The incident strikes: Big shots falter, regulation takes action
The Hong Kong Securities and Futures Commission recently focused on 'billionaire' Qian Fenglei, whose stablecoin investment and financing projects are suspected of illegally selling collective investment schemes to the public, with associated companies like Hengfeng International also being drawn into the investigation.
This person, once labeled as a 'core investor of Alibaba', 'close friend of Jack Ma', and 'Web3 evangelist with 690,000 followers on Douyin', has now attracted attention for crossing regulatory red lines, reflecting the compliance reefs in the stablecoin field.
Key risk zones: Three major risks to watch out for
- 'Driving without a license' into restricted areas: Hong Kong requires stablecoin issuers to hold licenses, while Qian Fenglei's related projects have not been recognized by the Securities and Futures Commission and are suspected of illegal fundraising.
- High-interest bait hides traps: packaged as 'stablecoin financial products', promising high returns (similar to the already collapsed algorithmic stablecoin schemes), actually inducing retail investors to take over.
- Difficulties in cross-border rights protection: Funds flowing through Hong Kong to overseas, when projects explode, investors often face a dilemma where rights protection is impossible.
Chain reaction: Shockwaves in the crypto circle? The tug-of-war between regulation and the market
- Multiple regulatory bodies take action: Within a week, financial bureaus in Zhejiang, Shenzhen, Beijing, and other regions urgently issued documents, condemning 'illegal fundraising by stablecoins', directly pointing out three major characteristics—using 'blockchain' and 'Web3.0' for 'fake innovation', promoting 'guaranteed returns' and 'annualized 30%' as 'false promises', and essentially being a 'real scam' where 'new money fills old accounts'. Suzhou even directly warned: participating in virtual currency investment, losses must be borne by oneself.
- Compliance faction welcomes opportunities? The US (Genius Act) is implemented, requiring stablecoins to have 100% reserves and undergo monthly audits, accelerating the clearing out of 'wild projects'. Meanwhile, Wall Street giants like JPMorgan and BlackRock plan to issue compliant stablecoins, and the entry channel for $9 trillion in retirement funds (401k) is gradually opening. As a result, BTC surged 2% in a single day to exceed $120,000, and ETH soared 7%, with compliant targets (COIN, IBIT) collectively rising.
Ers' view: Three major 'wealth-building' logics behind the storm
1. Compliance is king, stay away from 'local dogs'
The Qian Fenglei incident confirms a trend: global regulators are encircling gray stablecoins. The Hong Kong Monetary Authority has made it clear that 'sandbox testing ≠ issuing licenses', and retail investors must remember:
- Only recognize 'transparent reserve' targets (like USDT, USDC, which publish audit reports monthly);
- Stay away from 'high-interest financial products'; 90% of stablecoins that promise principal protection and interest are Ponzi schemes.
2. Policy dividends = wealth code
The US (Genius Act) clearly states that stablecoins are 'payment tools' rather than securities, which means:
- Payment giants benefit (such as COIN and MKR will seize a trillion-dollar market);
- Bank-affiliated stablecoins may explode (JPMorgan's coin issuance is imminent, and cooperating exchanges are expected to profit from traffic).
3. Bottom-fishing for wrongly killed Hong Kong concept stocks
The Qian Fenglei incident has dragged down the crypto sector of Hong Kong stocks (such as Meitu and Blueport Interactive), but if these companies have real business support, a panic sell-off may become a 'golden pit'. Keep a close watch on two major signals: the progress of Hong Kong license applications (such as FoPay's plan to apply for a payment license in 2025) and the actions of institutions like BlackRock and Fidelity in increasing their holdings of Hong Kong crypto companies (on-chain whales have started to bottom fish).
Retail survival guide: Three strategies to ensure stability
- Change positions to avoid risks: liquidate stablecoins from small exchanges (especially algorithmic types), and switch to compliant coins like USDC and DAI; move assets to cold wallets, or earn interest compliantly through platforms like AAVE/Compound, keeping away from exchange risks.
- Ambush compliant targets: For US stocks, pay attention to Coinbase (COIN), Circle (CRCL); for Hong Kong stocks, keep an eye on OSL Group (which has obtained a Hong Kong license) and Meitu (which is focusing on Web3 payments).
- Grasp the policy arbitrage window: Hong Kong stablecoin licenses are expected to be issued in Q4 2025, and projects in the sandbox can be monitored in advance (if FoPay completes compliance, it may become a potential stock).
Conclusion: The crisis reshuffles, the wise take advantage
The Qian Fenglei incident is not the end of the crypto circle, but a signal of accelerated industry reshuffling by regulation. Remember: Every tightening of policy increases the value of compliant leaders; every 'big shot' crash promotes a healthier market ecology.
