Hong Kong Rivals Mainland China in Crypto Volume Despite Smaller Size

Chainalysis report found crypto volume to Hong Kong recently rivaled mainland China despite much smaller population.

Hong Kong received $64B in crypto from July 2022-June 2023 while China received $86B.

Hong Kong actively promoting Web3 while China banned crypto in 2021.

Most China crypto activity still on centralized exchanges; Hong Kong is mostly DeFi.

Chainalysis says China bans ineffective; better to have clear crypto regulation than bans.