Crypto Advocate, Joseph Tsai, To Become Alibaba’s Chairman

The latest report revealed that a long-term crypto-friendly executive at Alibaba is set to become the chairman of the organization. Joseph Tsai, who is also a co-founder of Alibaba is reportedly an active Web3 investor who once publicly declared his life for blockchain technology.

According to the report, Alibaba, a famous international e-commerce platform, revealed via a public post that one of its founders, Joseph Tsai, would be taking over the position of the Chairman in the firm later in September.

Furthermore, the post revealed that the giant commercial firm is currently running an internal shuffle of leadership where it rearranges itself into various sectors and separates retail services from the technology division.

China is waking into a new and massive wave of crypto and Web3 adoption as both Hong Kong and Beijing strive to make the country a central hub for cryptocurrency. Hence, analysts opined that the country’s fresh interest in blockchain tech is a major reason Joseph Tsai assumed the role of chairman at the firm since he has been a long-term enthusiast of Web3.

In addition, they reasoned that if the giant China-based commercial firm is taking such a step, it might well be preparing itself to take advantage should China eventually succeed in becoming a global hub for crypto and Web3 soon.

Joseph Tsai Is A Big Investor In Crypro Industry

According to the report, in December 2021, Joseph Tsai publicly attested to his involvement in the Web3 industry as he tweeted, “I like Crypto.” Although he didn’t explain his tweet then, in the following years, he has been versatile in the space with lots of investments.

In addition, Tsai’s crypto office, Blue Pool Capital, was reported to be one of the minor creditors of the FTX exchange before the latter collapsed last year in November. It participated in about two fundraising rallies of the troubled exchange, as revealed by the files in the lawsuit between the US SEC and ex-FTX executives.

Nonetheless, Tsai also has investments in good and progressive projects such as the February 2022 round of fundraising for the Polygon network. Also, he took part in many other fundraising rounds of many firms like Fast Break Labs (a fantasy sports firm), and Artifact Labs (NFT platform).

Furthermore, the new chairman reportedly owns the Brooklyn Nets, where two of their top players have become involved in crypto. Kevin Durant signed endorsement deals with Coinbase (COIN) and Dapper Labs in 2021. While Spencer Dinwiddle tokenized his job warrant and also spoke at a recent Consensus conference at Coindesk.

However, despite the positive push by institutions and retailers to adopt crypto in China, it is yet uncertain what the government is planning. Currently, Hong Kong has been the only region in the country that has an open and growing relationship with the industry.

Will China Eventually Embrace Crypto?

Recently, the regulators in Hong Kong dished out a set of rules to guide the conduct and operations of licensed crypto firms in the territory. However, many crypto speculators criticized the rules, saying it is too restrictive for crypto-related businesses.

Leo Weese, the President of Hong Kong’s Bitcoin Association, stated that the city’s framework is very unattractive. He added that the Hong Kong market has a small scale with no banking partnership and many crypto products are ruled out as illegal. Hence, most serious crypto firms would desist from it.

Furthermore, reports showed that local banks in the region are reluctant to engage in business deals with crypto firms, putting into consideration the fact that the country is yet to take a solid stance on the industry.

However, the Hong Kong Monetary Authority is reportedly forcing banking institutes to embrace crypto firms as clients. Meanwhile, the other part of China continues to enjoy crypto services as long as they do not possess any crypto assets as required by law.

According to reports, the Beijing government differentiates Web3 from cryptocurrency, seeing the former as the third version of the internet based on artificial intelligence, super-fast computer chips, and blockchain with string network. Hence, it allows its citizens to interact with Web3 but not cryptocurrency.

It remains a mystery why Aibaba put Joseph Tsai as the new chairman. Could it be they have seen the future status of crypto in China or they are just observing the protocol of putting one of the co-founders as chairman? Time will tell.

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