Top-3 crypto trading platform – Huobi – reportedly created a task force aimed at cooperating with Chinese Communist Party. The new business branch will be based on the Chinese division of the platform. The company believes this move will help to get support from the leading party in the region.
As the company stated in the blog post, private companies in China have to follow the policy and practices of the Chinese Communist Party.
Notably, this is the first initiative of cooperation with Chinese government detected in the crypto sector. In fact, the Party's requirements read that the state-owned entities (at least 3 Communist Party members as employees) must create such committees, though this practice has been getting more popular among the private companies over the past years, as the media stated.
For reference, Beijing banned cryptocurrency trading. In this environment, many trading platforms decided to relocate businesses. Huobi, in its turn, keeps running consulting and research divisions in China, whereas crypto trading activities are performed from Singapore.
At the same time, local authorities keep promoting blockchain technologies. Specifically, it was reportedly released in August an book about distributed ledger for the officials.