The best police agency in China has established its first official way to sell currencies that he holds in criminal cases. This step tends to have licensed trading platforms in Hong Kong. It allows Beijing to seize Bitcoin and Ethereum to Yuan without alleviating his own ban on encryption at home.
Hong Kong encryption exit
According to a report on technology in Asia, the Chinese Public Security Office cooperated with Exchande Beijing Equity to sort these sales. Hong Kong organized stock exchanges will deal with trading. Third -party agencies will implement deals, then hand over the yuan to government accounts. It is an elegant repair of a problem that left the seized money stuck in digital portfolios without a clear exit plan.
The strict ban of the main righteousness
China still prohibits all encryption trading and mining on the mainland. The new sales plan does not change that. It simply clicks on the Hong Kong bases, which allows the licensed companies to serve adult investors and retailers qualified. In this way, Beijing can maintain its hardline position while moving the piles of large metal currencies quietly.
Dealing with the large currency hideout
The application of law in China now has about 194,000 Bitcoin and 833,000 Ethereum from the last bust. These numbers add quickly. Storing a lot of coins carry security headaches and papers. Reports reveal that selling them in one can shake the markets. Using organized places, powers get clear records and reduce the risk associated with nursery in the long run.
Total crypto market currently valued at $3.28 trillion on the daily chart: TradingView.com
The global context of seizures
Other countries are struggling with the same dilemma. The United States government is approximately $ 200,000 with a value of about $ 16 billion in Darknet and criminal investigations. According to reports, the UK has about 61,000 Bitcoin that has been seized in fraud cases. The new China frame can offer a template to anyone who prohibits or limits encryption but still needs to exchange coins.
China’s preparation highlights how “one country, two systems” can play in financing. The main righteous rules remain narrow. But Hong Kong, with its own laws, becomes the way. This division allows Beijing out of home battles about lifting the ban, however it still takes advantage of global markets when it suits them.
Officials say the plan’s wipes have seized metal currencies from the blood circulation, instead of leaving a new trade. They argue that it fits the current Crypto control rules. However, some market monitors say that the flow of hundreds of thousands of coins can still extend across the broader market, even on licensed exchanges.
Also, give this step to highlight the increasing role of Hong Kong in the world of encryption. The city has released more than ten licenses for exchanges since the bases of digital assets were launched. Now it will be the right place not only for investors, but for law enforcement that is looking to convert large blocks of bitcoin and ether into cash.
Distinctive image from the Hong Kong Tourism Council, the tradingview chart
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