China’s Return to Crypto Could Trigger the Next Super Cycle, Solana CEO Says

China could become a major driver of the next crypto market cycle if it finds a way to reopen access to digital assets. Solana Company CEO Joseph Chee says Beijing is using Hong Kong to test crypto regulations. 

Meanwhile, China’s reported Bitcoin holdings and mining activity show why any policy shift could matter to the global market.

China Uses Hong Kong to Test Crypto Rules

In a recent interview, Joseph Chee, CEO of Solana Company, said that China cannot afford to ignore blockchain technology despite its restrictions on cryptocurrency trading.

“They are using Hong Kong as the region to test how the technology will be implemented and are going to find ways to manage it.” 

Beijing continues to use Hong Kong as a testing ground for Web3 development. Hong Kong is approving regulated spot ETFs, tightening audit rules for virtual asset service providers (VASPs), and developing stablecoins such as HSBC’s RedCoin. 

This approach could help mainland China study how crypto markets operate under tighter rules before deciding whether to expand access.

Chee believes that if China allows more crypto trading and blockchain use, the impact could be significant.

“I think the crypto is going to go through another super cycle.”