Crypto News From Asia: Aug. 24-31 in Review

In the crypto space in Asia last week, new data concerning Bitcoin use in Hong Kong shows that residents are using crypto to hedge against the possibility of capital restraints, while the Japanese Financial Services Agency is undertaking new regulatory actions.

Here is the past week of crypto and blockchain news in review, as originally reported by Cointelegraph Japan.

On Aug. 31, Cointelegraph Japan reported that Leo Wies, chairman of the Bitcoin Association of Hong Kong, said that he is buying Bitcoin because of his fear of possible future capital restrictions.

According to Wies, more Hong Kong residents are buying BTC as local unrest intensifies.

Still, he believes that buying Bitcoin is not a sign of protest, but is rather a way to prevent capital lock-in as the possibility of local authorities introducing capital control becomes ever more tangible.

Wies said, "It is better to buy Bitcoin now rather than buy it later."

Localbitcoins competitor Hodl Hodl, a peer-to-peer Bitcoin exchange, announced changes to the platform to allow Chinese users on Aug. 27.

Per the announcement, the platform changed its captcha system to allow access through the Chinese censorship firewall, translated almost all the website to Chinese and launched support in Chinese.

The FSA requires system development including supervision and monitoring to respond to crypto asset margin trading, initial coin offerings, hot wallet management and new regulations on wallet companies.

Shimohiro Shimo, the representative director of Japanese blockchain firm Consensus Base, commented on Facebook's Libra stablecoin and major crypto exchange Binance's Venus project in an interview with Cointelegraph Japan.