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China’s Hainan Expects to be Crypto Asset Trading Pilot, Says Deputy Governor of Hainan Province

Avatar Vincent He

  On December 1, Hainan international offshore innovation demonstration zone construction and blockchain · digital asset trading technology innovation forum was held in Hainan, a southern province of China.

Speaking at the forum, the deputy provincial governor of Hainan province called for accelerating the innovation of blockchain technology and industry.

“What to do next in blockchain and digital asset trading is not clear, but we hope that Hainan will become the center of offshore innovation and entrepreneurship demonstration zone, the center of national blockchain research and application demonstration as well as the national digital asset trading demonstration zone.”

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Hainan will actively promote financial opening policies including cross-border investment and financing. Building a high-end financial service industry cluster and making financial management a bright name for Hainan’s Sanya as soon as possible.

The forum also held the unveiling ceremony of Hainan international offshore innovation and entrepreneurship (Sanya) pilot area. At the signing ceremony, the first batch of settled enterprises OK group signed a strategic cooperation agreement with Sanya City. OK group announced that it would set up a blockchain offshore digital asset trading laboratory in Sanya, and subsequently build blockchain big data research institute, blockchain innovation application research and development center. At the same time, it established Asia-Pacific headquarters to accelerate the innovation of blockchain technology and industry.

On October 8, 2018, China’s first blockchain pilot zone officially opened in Haikou, Hainan, Xinhua reported. Some of China’s tech players have already moved to Hainan and set up blockchain-related divisions. Huobi, world’s leading cryptocurrency exchange, has moved its headquarter of Huobi China and its global operating center to Hainan on September 28, 2018, settling in Hainan Ecological Software Park. AI and search engine giant Baidu registered subsidiary Dulian Internet Technology in the island province back in August. Although Baidu hasn’t specified whether it will belong to the blockchain pilot zone, Dulian will specialize in blockchain tech development as well as online games.

According to the release, Huobi’s plan is to move its domestic headquarters to the Haikou pilot zone, set up a blockchain incubator, and create “a billion-dollar global blockchain industry fund.” Huobi is currently operating only in a consulting and research capacity in China due to China’s infamous crypto crackdown.

Hainan is not the only area in China included in the country’s national plan to make rapid advancement in the field of blockchain. Shenzhen has approved Huobi, one of the largest crypto exchanges in China whose technology department to settle in a technology park.

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