China Is The Biggest Crypto Hub In East Asia Although Crypto Is Banned

China still holds the title of the largest cryptocurrency market in East Asia, with total transactions of over US$220 billion for the period between June 2021 and July 2022. This is even though all crypto transactions in the country were declared illegal and digital tokens were banned. Even the Chinese special administrative regions Hong Kong and Macau ranked No 4 and 5.

The Chinese central bank, the People's Bank of China, had announced last month it had succeeded in clamping down on crypto-related transactions. These bans actually began since 2013 and 2017 with institutions handling crypto transactions and ICO's becoming illegal. China is also the second-largest bitcoin miner second only to the US. Chainalysis ranks them 2nd in the 2022 crypto adoption index.