Analysts say China-related tokens such as VeChain and Neo have been serving as proxy bets on Hong Kong's bid to become an Asian crypto hub.
"Especially for retail and fast money circles, VeChain and Neo are seen as proxies for Asian demand. Neo, for example, is known colloquially as 'Ethereum of China,'" Wintermute analysts told The Block.The analysts said Hong Kong's efforts to establish itself as a cryptocurrency hub in the East may have contributed to Neo's outperformance and notable flows into VeChain and Conflux.
According to Bloomberg, citing people familiar with the matter, a subsidiary of Chinese asset manager Harvest Fund Management Company is expected to clinch approval to operate as an issuer of a bitcoin and an ether fund. In addition, a partnership between Bosera Asset Management Co. and HashKey Capital will likely receive approval to offer both types of spot exchange-traded funds in Hong Kong.
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