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Saturday, March 25, 2023

Beijing quietly backing HK crypto plans

(Photo: Bloomberg)

HONG KONG: In October, Hong Kong rolled out the red carpet for cryptocurrency businesses to help revitalise the embattled financial hub. Signs are now emerging that the push has under-the-radar backing from Beijing, providing impetus for mainland Chinese firms to return.

Representatives from China’s Liaison Office and other officials have been frequent guests at the city’s crypto gatherings over the past months, swapping business cards and WeChat details, said people familiar with the matter, who asked not to be named discussing private information.

The encounters have been friendly, with officials checking on developments, asking for reports and in some cases making follow-up calls, the people said. The…

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