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海南政府 Partners with Blockchain Leaders in Digital Asset Innovation Push

海南政府携手火币、OKX, 推动数字资产交易合规化发展

In a landmark move signaling China’s growing embrace of blockchain innovation within regulated frameworks, Hainan Province has emerged as a national hub for digital asset technology development. By forging strategic partnerships with leading blockchain enterprises such as Huobi and OKX (formerly OK Group), the provincial government is positioning itself at the forefront of China’s push toward a compliant, future-ready digital economy.

This transformation centers around the establishment of the Hainan International Offshore Innovation and Entrepreneurship Demonstration Zone, officially launched during the Blockchain & Digital Asset Trading Technology Innovation Summit held in Sanya. The initiative brings together top-tier tech firms, regulatory visionaries, and enterprise innovators to explore how blockchain can reshape financial infrastructure — all within a government-sanctioned environment.

Strategic Alliances Driving Blockchain Advancement

At the summit, major players including OK Group, Tianya Community, and Dedao Innovation signed cooperation agreements with the Sanya municipal government. OK Group announced plans to establish an Offshore Blockchain Digital Asset Trading Laboratory in Hainan — a research-driven initiative focused on exploring secure, transparent, and regulated models for digital asset exchange.

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Notably, OKEx — the world-renowned digital asset trading platform launched by OK Group in May 2017 — has undergone significant structural changes to align with compliance standards. Its operating entity has been formally transferred from Beijing Lekuda Network Technology Co., Ltd. to Beijing Fenghuo Chuangjie Technology Co., Ltd., reflecting a broader shift toward institutional legitimacy.

Meanwhile, Huobi China established its headquarters in the Hainan Eco-Software Park back in October 2018, becoming one of the first major blockchain companies to relocate its national base to the island province. Huobi also launched the "China Blockchain+ Industry Alliance" and later joined the Blockchain-based Service Network (BSN) as a founding member in December — further cementing its role in state-backed digital infrastructure development.

A New Era of Regulatory Clarity and Enterprise Opportunity

These developments suggest that China’s two largest digital asset platforms are actively pursuing compliance under evolving regulatory frameworks. As highlighted by Wang Lu, Vice Governor of Hainan Province, during the summit:

“We hope Hainan will become the center of offshore innovation and entrepreneurship, a national demonstration hub for blockchain research and application, and a model zone for digital asset trading.”

This vision aligns with China’s broader strategy to lead in emerging technologies while maintaining financial stability. With increasing scrutiny on cryptocurrency exchanges nationwide, only those embracing regulatory clarity — like Huobi and OKX — are likely to thrive.

Enterprises that strategically align with this shift stand to gain first-mover advantages. One such company is Hengjiu Technology (stock code: 002808), which recently invested in CocoBull Technology Limited — better known as BiNNiuNiu, a rising player in the blockchain data and trading services space.

BiNNiuNiu: Bridging Data, Access, and Compliance

BiNNiuNiu positions itself as the “Tonghuashun + securities firm” of the crypto world — offering users real-time market data, news analytics, fund flow tracking, and cross-exchange trading capabilities through a single account. Its key innovation lies in aggregating liquidity across multiple exchanges, giving traders deeper market insight and execution efficiency.

The platform was among the first to integrate with Huobi Cloud’s Open API, becoming the world’s first mobile app to deeply collaborate with Huobi Cloud and share its trading depth. This integration enhances user experience while operating within defined technical and compliance boundaries.

Hengjiu Technology’s $712,000 investment secures a 5% stake in BiNNiuNiu and marks a strategic pivot into blockchain, digital currency, and big data integration. If successful, Hengjiu could emerge as one of the first publicly listed Chinese companies directly involved in digital asset exchange ecosystems.

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Regulatory Sandboxes and the Path Forward

As regulators tighten oversight across the crypto sector, experts emphasize the importance of regulatory sandboxes, pilot zones, and controlled experimentation. The Hainan model — combining government support with private-sector innovation — offers a blueprint for sustainable growth.

According to Gao Bin, Deputy Director of the China Communications Industry Association's Blockchain Committee:

“Digital assets are the starting point of blockchain’s transformation of the physical world’s value ecosystem. When real-world assets go digital, companies can unify their core values, customer value, and social impact — paving the way for super enterprises rivaling BATJ.”

This sentiment underscores a long-term trend: the convergence of traditional enterprise and decentralized technology. From supply chain traceability to tokenized equity and smart contracts, blockchain is no longer just about speculation — it's about systemic efficiency.

Frequently Asked Questions (FAQ)

What is the Hainan International Offshore Innovation Zone?

It is a government-backed special zone in Sanya designed to attract global tech startups and blockchain innovators. It supports offshore R&D, pilot projects in digital finance, and regulatory sandbox testing for new technologies.

Are cryptocurrency exchanges legal in China?

Direct retail crypto trading remains restricted. However, blockchain development, enterprise applications, and research — especially within designated zones like Hainan — are encouraged under strict compliance frameworks.

How does BiNNiuNiu differ from other crypto apps?

Unlike standalone exchanges, BiNNiuNiu aggregates trading depth from multiple platforms (including Huobi) via API integrations. It functions more like a data-rich brokerage interface than a pure exchange.

Is OKX still operating in China?

OKX no longer serves mainland users directly but continues global operations with a focus on compliance. Its research lab in Hainan operates under specific innovation mandates aligned with local policies.

Can Chinese companies legally invest in crypto-related ventures?

Yes — if structured properly under approved use cases such as blockchain infrastructure, enterprise software, or data analytics. Investments must avoid direct facilitation of speculative trading.

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Conclusion: Building the Future Within Boundaries

The collaboration between Hainan’s government and industry leaders like Huobi and OKX reflects a maturing approach to blockchain innovation — one rooted in regulation, research, and real-world application. For enterprises like Hengjiu Technology, this opens doors to new markets and technological frontiers.

As China continues refining its stance on digital assets, regions like Hainan will play a pivotal role in testing what’s possible when cutting-edge technology meets policy foresight. The journey toward mainstream blockchain adoption isn’t about bypassing rules — it’s about building smarter systems within them.