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The city is jumping into the gap left by the U.S. on cryptocurrencies—despite a very different attitude in mainland ChinaCrypto imploded in 2022, as investors lost faith in digital assets and the industry was plagued with crisis. But unlike other collapses, it has largely avoided rippling into other markets. WSJ explains how crypto became so interconnected. Illustration: Mallory Brangancould draw more business and talent to the city.
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