According to Bloomberg citing informed sources, Chinese regulatory authorities have requested local brokers and other institutions to stop publishing research reports on stablecoins or organizing promotional seminars for stablecoins, attempting to control the enthusiasm for such assets and prevent market instability.
Informed sources revealed that some large brokerages and think tanks received guidance from financial regulatory authorities from late July to early this month, requesting them to cancel scheduled stablecoin seminars and stop publishing related research content. Regulatory bodies are also concerned that stablecoins may be exploited by criminals in mainland China, becoming a new tool for fraud.
China has implemented a comprehensive ban on cryptocurrency-related transactions, but recent official remarks have sparked speculation that the country's attitude towards the crypto industry may be shifting towards a more lenient stance. The authorities have also approved Hong Kong's development as a digital asset center. The stablecoin regulations in Hong Kong officially came into effect this month, significantly increasing interest and attention from mainland Chinese enterprises.
Singaporean Overseas Chinese Bank foreign exchange strategist Christopher Wong stated:
"Chinese policymakers dislike certain issues being overly hyped to avoid investors flocking into a particular asset class. The public's insufficient understanding of cryptocurrencies remains a concern, and pragmatic decision-makers do not want investors to enter the market blindly without understanding the risks."
Source