Since early 2018, the government of China has tightened policies targeting millionaire investors in the country holding their wealth overseas to avoid large taxes, and it may lead local investors to alternative assets like crypto.
Chinese investors rely on the Swiss offshore banking industry, Hong Kong real estate market, and foreign stock markets to hoard millions of dollars worth of properties, assets, and cash outside of mainland China.
But, local financial authorities have started to crackdown on investors that amass significant wealth in overseas markets.
https://www.ccn.com/china-threatens-overseas-tax-havens-will-investors-flock-to-crypto/
