Solana Company CEO Joseph Chee said China could trigger another crypto supercycle if Beijing finds a way to manage risks and allow tightly controlled access to crypto trading. Speaking on CNBC’s Squawk Box Asia, Chee said Chinese officials monitor blockchain technology through think tanks and academics and are using Hong Kong to assess how digital assets could be introduced and controlled. He gave no timeline for any mainland policy change. Crypto trading remains illegal in mainland China. In February, the People’s Bank of China and seven other agencies reaffirmed the prohibition and said stablecoins require prior government approval. Chee said Beijing may continue to reject mainland crypto trading and onshore stablecoin issuance for now, while price volatility remains a longstanding concern. Hong Kong plans to introduce legislation this year covering crypto dealers, custodians, advisers and fund managers. The city licensed two bank-backed stablecoin issuers in April, and its first Hong Kong stablecoin launched in August. Beijing has not announced plans to extend those measures to the mainland. China also recorded 670 rural bank closures in its latest annual count as bad loans increased. Separately, the Solana Foundation launched Solana DvP for onchain settlement of tokenized assets and payments, while Dogecoin fell 0.5% to $0.1657 as institutional investors reduced holdings near $0.1670.