#中国加密新规 China has not yet introduced a nationwide unified new regulation targeting cryptocurrencies, but relevant regulatory trends can be seen in some policy documents and regulatory dynamics. At the same time, Hong Kong has introduced the latest regulations regarding stablecoins.

On January 22, 2025, five major departments, including the People's Bank of China, the Financial Regulatory Bureau of the Ministry of Commerce, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange, issued a document supporting residents of mainland China in the Guangdong-Hong Kong-Macao Greater Bay Area to purchase qualified investment products sold by Hong Kong and Macao financial institutions through these institutions. This policy is interpreted by the market as a possible gradual relaxation of China's ban on cryptocurrencies.

On August 1, 2025, the Hong Kong 'Stablecoin Regulation' officially came into effect. This regulation clearly states that any institution issuing or offering fiat-backed stablecoins to local retail in Hong Kong must apply for a license issued by the Monetary Authority, strictly adhere to reserve mechanisms, AML/KYC obligations, and requirements for transparency and disclosure.

In addition, the Central Political and Legal Work Conference of 2025 explicitly proposed to conduct legislative research on emerging areas such as virtual currencies, aiming to address issues of regulatory difficulty, unclear legal status, market chaos, and financial risks. The research led by the Ministry of Justice may involve compliance of trading platforms, investor protection, and balancing technological innovation.