This weekly roundup of news from Mainland People's republic of china, Taiwan, and Hong Kong attempts to curate the industry's nigh important news, including influential projects, changes in the regulatory landscape, and enterprise blockchain integrations.

Is China banning crypto over again?

FUD watchers got a glimpse of an old favorite as three authorities bodies in Mainland china, including the Cathay Internet Finance Association, the People's republic of china Banking Association and the Mainland china Payment and Immigration Association re-warned the public nigh the risks of investing in cryptocurrencies. This dates dorsum to a 2017 ruling that all exchanges must close and a 2018 ruling on ICOs. But is information technology actually illegal?

For starters, these types of announcements are a good indication that cryptocurrencies are starting to flare up in popularity. Whenever speculative digital assets brainstorm to grab headlines and seep into more mainstream culture, these warnings and reminders are common as a method of discouraging more open adoption.

Last year it was established that owning virtual currencies was not in itself illegal, only that virtual currencies could not exist used as legal tender. Even though exchanges are supposed to exist illegal, numerous exchanges operate inside the country, even partnering with government organizations in costless trade zones and hosting large events. At that place is very much an understanding of beingness free to innovate, every bit long as it doesn't start breaking other laws, such as money laundering, fraud or aiding capital flight. If non for this convenient truth, there probably wouldn't exist much of a column left for Our Human in Shanghai to write about.

FUD leads to epic crash

The Red china FUD seemed to be the tipping bespeak as people's fears of a 2018-similar bear market began to seem existent. "Cryptocurrency crash" became some of the hottest keywords on the Chinese internet, showing up 3rd on the trending list of both search engine Baidu and micro-blogging platform Weibo. An asymptomatic COVID-19 case in central Anhui province took the number one spot, in case anyone was wondering.

Bank not Nervos well-nigh regulations

The Nervos Foundation has launched an innovation fund with CMB International, a wholly-endemic subsidiary of Mainland china Merchants Banking company. Mainland china Merchants Depository financial institution is one of the top 10 banks by holdings, with over 84,000 employees. The articulation fund is intended to kickstart ecosystem building on top of Nervos and provides strong validation for the Hangzhou-based blockchain network.

Source: Earth Digital Avails Summit

Shanghai's big event

If yous were looking to meet pinnacle blockchain influencers and projects in China this week, odds are Shanghai was the best identify to find them. The Bellagio hosted the World Digital Assets Summit, a glamorous upshot which featured panels, keynotes, charity auctions, and banquets for many of the top projects and VCs in the infinite. The offline events calendar is dorsum in total force in China, which has managed to avoid the major lockdowns faced by many other countries in 2021.

Huobi ventures into $100 one thousand thousand fund

Huobi Group, which owns the height cryptocurrency commutation by the same proper noun, set upwards an investment arm on May 14th. This fund volition primarily target projects that support NFTs, gaming, and Huobi's very own smart chain, HECO. Huobi Ventures volition inject $100 1000000 into projects via strategic investments and mergers and acquisitions over the next 3 years.