A Framework of Analysis of Crypto Asset Related Policy in China from a
Perspective of Global Financial Competition
--On The Strategic Choices of Greater Bay Area
Kai Li
(School of Economics, Shenzhen Polytechnic University, Shenzhen Guangdong, 518000)
Abstract:From the perspective of major-power financial competition, this paper proposes ananalytical framework for examining crypto-asset policies with jurisdictional entities as the unit ofanalysis. Based on this framework, the strategic value and potential for synergy within theGuangdong-Hong Kong-Macao Greater Bay Area are discussed. The framework encompasses dimensions such as regulatory legal systems and policy innovation tolerance, financial consumersophistication, financial data concentration and information transparency, regional informationtechnology maturity, barriers to entry for new financial industry participants, and fintech talentattractiveness. The analysis reveals that weak innovation tolerance and low financial consumersophistication determine that crypto-asset policies in the nine mainland cities of the Greater BayArea will be strictly regulated, with limited room for innovation. Hong Kong exhibits higherpolicy innovation tolerance but needs to enhance policy stability and predictability. Regionalinformation technology maturity and fintech talent attractiveness pose more severe challenges,while the most unfavorable factor is the high barrier to entry for new financial industryparticipants. Macao can create room for innovation in crypto-asset industry development throughlegislation; its relatively small local population and high resident income serve as favorablesupporting conditions, while its lower barriers to entry in the financial industry can effectivelycompensate for Hong Kong's shortcomings.
Keywords:Crypto Asset; Financial Regulation; Guangdong Hongkong Macau Greater Bay Area;Policy Framework; Innovation Ecosystem
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