Crypto's Global Surge: Mapping China's Stance

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Authors: Han Kun Law Offices Yin Ge丨Marshall Liu Part 1: The worldwide wave of virtual asset trading The period from 2022 to early 2023 witnessed a profound slump in the cryptocurrency market, as the collapse of FTX and U.S. regulatory scrutiny into Binance and Coinbase negatively impacted sentiment. Bitcoin, the bellwether of virtual assets, plunged in price to US$20,000, dragging down the global virtual asset trading industry. Skepticism and disillusionment mounted over this type of digital financial product, with its value proving notoriously elusive. A growing chorus of voices declared the dawn of a crypto ice age, with many convinced that the sector had entered an irreversible decline. Yet, 2023 marked a striking turnaround. As multiple jurisdictions adopted more lenient regulatory stances toward virtual assets, coupled with rising global inflation and geopolitical safe-haven demand, institutional investors accelerated their entry into the digital asset market. This influx ignit ………………………………