Hong Kong Retail Crypto Trading Opens Amidst Mainland Crackdown
Hong Kong-based crypto exchange HashKey will soon launch retail trading, allowing residents to trade Bitcoin (BTC) and EtherEther (ETH) is used to pay for computation and token swaps on Ethereum. Users "fuel" smart contracts and DApps with ETH. (ETHEther (ETH) is used to pay for computation and token swaps on Ethereum. Users "fuel" smart contracts and DApps with ETH.) starting August 28. However, investors will be limited to investing up to 30% of their net worth. The exchange will assess users’ investment background and beginners will have limited purchase options. Meanwhile, China is cracking down on private blockchainThink of blockchain as a digital ledger that records transactions in a transparent, tamper-proof way. It's a chain of transaction blocks linked chronologically. firms, offering bounties for their arrest and seizing their assets. This crackdown has led to the termination of several protocols and prompted Chinese Web3 founders to emigrate and recover their funds held on these platforms. In contrast, China’s government-led blockchainThink of blockchain as a digital ledger that records transactions in a transparent, tamper-proof way. It's a chain of transaction blocks linked chronologically. efforts are flourishing, with the issuance of the first digital yuan central bank digital currency (e-CNY CBDC) green bond to finance a solar panel facility expansion project. Additionally, the US FBI has identified 1,580 BTC ($41 million) stolen by North Korean hackers and warned against transactions with the associated addresses. Lastly, a Chinese Bitcoin mining magnate has been sentenced to life in prison for corruption and abuse of power.
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