In the year #中国加密新规 2025, China has demonstrated a dual-track pattern of 'strict control in the mainland and breakthroughs in Hong Kong' in the regulation of cryptocurrency assets. In the mainland, regulation has continued to tighten, and as of June, the personal holding of cryptocurrency has been classified as a criminal offense, with a comprehensive ban on trading, mining, and private ownership. The core of the policy focuses on financial stability, capital control, and monetary sovereignty, preventing decentralized assets from impacting the renminbi system and regulatory authority.

At the same time, Hong Kong, as an international financial center, is leading regulatory compliance and digital asset innovation. In May 2025, the 'Stablecoin Regulation' was officially implemented, entering the implementation phase in August, establishing a strict licensing system for fiat-backed stablecoins. Issuers must meet requirements such as a minimum of 25 million Hong Kong dollars in paid-in capital, 100% high liquidity asset reserves, a ban on re-mortgaging, and daily redemption at face value, and must accept comprehensive supervision from the Hong Kong Monetary Authority. Institutions such as Bank of China (Hong Kong), Standard Chartered Bank (Hong Kong), JD.com, and Ant Group are actively preparing for license applications.

Notably, Hong Kong is promoting the issuance of stablecoins pegged to the renminbi (CNH), which are seen as an important digital bridge for the internationalization of the renminbi, expected to play a key role in cross-border payments and trade settlement. This initiative not only strengthens Hong Kong's status as a global digital financial hub but also reflects China's exploration of compliant development paths for digital currency through the 'One Country, Two Systems' framework while strictly controlling risks.