On July 25, 2025, the Haidian District Local Financial Supervision and Administration Bureau of Beijing issued a notice titled "Notice on Strictly Cracking Down on Illegal Fundraising Activities," warning against illegal fundraising activities related to digital currencies represented by stablecoins, emphasizing that such activities could severely disrupt the economic and financial order. This move not only reflects the ongoing strict regulatory stance of mainland China towards cryptocurrencies but also stands in stark contrast to Hong Kong's recent more open policies regarding stablecoin regulation.
Haidian District Financial Regulatory Bureau Issues Warning
According to the announcement from the Haidian District Local Financial Supervision and Administration Bureau, digital currencies represented by stablecoins have recently attracted widespread market attention. Some illegal institutions and individuals, under the guise of "financial innovation," "digital assets," and "decentralized finance (DeFi)," are luring the public into participating in illegal fundraising activities. They attract investors to engage in trading speculation by issuing so-called "virtual currencies," "virtual assets," or "digital assets." These actions are suspected of illegal fundraising, financial fraud, pyramid schemes, and money laundering, posing a serious threat to the economic and financial order and public interests.
The notice clearly states that only legally authorized institutions can conduct fundraising activities, and the public should be wary of unauthorized entities and refrain from participating in illegal fundraising activities that promise high returns. Although no asset seizure or other coercive measures have been taken yet, regulatory authorities have strengthened supervision over stablecoin-related activities through special monitoring and risk prevention mechanisms.
China's Regulatory History on Cryptocurrencies
China has maintained a cautious regulatory attitude towards cryptocurrencies. Since 2017, the Chinese government has gradually tightened restrictions on cryptocurrency-related activities, banning initial coin offerings (ICOs) and cryptocurrency trading to maintain financial stability and prevent capital outflow. In 2021, China further comprehensively banned cryptocurrency trading and mining activities, deeming them a threat to financial stability and capital account management.
Against this backdrop, stablecoins, as digital assets pegged to fiat currencies, have garnered global attention due to their potential payment functions and financial innovation attributes. However, the Coincu research team points out that China's stricter regulatory measures may have a certain impact on the global stablecoin market. If warnings similar to that of Haidian District expand to a broader range of digital assets, it could further undermine market participants' confidence and trading activities.
Comparison of Regulations Between Beijing and Hong Kong
In contrast to the strict regulation of stablecoins in mainland China, Hong Kong has recently adopted a more open policy regarding stablecoin regulation. On May 30, 2025, the Hong Kong Legislative Council passed the "Stablecoin Ordinance," becoming the world's first dedicated legislation for fiat-referenced stablecoins (FRS). The ordinance will take effect on August 1, 2025, at which point the Hong Kong Monetary Authority (HKMA) will begin accepting license applications from stablecoin issuers. HKMA Chief Executive Eddie Yue stated, "Starting from August 1, 2025, we will begin accepting license applications from stablecoin issuers under a robust regulatory framework." This initiative aims to attract stablecoin issuers and promote Hong Kong as a global digital asset center through a clear regulatory framework.
The "Stablecoin Ordinance" in Hong Kong clearly stipulates the issuance, reserve asset management, redemption mechanisms, and anti-money laundering/anti-terrorist financing (AML/CFT) requirements for fiat-referenced stablecoins, aiming to balance financial innovation and risk prevention. Additionally, Hong Kong is actively participating in cross-border digital currency projects, such as collaborating with the People's Bank of China to test the digital yuan (e-CNY) for cross-border payments and exploring its interoperability with Hong Kong's fast payment system.
In contrast, the latest warning from Haidian District indicates that the mainland's regulation of stablecoins remains focused on preventing financial risks, with a key emphasis on cracking down on unauthorized fundraising and speculative activities. This regulatory difference reflects the distinct positioning of mainland China and Hong Kong in the development path of financial technology: the mainland emphasizes financial stability and capital control, while Hong Kong is committed to consolidating its status as an international financial center through regulatory innovation.
Market Impact and Future Outlook
The warning from the Haidian District Financial Regulatory Bureau has attracted widespread attention from market observers. Some analysts believe that the mainland's strict regulation of stablecoins may temporarily affect market participants' confidence, especially against the backdrop of the rapid development of the global stablecoin market. However, Hong Kong's stablecoin regulatory framework provides a potential pilot reference for the mainland. The experience of Hong Kong may offer insights for the mainland in exploring the application of the digital yuan in cross-border scenarios while accumulating experience for the design of future stablecoin regulatory policies.
Moreover, global regulation of stablecoins is accelerating. The European Union's "Markets in Crypto-Assets Regulation" (MiCA) has been implemented since 2024, and the United States is also advancing stablecoin legislation, while Hong Kong's pioneering efforts have given it a competitive edge globally. The ongoing exploration of the digital yuan (e-CNY) in mainland China indicates that there may be a gradual exploration of the application of fiat digital currencies in cross-border payments and trade settlements based on strict regulation in the future.
The latest notice from the Haidian District Local Financial Supervision and Administration Bureau highlights mainland China's "zero tolerance" attitude towards illegal stablecoin fundraising activities, aiming to maintain economic and financial order and protect public interests. Meanwhile, Hong Kong's "Stablecoin Ordinance" demonstrates an open stance in the digital asset field, setting a benchmark for global stablecoin regulation. The differences in regulatory paths between the two regions not only reflect different financial policy goals but also provide diverse exploration directions for China's future development in the digital currency field. The public and enterprises should closely monitor regulatory dynamics and cautiously participate in digital asset-related activities to avoid potential legal and financial risks.
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