CZ: Hong Kong is basically a crypto policy sandbox for China Binance founder Changpeng Zhao (CZ) mentioned during the offline Binance Life book club AMA in Hong Kong on August 28 that Hong Kong is 'basically a sandbox for China,' where many new financial policies can be tested first. However, Hong Kong itself has a very mature financial system, so any regulatory changes must consider their impact on existing industries like banks and brokerages. As a result, progress is often measured in 'years' rather than the 'days or hours' that startups are accustomed to. CZ noted that when Hong Kong introduces new crypto policies, it also needs to consider how these rules affect China as a whole, making the actual issues far more complex than just 'licensing and opening up trading.' Follow Wu Blockchain's YouTube channel for more professional interviews, podcasts, and short videos about the crypto industry.