Hainan’s efforts to build a blockchain hub are attracting many who hope to get in on the action.
Government initiatives and policies to create a less hostile blockchain space in China have led to an influx of money and companies, old and new. The blockchain hub incentives offer a window of opportunity to those firms previously banished from the domestic market in the crypto purge of 2017.
President Xi’s October remarks on the significance of blockchain and the continued talk of a digital fiat currency elevated excitement surrounding the technology.
Hainan, China’s smallest and southernmost province, found itself in the middle of the newfound blockchain fervor. In December, the Hainan government announced a series of new measures to attract talent and funding to boost the adoption of the technology. The government also inked multiple partnerships with countries along the Belt and Road at the Hainan Free Trade Port International Cooperation Forum on Digital Economy and Blockchain in the provincial capital Haikou.
Blockchain and digital asset firms are also taking notice of the opportunities. Tech companies and startups are flocking to Hainan. Those previously forced out of the sector see a window of opportunity to gain legitimacy.