Hong Kong’s Crypto Hub Ambitions Win Quiet Backing From Beijing
- China officials are mingling at crypto events in Hong Kong
- Signs of support are bringing mainland firms back to the city
In October, Hong Kong rolled out the red carpet for crypto businesses to help revitalize the embattled financial hub. Signs are now emerging 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 Liaison Office, the top mainland body based in Hong Kong, didn’t respond to a request for comment.