Two years ago, the Chinese government issued a sweeping crackdown on cryptocurrencies and initial coin offerings (ICOs), which has shifted the trajectory of blockchain development in China.

The red tape around the blockchain industry has driven some to more lenient markets and others to exit. The Chinese government has taken a more proactive role in regulating blockchain technology while simultaneously expressing its support for blockchain.

“Blockchain is the first piece of technology where innovation is happening not only in the US but also at the same time in China,” said Sarah Zhang, founder of Points (PTS), at the Emerge by TechNode conference yesterday.

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Nicole Jao

Nicole Jao is a reporter based in Beijing. She’s passionate about emerging trends, news, and stories of human interest within the world of technology. Connect with her on Twitter or via email: nicole.jao.iting@gmail.com.