The People's Bank of China and 13 other departments held a joint meeting to combat speculation in virtual currency trading. Three new regulatory departments were added compared to the 924 notice in 2021, strengthening multi-departmental collaborative regulation. This meeting specifically proposed regulatory requirements for stablecoins for the first time, pointing out loopholes in KYC and anti-money laundering. Two major constants: the policies effective since 2017 remain unchanged; personal virtual currency trading is not prohibited, only commercial trading is illegal. Experts emphasize that the state does not encourage but does not prohibit personal trading; ordinary users' legal holdings are unaffected, but they need to be vigilant against illegal activities such as OTC merchants and contract trading. It is expected that more specific policy documents will be issued in the future. $BTC
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