China declares success over cryptocurrency – Is this the end of the crackdown?

<p>The People's Bank of China issued a report announcing that steps to combat digital asset fraud have been accomplished. Will NFTs and GameFi thrive in the regulatory aftermath?</p> <p>This weekly compilation of news from Mainland China, Taiwan, and Hong Kong seeks to compile the industry's most relevant news, including key projects, regulatory changes, and business blockchain integrations.</p> <p>The regulators have triumphed</p> <p>Following a stormy summer of crackdowns, Chinese regulators have declared triumph in eliminating illegal cryptocurrency trading activity in the country. This discovery was made in the forecast part of the People's Bank of China's "China Financial Stability Report 2021," which was released on September 3.</p> <p>The section titled Major Achievements in the Battle to Prevent and Defuse Major Financial Risks emphasises that regulatory work in internet asset management, equity-based crowdfunding, internet insurance, virtual currency trading, online foreign exchange trading, and other areas has been largely completed.</p> <p>While this may appear to be a huge negative for the business, most projects and companies in China are now breathing a sigh of relief. The end of the crackdown means that businesses will have a little more breathing room to operate without fear of legal repercussions.</p> <p>China's public blockchain business, or what's left of it, will no longer have to operate in the shadows. There is also anticipation that future editions of Shanghai Man's columns would focus more on development and innovation and less on crackdowns.</p> <p>The mining industry bore the brunt of the regulators' wrath, while exchanges and brokers are clearly turning away from China in the long run. Players such as ByBit and Amber have already stated that they do not allow Chinese users, which might be a trend in the future if the hazards of doing business in China do not outweigh the profits. Bigger firms like Binance and FTX will have far bigger decisions to make, but for the time being, the