Recently, the cryptocurrency industry has completely exploded—Hong Kong and the mainland have joined forces to implement regulatory measures, on one hand 'blood transfusing' USDT, and on the other hand zero tolerance in banning stablecoins. This operation directly reshapes the market landscape, with the core being 'strict regulation onshore + offshore standardization', explained in plain language:
1. Mainland: From restrictions to 'criminal-level' crackdowns, no leniency will be shown.
On November 28, the central bank led 13 departments to directly clarify: stablecoins are virtual currencies, and related businesses are all considered illegal financial activities! This is the first time that the national level has made this clear, with regulators directly implementing a 'full chain blockade':
- The issuance and trading of stablecoins are prohibited within China;
Banks and payment software are not allowed to use fund transfer channels for these types of transactions;
- Overseas platforms can't even get mainland Chinese to participate; all traffic channels have been cleared.
Those who dare to violate the rules will be directly prosecuted, not just fined!
From January to October this year, mainland China has cracked 342 criminal cases related to stablecoins, intercepted 12,000 suspicious transactions, and involved 4.6 billion yuan in funds—completely blocking the path of money laundering and smuggling using stablecoins. This move has also paved the way for the digital yuan, with cross-border payments using the digital yuan exceeding 10 trillion yuan this year.
2. Hong Kong: USDT "delisted" from retail market, strict regulation screens for compliant players.
Hong Kong's Stablecoin Ordinance came into effect in August, and now it's being taken seriously: the issuer of USDT has not obtained a license, so retail investors will no longer be able to trade USDT in Hong Kong; only professional investors will be able to access it.
As of December, Hong Kong had not yet issued licenses to any stablecoin institutions. The Hong Kong Monetary Authority (HKMA) has set extremely high thresholds: non-bank institutions must first pay HK$25 million in paid-in capital and have 100% readily convertible reserves. In short, this is to screen for reliable players and guide stablecoins towards practical applications such as cross-border trade and supply chain finance—for example, Caesars Entertainment can already use stablecoins to exchange for RMB with overseas tourists in real time, increasing settlement speed by 90%.
Previously, money changers in Hong Kong were secretly exchanging USDT, but this practice is now being cracked down on, and many shops have closed down or stopped operating.
3. Market upheaval: Capital reshuffling and complete divergence between domestic and international markets.
- In mainland China, the trading volume of stablecoins has shrunk dramatically. The situation where USDT accounted for 90% of the domestic virtual currency over-the-counter trading is gone. Funds are either flowing to the digital yuan or seeking compliant offshore financial instruments.
In Hong Kong, while USDT, which is commonly used by retail investors, is temporarily excluded, it is attracting compliant institutions like Sequoia Capital to enter the market. In the future, if you want to play with stablecoins, you will have to go through a formal licensed channel.
Simply put, the era of making money in the cryptocurrency world through unconventional stablecoin schemes is over. Whether in China or abroad, compliance is the only way forward.
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