According to a report by crypto analysis company Chainalysis, China's over-the-counter cryptocurrency transactions attracted $75 billion, and about 55% of over-the-counter cryptocurrency transactions exceeded $1 million. According to US media reports, Chinese cryptocurrency traders have turned to over-the-counter (OTC) transactions.

The study found that about 55% of over-the-counter cryptocurrency transactions in China were worth more than $1 million, but it was unclear whether those transactions were conducted by individuals or businesses.

However, according to a senior policy advisor at blockchain intelligence firm TRM Labs, it may be difficult for Chinese regulators to oversee international payments.

“We’ve seen China take action to crack down on crypto crime and strengthen anti-money laundering laws, but the reality is that these bans are difficult to enforce given the borderless nature of the industry,” she said.

Hong Kong approved its first bitcoin spot ETF in April as it strives to become a cryptocurrency hub to rival global rivals Dubai and Singapore, both of which have attracted a large number of cryptocurrency companies in recent years.