China Takes Steps to “Cool Frenzy” Around Stablecoin Market: Report
- China halts stablecoin research and seminars amid concerns over financial risks.
- OTC crypto trading in China remains high despite strict bans and local risk warnings.
- Hong Kong advances stablecoin regulation, issuing licenses to key Chinese-backed firms.
Chinese authorities have quietly told local brokerages and financial institutions to stop promoting stablecoins, a move designed to cool the growing frenzy around the asset class, according to a Bloomberg report.
Regulators Move to “Cool the Hype”
In recent weeks, several top brokerages reportedly received informal “guidance” from financial regulators to cancel seminars and pull research reports on stablecoins.
The move shows a growing concern that these assets are being used for illegal activities inside mainland China, though neither the China Securities Regulatory Commission nor the central bank have made any public comments.
But why the crackdown? Regulators are worried on the growing number of illicit activities spread. CoinEdition had reported on a crypto money laundering ring busted in China.
Christopher Wong, a currency strategist in Singapore, noted that Chinese policymakers prefer to av…
The post China Takes Steps to “Cool Frenzy” Around Stablecoin Market: Report appeared first on Coin Edition.
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China Takes Steps to “Cool Frenzy” Around Stablecoin Market: Report
- China halts stablecoin research and seminars amid concerns over financial risks.
- OTC crypto trading in China remains high despite strict bans and local risk warnings.
- Hong Kong advances stablecoin regulation, issuing licenses to key Chinese-backed firms.
Chinese authorities have quietly told local brokerages and financial institutions to stop promoting stablecoins, a move designed to cool the growing frenzy around the asset class, according to a Bloomberg report.
Regulators Move to “Cool the Hype”
In recent weeks, several top brokerages reportedly received informal “guidance” from financial regulators to cancel seminars and pull research reports on stablecoins.
The move shows a growing concern that these assets are being used for illegal activities inside mainland China, though neither the China Securities Regulatory Commission nor the central bank have made any public comments.
But why the crackdown? Regulators are worried on the growing number of illicit activities spread. CoinEdition had reported on a crypto money laundering ring busted in China.
Christopher Wong, a currency strategist in Singapore, noted that Chinese policymakers prefer to av…
The post China Takes Steps to “Cool Frenzy” Around Stablecoin Market: Report appeared first on Coin Edition.
Read More
China’s Stablecoin Whiplash: From Quiet Exploration to Sudden Crackdown