27 October 2021 – China's ban on cryptocurrencies has spawned a thriving decentralised finance sector. China’s crackdown on cryptocurrency has levelled centralised cryptocurrency exchanges; hence, more of China’s crypto-enthusiasts and investors are turning to decentralised finance (DeFi) options instead. The largely unregulated platforms developed and powered by skilled coders and programmers from an established blockchain community, are attracted by the lucrative fees from moving and swapping cryptocurrencies with fiat. According to Chainalysis, the country saw $256 billion in cryptocurrency activity, from June 2020 to June 2021, the highest in Asia. However, with recent introduction of more severe penalties, players are starting to move operations offshore.