#数字货币市场洞察 Sudden regulatory upheaval in the stablecoin sector! Two major regions take action simultaneously—this time, they're serious.

Very different regulatory approaches:

On the mainland, it’s a hardline stance—classifying stablecoins as virtual currencies and managing them under the existing ban framework. The goal is clear: block channels for capital outflow and cut off stablecoins as a payment tool for telecom fraud (even though officials haven’t released specific case numbers, the crackdown is already intense).

Hong Kong, on the other hand, is taking a completely different route: a licensing system. Want to issue or promote stablecoins? Get a license first. Right now, it's in a transitional phase, and qualified institutions can apply. This isn’t a simple, sweeping ban—it’s more like a “compliance experiment” to see if compliant capital can be attracted within a regulatory framework.

The market landscape is about to be rewritten

These moves will have a big impact: for stablecoins to expand in mainstream markets, the bar is now much higher. Players who don’t want to be left out have only two options—either proactively align with regulatory rules or pack up and switch tracks.

The key is that “compliance costs” have to be recalculated. What used to be a bonus is now the ticket to entry.

What to watch next?

Just keep an eye on two things: whether the mainland will release supplementary details (such as new restrictions), and who will get Hong Kong’s first batch of licenses (the list of approved institutions will reveal regulatory preferences). Once these signals are out, you’ll basically be able to gauge the next steps.