People’s Bank of China first defines stablecoins; analysts expect Hong Kong’s strategy remains unchanged

On November 30th, the People’s Bank of China officially categorized stablecoins as virtual currency, highlighting their inability to satisfy anti-money laundering requirements. This puts them at risk of misuse for money laundering and fraud.

Despite these definitions, analysts assert that Hong Kong’s stablecoin strategy will remain unaffected. However, the potential for stablecoin development within mainland China is expected to face stricter regulations.