#中国加密新规

New Chinese Cryptocurrency Regulations

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

• Tightening of Research/Propaganda: Regulators reportedly require several securities firms to stop research and promotion endorsing stablecoins in order to curb related enthusiasm and potential risks.  

• Discussion on Enforcement and Handling Standards: Rules are being discussed on how to dispose of seized crypto assets (liquidation, warehousing, etc.), reflecting regulatory attention to crime and capital outflow. 

• 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-anchored stablecoins; only a small number of licenses are granted first, emphasizing KYC/AML and sound operation.   

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