China Intensifies Crypto Crackdown as Police Halt Blockchain Event

What began as a high-energy community event quickly took an unexpected turn. The Solana Accelerate APAC conference in Shenzhen was forced to end early after police arrived on-site, citing overcrowding concerns. Local outlet South China Morning Post reported that an investigation was launched following the incident.

Organizers described the turnout as “beyond expectations,” noting that the venue was overwhelmed by the number of attendees eager to participate. While officials have not linked the intervention to the event’s crypto focus, the timing has stirred unease across China’s blockchain circles – many fear the episode could foreshadow renewed scrutiny of digital assets on the mainland.

Beijing’s Message: Crypto Still Unwelcome

Adding to the tension, Pan Gongsheng, Governor of the People’s Bank of China, issued a fresh warning this week about stablecoins, saying they remain far from meeting standards on compliance, identity verification, and anti-money-laundering controls. His remarks, delivered during the Financial Street Forum in Beijing, signaled that Beijing’s position on digital assets remains largely unchanged since its sweeping bans on crypto trading and mining.

For many observers, the comments and the Solana event shutdown together illustrate how China’s policy remains one of containment – tolerating blockchain development in theory, but rejecting any token-related activities in practice.

Hong Kong Embraces Digital Asset Innovation

Just across the border, the story looks very different. Hong Kong’s Securities and Futures Commission (SFC) has approved the city’s first Solana (SOL) spot ETF, developed by China Asset Management (ChinaAMC). This milestone makes Solana the third cryptocurrency, after Bitcoin (BTC) and Ethereum (ETH), to gain spot ETF recognition in the region.

The approval is part of Hong Kong’s broader ambition to position itself as a global hub for compliant digital-asset investment. While mainland China maintains a hardline approach, Hong Kong’s regulators continue opening the door to innovation – a strategy that is gradually making the city Asia’s most crypto-friendly jurisdiction.

Diverging Paths

The simultaneous crackdown in Shenzhen and approval in Hong Kong highlight two competing visions for crypto in China’s orbit: one rooted in control and caution, the other in experimentation and openness.

For Solana, the contrast is symbolic – a reminder that while the blockchain’s community can draw massive enthusiasm in China, its true regulatory home may be just a few kilometers south.

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