VeChain nonetheless common in China, crypto media shutdown and OKEx goes world – Cointelegraph Magazine

This weekly roundup of stories from Mainland China, Taiwan, and Hong Kong makes an attempt to curate the trade’s most vital information, together with influential initiatives, adjustments within the regulatory panorama, and enterprise blockchain integrations.  

It’s been over half a 12 months because the crackdowns started in China and stress from the top-down authorities continues to be being enforced. Most initiatives working from inside China are discovering methods to skirt laws by specializing in the technological side, however few are in a really enviable place. Among different points, discovering gifted people to rent will definitely change into harder as conservative-minded native residents may have considerations about security and the sustainability of the trade. 

At dwelling with new insurance policies

Some initiatives, like VeChain, are utilizing the chance to give attention to their blockchain-as-a-service know-how and are properly positioned to proceed operations. Blockchain has at all times been considered as an vital know-how for China, particularly when used for issues like meals security and different socially-responsible functions.

Last week the good contract platform boldly attended China’s acclaimed International Import Expo, the place it confirmed off its traceability system alongside long-term companions PwC. The expo was even greater than typical this 12 months as a consequence of this marking the twentieth anniversary of China becoming a member of the WTO. Chinese president Xi Jinping gave a speech through video to rejoice the opening of the expo, noting as typical how China is efficiently opening up and growing. 

During the 4th #CIIE, VeChain joined @PwC within the dialogue round Air Trace. We are proud to attend this grand occasion and showcase our benefit in low code blockchain growth, which is able to energy extra important digital initiatives sooner or later. 🤝 #CIIE2021 pic.twitter.com/jUb3HeUz5D

— VeChain Foundation (@vechainofficial) November 9, 2021

Enterprise options on public blockchain had been all the trend just a few years in the past, however now fewer and fewer rivals to VeChain exist, as most have pivoted to DeFi options or just gone quiet. The actual problem might be to persuade China’s organizations to undertake a really public resolution, moderately than a consortium mannequin with out all of the decentralized bells and whistles.

Tech giants equivalent to Alibaba and JD.com have their very own non-public options which can be simply shut sufficient to true blockchain know-how for public officers to gloss over the small print.

Turning a brand new leaf

The gossip columns had been abuzz after OKEx founder Star Xu’s LinkedIn standing all of the sudden displayed he was in San Francisco. The chief of the second largest change by quantity had been below scrutiny this 12 months contemplating the cruel laws coming in direction of exchanges. His abrupt arrival within the US signifies that OK Group is critical about its divorce from China, and can have the ability to goal new markets with out concern of disruptions from regulation enforcement. OKEx has loved robust development previously few months at the moment are pushing laborious on the GameFi and NFT segments, hoping to achieve an edge over the competitors. 

Huobi, however, appears to be inserting its bets on Singapore, the place it hopes to rebound after a rocky third quarter of 2021. Huobi Global introduced it was exiting the nation, opening a path for Huobi Singapore to make a compliant entrance.

Users may have until March of subsequent 12 months to change to the Huobi Singapore service, at which level their Global accounts might be closed. Singapore has been a secure haven for lots of the trade’s largest gamers, leaning on a progressive regulatory atmosphere, prime quality of life, and a multi-cultural ambiance for each English and Chinese audio system to really feel at dwelling. 

Continued crackdown on media and mining

On October 13, prime blockchain media corporations obtained discover from the Cyberspace Administration of China ordering them to cease their operations. Among them had been ChainNews and Block123, two of the extra established platforms.

Servers on Alibaba Cloud reduce off related providers, turning off the APP and internet web page. Twitter and Telegram channels had been naturally not affected, making abroad shops one of many few locations the place Chinese customers might go for data. This requires some further networking instruments to get across the nice firewall, however ought to have the supposed results of eliminating extreme retail hypothesis whereas permitting the true tech adopters to nonetheless participate. 

In different regulatory information, the Chinese authorities has warned State-owned enterprises to avoid cryptocurrency mining actions. Many public providers, equivalent to electrical corporations, telephone corporations, and oil corporations nonetheless are owned and operated by party-backed organizations.

Jobs inside these enterprises supply numerous perks with advantages and stability, however typically include decrease salaries than the non-public sector. Corruption and under-the-table offers had been historically a straightforward manner for these workers to spice up their earnings, however since Xi Jinping took workplace and made anti-corruption a key subject, the chance of publicity has shot by way of the roof. Already, one official from Jiangxi has fallen sufferer to those crackdowns, and been expelled from the occasion and workplace.