According to Cointelegraph, Hong Kong's recent progress in the cryptocurrency field could bring "potential boost" to cryptocurrency activities in East Asia. Since 2019, the region has been mainly affected by China's comprehensive ban on trading activities. A report by Chainalysis shows that as of June 2023, the value of cryptocurrencies in East Asia accounted for 8.8% of the world, ranking fifth. However, Chainalysis said that Hong Kong's recent moves may help increase this number. Despite its small population, Hong Kong is already a "very active cryptocurrency market" in terms of raw trading volume. Between July 2022 and June 2023, the market received approximately $64 billion in cryptocurrencies, while China received $86.4 billion, even though Hong Kong's population is only 0.5% of mainland China.