#China Tightens Crypto Oversight as Asia Accelerates Stablecoin Adoption
China’s central bank reaffirmed its strict stance on crypto and stablecoins, with PBOC Governor Pan Gongsheng warning that such assets pose monetary sovereignty and AML risks. Pan said the PBOC will continue cracking down on domestic crypto activity while monitoring overseas stablecoin growth.
Meanwhile, Asia is embracing regulated stablecoins: Japan launched JPYC, the first yen-backed stablecoin, aiming to issue $66 billion in tokens within three years, and South Korea debuted KRW1, its first won-backed stablecoin, via Woori Bank on the Avalanche blockchain.
Chinese firms are exploring offshore opportunities, with Ant Group filing for an “ANTCOIN” trademark in Hong Kong and JD.com seeking overseas licenses for stablecoin-based B2B payments. Analysts note that China’s cautious policy contrasts with its neighbors’ growing stablecoin innovation.