中国的场外交易经纪人在今年上半年每季度都吸引了超过20亿美元的资金流入，这一规模在历史数据（追溯至2021年）上达到了创纪录的连续三个季度，并累计总额为75.4亿美元。根据Chainalysis的数据估计，这种资金流动趋势表明，在股市和房地产业态疲软的背景下，中国投资者对另类投资仍有显著需求。
从数据来看，通过场外交易（OTC）服务进行的加密货币兑换活动显示了一种非公开且私密的方式，无需在公开的订单簿上进行交易所完成人民币与代币间的转换。同时，还有私下一对一的P2P交易形式供投资者直接使用。对此，Chainalysis的研究人员表示，考虑到中国现行对数字货币交易和开采的禁令，这些服务往往处于经济政策的灰色地带。
据估计，进入中国的OTC交易平台的资金中，约有55%来源于超过100万美元的转账，但具体是大额个人投资者还是企业代表小客户进行的交易尚无法从数据中明确得出。对此类趋势的预测，在当前监管情况下看来，如中国对加密货币政策更为友好，则服务规模可能会持续增长。
在中国国内，一系列发展迹象显示了加密活动仍在继续存在和发展。例如，据报道，俄罗斯商品公司与中国的客户已经开始利用数字货币进行跨国交易；同时，为了拦截大量非法外汇交易，近期北京、吉林省以及成都市均展开了大规模的反洗钱行动。
此外，去年FTX交易所破产事件中的债权人报告揭示出了中国用户对加密交易平台的使用情况，并有业内人士描述了在遵守官方限制的同时，寻找规避方法的做法。区块链情报公司TRM Labs的政策顾问Jia指出，尽管中国政府已经加强对加密犯罪和反洗钱法规的执行力度，但鉴于行业本身跨国界的特性，此类禁令实施起来并不容易。
中国香港允许数字资产交易，并且已在去年年底转变为推动形成一个加密中心的战略方向；然而，对于中国大陆而言，外界普遍认为短期内不会解除官方对数字资产的限制。同时，根据规定，中国的公民在获得香港地区的数字资产投资上面临限制。
与此同时，中国政府近期推出了一系列旨在支撑经济发展的政策举措，并试图提振低迷中的股市。尽管如此，地下需求对加密货币曝光度的影响仍然存在疑问。在过去一年中，中国主要股票指数下跌了10%，但同期加密货币价格却上涨了约140%。
整体而言，中国的数字资产领域正经历着复杂的监管与市场需求之间的平衡挑战。一方面，政策支持旨在缓解经济压力并促进股市复苏；另一方面，地下活动仍然在继续，并且在一定范围内满足了对数字资产的需求。这种双重态势反映了中国加密市场面临的独特局面和挑战。
新闻来源：www.bloomberg.com
原文地址：China’s Crypto Brokers Attract Inflows as Economy Struggles
新闻日期：2024-09-24
原文摘要：
China’s over-the-counter brokers are attracting unprecedented inflows, a study shows, reflecting a hunger for alternative investments amid weak equity and property markets in a .The inflows topped $20 billion in each of the three quarters through June — a record streak in data going back to 2021 — for a cumulative total of $75.4 billion over the nine-month span, according to estimates from . The figures add to evidence of ongoing Chinese crypto demand despite Beijing’s three-year-old on digital-asset trading over risks such as currency outflows and money laundering. OTC services offer a discreet method of swapping yuan for tokens without transacting on an exchange with a public orderbook. Another secretive option is peer-to-peer trading where investors transact directly.“Given the regulatory context in China, including the ban on trading and mining of cryptocurrency, these services invariably fall in a gray zone of the economy,” said , the cybercrimes research lead at Chainalysis. It may be that Beijing’s proscription on crypto is loosely enforced, he added.Chainalysis said about 55% of the total value received by China OTC traders comes from transfers worth more than $1 million. It isn’t possible to glean from the data whether the transfers are from wealthy individuals or businesses transacting on behalf of smaller customers, the consultancy added.“Unless the regulatory situation in China becomes more favorable toward crypto, I would expect services like these to continue to grow over time,” Jardine said.A variety of developments point to continuing crypto activity in China. For instance, Russian commodities firms and Chinese clients have used digital assets to , according to people familiar with the matter who asked not to be identified as the information isn’t public.Elsewhere, a spate of to stem billions of dollars in illicit foreign-exchange transactions highlighted the use of crypto. The raids spanned Beijing, the northeastern province of Jilin and Chengdu city in the southwest.Last year, there were of Chinese crypto trading in the creditor profile of the collapsed FTX exchange, citizens who said they used crypto platforms and depictions by industry insiders of workarounds to Beijing’s restrictions. “We have seen Chinese authorities move to crack down on crypto-enabled crime and tighten anti-money laundering laws, but the reality is that these bans are difficult to enforce given the borderless nature of the industry,” said , senior policy adviser at blockchain intelligence firm TRM Labs.Digital-asset trading is allowed in Hong Kong, which pivoted in late 2022 toward creating a crypto hub. But few if any commentators see Beijing easing up on the official curbs on the mainland. Regulations also prevent Chinese citizens from readily accessing crypto investments in Hong Kong.China’s central bank on Tuesday unleashed a of policy support for the economy. Officials are also taking steps to bolster an ailing stock market. It remains to be seen if such measures curb underground demand for crypto exposure. has jumped about 140% in the past 12 months, compared with a 10% drop in China’s benchmark equity index over the same period.
