#中国加密新规 China's New Crypto Regulations

• Mainland Tone: Strictly prohibits private crypto transactions, promotes e-CNY. The People's Bank of China emphasizes expanding the internationalization and multipolar monetary system of the digital RMB; regulations have not relaxed the ban on crypto speculation. 

• Research/Propaganda Tightening: Regulators reportedly require multiple securities firms to stop endorsing research and publicity for stablecoins in order to curb related hype and potential risks.  

• Enforcement and Disposal Norms Discussion: Rule discussions have begun on how to dispose of seized crypto assets (monetization, storage, etc.), reflecting regulatory concerns about crime and capital flight. 

• Hong Kong (Special Administrative Region of China) as a Sandbox: The Legislative Council passed the "Stablecoin Ordinance" in May, which came into effect on August 1, establishing a licensing system for the issuance of fiat-pegged stablecoins; only a small number of licenses are issued first, emphasizing KYC/AML and sound operation.   

• Offshore RMB Stablecoin Initiative: Large tech companies are reportedly lobbying to issue offshore RMB stablecoins in Hong Kong to hedge against the impact of dollar stablecoins and promote cross-border payments.