Access Restricted for EU Residents
You are attempting to access a website operated by an entity not regulated in the EU. Products and services on this website do not comply with EU laws or ESMA investor-protection standards.
As an EU resident, you cannot proceed to the offshore website.
Please continue on the EU-regulated website to ensure full regulatory protection.
Monday Dec 1 2025 07:20
1 min
The People's Bank of China (PBOC) recently convened a multi-department coordination meeting to oversee the crackdown on virtual currency trading speculation (referred to as the 1128 meeting), reaffirming the 2021 policy that prohibits virtual currency operating activities.
Xiao Sa's legal team pointed out that China has a strict foreign exchange control system, typically limited to $50,000 USD per individual annually. With the rapid expansion of the stablecoin market, expanding use cases, and a significant increase in the number of crypto merchants, many cross-border capital flow requirements are now being met by stablecoins such as USDT and USDC.
Furthermore, stablecoins can facilitate money laundering or conceal the proceeds of criminal activities, and in judicial practice, foreign trade companies have used USDT and USDC to circumvent UN sanctions resolutions, thereby assisting sanctioned countries in foreign trade.
Lawyer Xiao Sa believes that this meeting does not indicate a policy shift and does not affect Hong Kong's pro-crypto policies. A clear division remains: the mainland imposes restrictions while Hong Kong adopts an open approach. The regulatory aim remains clear: financial innovation is permitted, but it must adhere to regulations and occur within specified frameworks.
For those working in the sector within China, it's crucial to stay informed of legal red lines, operate compliantly, and avoid complacency.
Risk Warning: This article is provided for informational purposes only and does not constitute investment advice, investment research, or a recommendation to trade. The views expressed are those of the author and do not necessarily reflect the position of Markets.com. When considering shares, indices, forex (foreign exchange), and commodities for trading and price predictions, remember that trading CFDs involves a significant degree of risk and may not be suitable for all investors. Leveraged products can result in capital loss. Past performance is not indicative of future results. Before trading, ensure you fully understand the risks involved and consider your investment objectives and level of experience. Cryptocurrency CFD trading restrictions may apply depending on jurisdiction.
Latest
View all
Sunday, 26 July 2026
4 min
Monday, 27 July 2026
Indices
Gold Price Today, July 28: Gold Falls Below $4,050 as Dollar Strengthens
Monday, 27 July 2026
Indices
Apple Earnings Date: Can iPhone Sales Deliver Another Strong Quarter Ahead of Apple's Q3 Results?
Sunday, 26 July 2026
Indices
Gold Price Today: Gold Rises Above $4,100 Ahead of Fed Meeting as Dollar Weakens
Sunday, 26 July 2026
Indices
KOSPI Today: South Korean Stocks Rebound as Nvidia Investment Lifts Naver and AI Chipmakers
Sunday, 26 July 2026
Indices
Stock Market News This Week: Fed, BoJ Lead a Packed Central Bank Week as Big Tech Earnings and Key US-China Data Take Center Stage
Sunday, 26 July 2026
Indices
SK Hynix Earnings Date: Can Q2 Results on July 29 Confirm an AI-Driven Profit Boom?
Sunday, 26 July 2026
Indices
Nvidia Stock Breakout Potential Rises as SK Hynix Partnership Targets AI Memory Bottleneck
EN
