The cryptocurrency landscape of China just got further complicated, as tight government regulations meant that blockchain stocks in the country are missing out on the cryptocurrency mania.
This newest frenzy has pushed their global peers to new heights.
According to this Bloomberg report, the local market in China lacks exposure to key exchanges and trading platforms. Successive crackdowns on the industry — including a ban on transactions between fiat and cryptocurrencies in 2017 — have resulted in a lack of cohort over at the trading platforms.
Even domestic firms like Huobi Group that have worked with Chinese regulators are listed in Hong Kong, and some of the biggest miners in China have chosen a US listing.
And while authorities have restricted the wider industry, the central bank in the country is busy with the development of the digital yuan. Chinese firms, meanwhile, have diversified. They are working elsewhere in the crypto field, developing blockchain technology for business applications.
Elsewhere in Asia, crypto stocks that are tied more closely to Bitcoin are booming to new heights.
Monex Group in Japan, and BC Technology Group in Hong Kong have more than doubled in value in the past year. Woori Technology Investment of Korea has surged more than 70%.
The gains are even more massive in the United States, where crypto miner Marathon Patent Group has surged more than 3,000% in the past 12 months.
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