Chinese authorities are currently cracking down on the use of stablecoins, a type of cryptocurrency. However, in contrast to this, Hong Kong is taking steps to legalize the use of stablecoins. This move by Hong Kong indicates a more progressive approach towards digital currencies compared to mainland China. By legalizing stablecoins, Hong Kong aims to foster innovation and create a favorable environment for cryptocurrency businesses. This divergence in regulatory approaches between China and Hong Kong reflects the differing perspectives on the use and regulation of stablecoins in the region.
HomeDIGITAL ASSETS REGULATORYworldwide-stablecoinChina's Regulatory Actions on Tether and Hong Kong's Stablecoin Licensing: Law Decoded