Solana
Solana Co. Chairman Suggests China Could Eventually Re-Engage with Digital Asset Sector
Joseph Chee told the Wall Street Journal that China may eventually manage crypto access, though regulatory restrictions on trading and mining remain unchanged.
Joseph Chee, executive chairman of Solana Co. (NASDAQ: HSDT), told the Wall Street Journal that he believes China will eventually find a regulatory approach to manage cryptocurrency. Chee leads an entity focused on acquiring and holding SOL, a business model that would benefit from broader crypto market expansion.
Mainland China has maintained strict prohibitions on digital assets, having banned initial coin offerings in 2017 before prohibiting crypto transactions and cracking down on mining operations in 2021. Meanwhile, Hong Kong launched a licensing system for retail digital asset platforms in 2023, permitting operations such as OSL. Chee suggested Hong Kong could act as an observational testing ground for potential policy adjustments on the mainland.
The article notes that any future policy shift in Beijing could take restrictive forms rather than an open market. Potential frameworks include limiting access to licensed institutions under state oversight, restricting retail participation to holding rather than trading, or setting strict eligibility requirements. The Chinese government has made no official announcements regarding changes to its current bans, while SOL traded near $121 as of October 4.
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