world’s second-largest market for Bitcoin, after the United States, and the restrictions have cooled its nascent Bitcoin scene. By virtue of proximity, businesses in Hong Kong are hoping to capture some of the demand.

“Like water, Bitcoin may take the path of least resistance and find its way into Hong Kong,” said Michael Chau, a business professor at the University of Hong Kong. “Because of the city’s proximity to China — and because it has become part of the country since 1997 — Hong Kong has the potential to absorb part of China’s Bitcoin market.”

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The Chinese customer base of Laser Yuan, the founder of the Hong Kong-based exchange BitCashOut, doubled after the December notice. Three weeks ago, ANX, Hong Kong’s largest Bitcoin exchange, opened what it said was thewith about $620 now. After raising $2.5 million, he and his business partners built IceDrill, an operation in Montreal where racks of speedy computers race to generate Bitcoin.

But he is now selling part of his stake in the Canadian mine and focusing on his start-up in Hong Kong, which he said could be “the capital of Bitcoin in Asia.” Mr. Shin recently hired Jake Smith, a well-connected Bitcoin enthusiast who worked for Li Xiaolai — a Chinese investor who reportedly holds 100,000 coins — to get Chinese to buy into the companies listed on his platform.

“When the government comes out and puts constraints on Bitcoin in China, investors naturally look at Hong Kong — not Singapore, not Korea — for substitution,” Mr. Shin said.

Hong Kong operates in a