{"id":9008,"date":"2021-09-09T20:11:38","date_gmt":"2021-09-10T00:11:38","guid":{"rendered":"https:\/\/cointelegraph.com\/magazine\/?p=9008"},"modified":"2021-09-09T20:11:38","modified_gmt":"2021-09-10T00:11:38","slug":"shanghai-man-billionaires-buying-crypto-punks-arbitrum-finding-traction-and-blockchain-powered-stock-markets-2","status":"publish","type":"post","link":"https:\/\/cointelegraph.com\/magazine\/2021\/09\/09\/shanghai-man-billionaires-buying-crypto-punks-arbitrum-finding-traction-and-blockchain-powered-stock-markets-2","title":{"rendered":"Shanghai Man: China declares victory over crypto \u2014 Is this the end of the crackdown?"},"content":{"rendered":"

This weekly roundup of news from Mainland China, Taiwan, and Hong Kong attempts to curate the industry\u2019s most important news, including influential projects, changes in the regulatory landscape, and enterprise blockchain integrations.\u00a0\u00a0<\/span><\/i><\/p>\n

Victory for the regulators<\/span><\/h4>\n

After a tumultuous summer of crackdowns, the Chinese regulators are declaring their victory in eliminating illegal cryptocurrency trading activities in the country. This revelation came in the outlook section of the “China Financial Stability Report 2021<\/a>” released by the People’s Bank of China on September 3. <\/span><\/p>\n

In the section titled <\/span>Major Achievements in the Battle to Prevent and Defuse Major Financial Risks<\/span><\/i>, it emphasizes that regulatory work in internet asset management, equity-based crowdfunding, internet insurance, virtual currency trading, online foreign exchange trading, and other areas has been basically completed.\u00a0<\/span><\/p>\n

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The lengthy report from the PBOC declares victory on the crackdown on digital assets. Source: http:\/\/www.pbc.gov.cn\/goutongjiaoliu\/113456\/113469\/4332768\/2021090315580868236.pdf<\/figcaption><\/figure>\n

While this might sound like a giant negative for the industry, most projects and companies in China are now breathing a sigh of relief. The end of the crackdown means that companies can have a little more breathing room to operate without fear of legal action. <\/span><\/p>\n

China\u2019s public blockchain industry, or what\u2019s left of it, will no longer have to exist in the shadows. There\u2019s also hope that upcoming editions of Shanghai Man\u2019s columns will feature more discussion about development and innovation, and less about crackdowns.<\/span><\/p>\n

 <\/p>\n

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\n\t\t\t\t
\n \n
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\"Fan<\/div><\/a>\n <\/div>\n
\n
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Fan tokens: Day trading your favorite sports team<\/a><\/h3>\n
<\/i> October 7, 2021<\/a><\/div><\/div>\n <\/div>\n <\/div>\n\t\t\t\t<\/article>\n\t\t\t\t<\/div>
\n\t\t\t\t
\n \n
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\"Icelandic<\/div><\/a>\n <\/div>\n
\n
\n

What it\u2019s like when the banks collapse: Iceland 2008 firsthand<\/a><\/h3>\n
<\/i> October 5, 2021<\/a><\/div><\/div>\n <\/div>\n <\/div>\n\t\t\t\t<\/article>\n\t\t\t\t<\/div>
\n\t\t\t\t
\n \n
\n
\"Crypto<\/div><\/a>\n <\/div>\n
\n
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Crypto City: Guide to Tokyo<\/a><\/h3>\n
<\/i> October 1, 2021<\/a><\/div><\/div>\n <\/div>\n <\/div>\n\t\t\t\t<\/article>\n\t\t\t\t<\/div>
\n\t\t\t\t
\n \n
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\"Before<\/div><\/a>\n <\/div>\n
\n
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Before NFTs: Surging interest in pre-CryptoPunk collectibles<\/a><\/h3>\n
<\/i> September 27, 2021<\/a><\/div><\/div>\n <\/div>\n <\/div>\n\t\t\t\t<\/article>\n\t\t\t\t<\/div>
\n\t\t\t\t
\n \n
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\"Bitcoin<\/div><\/a>\n <\/div>\n
\n
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Bitcoin ledger as a secret weapon in war against ransomware<\/a><\/h3>\n
<\/i> September 16, 2021<\/a><\/div><\/div>\n <\/div>\n <\/div>\n\t\t\t\t<\/article>\n\t\t\t\t<\/div>\n <\/div>\n <\/div>\n

 <\/p>\n

Most of the damage from regulators impacted the mining space, although exchanges and brokers are definitely shifting away from China long-term. Players like ByBit and Amber have already announced they don\u2019t accept Chinese users, which might be a trend going forward if the risks of doing business in China don\u2019t balance out with the rewards. Bigger players like Binance and FTX will have much bigger decisions to make, but at the moment, aren\u2019t shying away from onboarding and servicing Chinese users.\u00a0<\/span><\/p>\n

From Sichuan to San Antonio<\/span><\/h4>\n

After winding down operations in China, many large mining companies began seeking greener pastures overseas. Since Texas governor Greg Abbot tweeted that Texas would become a crypto leader, many cryptocurrency mining companies have moved to the Lone Star state in search of regulatory stability.\u00a0<\/span><\/p>\n

 <\/p>\n

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It's happening!<\/p>\n

Texas will be the crypto leader.<\/p>\n

Cryptocurrency is now coming to Texas grocery stores.<\/p>\n

H-E-B is putting cryptocurrency kiosks into some Texas grocery stores.#cryptocurrency<\/a> @HEB<\/a> https:\/\/t.co\/e4CNsSbd0s<\/a> via @chron<\/a><\/p>\n

— Greg Abbott (@GregAbbott_TX) June 19, 2021<\/a><\/p><\/blockquote>\n