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China Crypto Roundup (May. 24-May. 30):Sichuan To Hold Mining Symposium, Exchanges Stopped Contract Accounts in China

1. Hong Kong regulator: will try to find balance between regulation and development

Secretary for Hong Kong Financial Services and the Treasury Bureau wrote in a post that: We believe that virtual asset service providers (VASPs) should only be allowed to serve professional investors, at least in the initial phase of the licensing regime.

“Some people think virtual asset is just a flash in the pan, while others think it has the potential to develop into a sustainable asset class. I don’t have a ‘crystal ball’ and I leave it to market to judge.”

“The most important thing is to balance the need for regulation and development.”

2. Inner Mongolia Introduces Enforcement Measures for Crypto Mining

On May 25, the Inner Mongolia region has issued a 8-point measure to combat cryptocurrency mining.

The document is in line with the outcome of the 51st meeting of the Financial Stability and Development Committee of the State Council to combat Bitcoin mining and trading behavior, its authorities point out. It also forms a part of the region’s several safeguards for ensuring the completion of the “14th Five-Year Plan” energy consumption dual control target.

The draft “Eight Measures of the Development and Reform Commission of Inner Mongolia Autonomous Region on Resolutely Combating the Punishment of Virtual Currency “Mining” Behavior” is meant to “build a long-term regulatory mechanism, maintain market order, the big data industry environment and prevent financial risks,” it says.

The document is now open to the public for comments.

3. Several mining and exchange platforms stopped accepting users from mainland China

Digital assets mining and cloud service platform BitDeer announced to block all IP in mainland China from 14:00 (UTC+0) May 26, 2021. Huobi has previously announced a ban on new Chinese users opening contract accounts.

4. Sichuan to hold a virtual currency mining symposium

Sichuan Energy Regulatory Bureau will hold a symposium on June 2 to discuss the situation of virtual currency mining in Sichuan, the impact of the shutdown of virtual currency mining on the amount of abandoned hydropower in Sichuan, and the relevant situation of big data enterprises in the demonstration area of hydropower consumption.

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