, currently Executive Vice Chairman, will replace eight-year veteran chief Daniel Zhang as the company's new Chairman.

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BEIJING — U.S. Secretary of State Antony Blinken said Monday he failed to revive military-to-military talks with China, despite earlier hopes of reopening that communication channel.

The Chinese city of Quingdao will pilot an electricity- and network-free digital yuan public transport payments solution, marking another national first for the central bank digital currency (CBDC).

Earlier today, the BTC dominance index reached 50%, a level not seen since the turbulence of May 2021 when China's ban on crypto mining and Tesla's environmental concerns caused Bitcoin to plummet.

Terraform Labs founder Do Kwon has been found guilty of using a false passport by a court in Montenegro and has been sentenced to four months in prison.

In the past year, more than 150 Web3 firms have set up operations in Hong Kong’s Cyberport — a digital hub set up by the country’s government to promote innovation — Financial Secretary Paul Chan Mo-po said in a statement.

In the ever-evolving world of Bitcoin, the current price remains stable below the $27,000 mark. As investors eagerly monitor the price action, let's delve into the latest market updates that are influencing Bitcoin's trajectory. 

Terraform Labs founder Do Kwon told a Montenegro court that he wasn’t aware the passport he was traveling with was allegedly forged and instead pinned the blame on a Chinese-named agency.

Do Kwon, the Terraform Labs founder and CEO, has told a Montenegro court that he did not know the “fake” travel documents he was allegedly trying to leave the country with were forged – and blamed a “Chinese-named agency.”