Alibaba New Chairman Joseph Tsai Raises Crypto Hopes in China

The shuffle in the important position of Alibaba is also associated with China’s stance on the crypto industry. The latest appointed chairman Joseph Tsai has already shown his interest in the crypto field. His tweet in 2021 that ‘I love crypto’ shows his vocal nature about virtual currency.

His interest in the Web3 platform is just not highlighted by the tweet but also with the investments he had made in 2022. He was a minority shareholder in FTX, and his involvement with Fast Break Labs fundraise and Artificial lab is enough to reveal his interest in the field.

Tsai Involved in Investments Related With Crypto

His major investment in the football teams, Premier Lacrosse League and Los Angeles FC, shows his involvement in the virtual currency industry. Premier Lacrosse League is partnered with Cash app. The players will have the option to get paid in Bitcoin. Similarly, Los Angeles FC is partnered with crypto.com with a view to increase the awareness regarding crypto and blockchains.

Tsai also owns the Brooklyn Nests. The two important players of the team, Kevin Durant and Spencer Dinwiddie, were involved in crypto. Durant signs a deal to promote the crypto platform Coinbase. He will lure the users by doing ads related to crypto platforms. He also signed a deal with Dapper Labs in which the NBA star will create the videos and the partnership will lead the giveaways and fan to fan trading. Dinwiddie has also tokenized his employment contract.

Rules for Treatment of NFT in China

China seems to be still preparing for the crypto industry. Although crypto assets are banned, NFTs are not. The People’s Republic of China published its rules for the treatment of NFT, showcasing the associated risks with it.

Alibaba Alipay, in 2021 prohibited the sale of NFTs. The prohibition will not work after holding the NFT for 180 days. Users can transfer NFTs to accounts that have passed the time of verification. The copyright of the digital asset also belongs to the owner and the buyer can’t use them for commercial purposes.

On June 12th, Bank of China (BOC) issued the $28M of digital assets minted on Ethereum blockchain. This initiative makes BOC the first Chinese Financial Institution to issue a tokenized security in HongKong.

Hong Kong has already started following the regulated measures of licensing the crypto firms. Banks are opting for unwillingness with the Hong Kong Monetary Authority.

Speculation is being made that Alibaba might know about changes in crypto in China and that is the reason behind Tsai moving ahead as chairman of the company. All these movements are also associated with China’s getting warmer for crypto.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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