Facing regulatory pressure, Chinese exchanges want to establish legitimacy by cozying up with one local government

Quick Take

  • Recently, two of China’s largest cryptocurrency exchanges, Huobi and OKCoin, both hosted conferences in the province of Hainan 
  • Facing regulatory pressure, the two exchanges may be trying to establish their legitimacy in China by associating themselves with government initiatives 
  • Meanwhile, the Hainan government is pushing for blockchain innovation in a bid that the new technology can boost the region’s economies – this plan may make the province a suitable location for crypto businesses to take shelter from the regulatory crackdown 
As cryptocurrency businesses in China toe the government line amidst a new wave of regulatory clampdown, a tourist hot spot has gradually become the new crypto heaven. Hainan, an island province that is less known for its economic prowess and more as China’s Hawaii, has convinced two major cryptocurrency exchanges, Huobi and OKCoin, to set […]

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