Crypto activities in China flourishing despite gov’t ban


For months, finance and investment regulators in China have been on a rampage, blacklisting anything related to cryptocurrency. Crypto exchanges were stopped from breaching the great digital wall of China. More recently, authorities have been monitoring communications on social media sites like WeChat and Alibaba, and anyone found to be conversing about the controversial and banned topics, including cryptocurrency, was to be reported to the authorities. However, a new startup in China is braving the regulatory forces in the country as it launches crypto custody services in the largely crypto resistant country.

South China Morning Post reported that Shanghai‐based startup InVault found a way around the regulatory bottleneck and will be offering its services to Asian‐based crypto exchanges. Commenting on the rising need for exchange‐focused custodial services, InVault founder Kennet Xu told SCMP: “Today, the vast majority of cryptocurrency exchanges globally still involve their senior management in managing the transfer of digital tokens ordered by clients. Putting the private keys to your cryptocurrency assets in the hands of senior management is akin to putting all your money in their control.”

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