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That theory would help explain what’s happening in Hong Kong. The city has made very public steps to establish itself as a digital asset hub of Asia, if not the world. Hong Kong and China operate as “one country, two systems,” and Hong Kong’s relatively welcoming stance toward crypto has at least some degree of approval from Beijing. Letting crypto thrive in Hong Kong, if not the mainland, is a way for China to stay in the game while mitigating the risks.