#中国加密新规 #中国加密新规

New Regulations on Cryptocurrencies in China

• Mainland Tone: Strictly prohibit private cryptocurrency trading, mainly promote e-CNY. The People's Bank emphasizes expanding the internationalization of the digital yuan and a multipolar currency system; regulation has not relaxed the ban on cryptocurrency speculation.

• Research/Promotion Tightened: Regulators reportedly require several brokers to stop endorsing research and promotion for stablecoins to curb related enthusiasm and potential risks.

• Law Enforcement and Handling Norms Discussion: Rules are being discussed on how to deal with seized cryptocurrency assets (liquidation, storage, etc.), reflecting regulatory concerns about crime and capital outflow.

• Hong Kong (a special administrative region of China) as a Sandbox: The Legislative Council passed the "Stablecoin Regulation" in May, effective August 1, establishing a licensing system for fiat-backed stablecoin issuance; only a small number of licenses initially available, emphasizing KYC/AML and sound operations.

• Offshore Renminbi Stablecoin Initiative: Large tech companies have been reported to lobby for the issuance of offshore renminbi stablecoins in Hong Kong to hedge against the impact of US dollar stablecoins and promote cross-border payments.