🚨🔥BREAKING NEWS 🔥🚨

China's financial regulators have told local brokerages and research bodies to stop promoting stablecoins due to concerns about fraud and risks associated with these fast-growing digital assets. This move comes despite speculation that China might be softening its stance on crypto, especially with Hong Kong pushing to become a digital asset hub and introducing new legislation for stablecoin issuers.

Key Details on China's Stablecoin Crackdown

- *Reason for Crackdown*: Regulators are worried that stablecoins could be used for fraudulent activities on the mainland.

- *Scope of Directive*: Brokers and think tanks were instructed in late July and early August to cancel seminars and stop distributing research on stablecoins.

- *Contrasting Approach in Hong Kong*: Hong Kong has granted licenses to 11 crypto exchanges and 44 digital asset trading firms, including some Chinese state-backed entities.

Context on China's Crypto Stance

China maintains a blanket ban on crypto-related transactions, but over-the-counter (OTC) crypto trading remains active, with volumes reaching an estimated $75 billion in the first nine months of 2024. This crackdown on stablecoin promotion reinforces China's strict control over digital assets within its borders .

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