China has outright banned it at various times. USA has taken legal stances against things like tornado cash, but never anything close to the broad strokes of banning that the Chinese government has done. If anything the slowness and deliberateness of USA regulators to respond has enabled the entire worldwide crypto economy to flourish.

So China is now going to "roll out the red carpets" for crypto exchanges? Yeah right.

> So China is now going to "roll out the red carpets" for crypto exchanges? Yeah right.

The "this is good for bitcoin" crowd never ceases to entertain.

CCP doesn’t want crypto due to risk from capital flight and monetary control in China. Hong Kong has no such risks given its freer capital control. The only thing non-free that CCP care is speech.

Well, HK is also a conduit of money entering and leaving China, so if people start using crypto for that then China will crack down, the same way they cracked down on the Macanese money-laundering via casinos.

Depends on if you mean officially or unofficially, from what I can gather.

When used by their own citizens.