Shanghai State-owned Assets Supervision and Administration Commission Focuses on Cryptocurrency and Stablecoins, Industry May Take Off
On July 10, the Shanghai State-owned Assets Supervision and Administration Commission held a central group study meeting, directing attention to the development trends of cryptocurrencies and stablecoins, as well as response measures. This meeting was significant, demonstrating Shanghai's emphasis on emerging finance and providing a positive signal for industry development.
During the meeting, Li Mingliang, the chief of the policy group at Guotai Junan Securities Policy and Industry Research Institute, gave a special guidance report. He comprehensively and deeply discussed the development of cryptocurrencies and stablecoins, their types and characteristics, as well as the development strategies and regulatory frameworks in various regions around the world. This report provided particularly professional references for Shanghai's relevant departments to consider the direction of industry development.
He Qing, the Secretary of the Party Committee and Director of the Shanghai State-owned Assets Supervision and Administration Commission, also shared many key insights during the meeting. He emphasized the need to drive development through innovation, keeping a close eye on the field of digital currency, and exploring relevant technologies. In terms of industry integration, He Qing particularly stressed the importance of applying blockchain technology to areas such as cross-border trade, supply chain finance, and asset digitization, promoting the transformation of industries towards digitization, which can help the real economy develop effectively. In addition, he mentioned the need to further integrate technology, finance, and industry deeply, fully leveraging the key role of state-owned assets and enterprises in innovation and industrial support, adding new momentum to the construction of Shanghai's 'Five Centers'.
From the perspective of industry development trends, stablecoins are receiving considerable attention. Hong Kong's 'Stablecoin Regulation' will officially take effect on August 1, 2025, which means stablecoins will enter a new stage of regulated development in Hong Kong. The United States and Europe are also actively pushing forward stablecoin legislation. Globally, the regulation and application exploration of stablecoins are accelerating. As more institutions and regions participate in the stablecoin sector, tokenization of real-world assets (RWA) may further stimulate the vitality of asset investment, improve market liquidity, and the value of stablecoins as important payment tools will become increasingly evident.
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