Regulators have ordered brokerages and think tanks to stop promoting stablecoins through seminars and research, while OTC digital asset trading hit $75 billion in early 2024.
Chinese financial regulators have instructed local brokerages and think tanks to cease stablecoin promotion through seminars and research amid fraud concerns, Bloomberg reported. The guidance, issued in late July and early August, aims to prevent a speculative craze among retail investors despite a broader ban on crypto-related transactions in mainland China. Meanwhile, OTC digital asset trading surged to $75 billion in early 2024. The move follows regulatory developments in Hong Kong, where new stablecoin legislation and licenses for crypto exchanges have been introduced.