🇨🇳 China tightens regulation on stablecoin
According to Bloomberg, brokerage firms and related organizations in China have been asked to stop publishing research or organizing seminars to promote stablecoins.
The reason is that China is concerned that stablecoins could be exploited as a new tool for illegal fundraising activities in the country.
This move comes amid Beijing's continued overall ban on crypto, while stablecoins are actually becoming a craze due to their potential use in cross-border payments.
In contrast to the mainland, the Hong Kong Special Administrative Region passed a stablecoin bill in May, creating a clear legal framework for organizations issuing digital assets linked to fiat currency and attracting strong interest from Chinese businesses.
