I do not understand this move. Hong Kong is no longer independent. It is just an island off China. China was so against it, against crypto. And now it is being allowed? I do not get it.
It's not the first time that China has used a formally different jurisdiction of Hong Kong to experiment with something or to do some business ostensibly on behalf of Hong Kong's private banks. Hong Kong for them is like a big sandbox in which they build sand castles, which can then just as easily be destroyed.