What's new in China or HK? Well, we all know that China wants to completely control HK in all possible ways, and if they want to kick crypto exchange companies out of that region, this is definitely a move that allows them to do so. However, I do not believe that their moves have any impact on other markets in Asia, and especially in Europe, which is light years away when it comes to human rights and freedoms.
After all, this is just a proposal that has already been opposed by many who are in any way connected with this sector - and it will all come down to how powerful China is to put its ideas into action.
I speculate that for the regulators to regulate, monitor and limit financial crimes made through the cryptospace, other countries will copy the Chinese model. The Biden administration also appears to be preparing for this.
The cryptocoin exchanges of today can be viewed as something very similar to the
bucket shops of 1870 - 1920. They were not regulated, markets were manipulated and there was many scams. Is this history repeating itself hehe?