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Beijing Blocks Tech Giants’ Stablecoin Plans in Hong Kong

Beijing Blocks Tech Giants’ Stablecoin Plans in Hong Kong

Author:

Global Cryptocurrency

Published:

2025-10-20 03:10:03

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BTCCSquare news:

China has intervened to halt stablecoin initiatives by private firms in Hong Kong, reinforcing state control over monetary policy. Alibaba-backed ANT Group and e-commerce giant JD.com received directives to suspend their stablecoin projects following warnings from the People’s Bank of China and the Cyberspace Administration of China.

The move underscores Beijing’s intent to align Hong Kong’s digital asset strategy with mainland regulatory priorities. Rather than fostering retail speculation, the focus shifts toward cross-border compliance and innovation within strict policy boundaries. "Hong Kong was never meant to be a loophole for mainland firms to bypass crypto restrictions," said Joshua Chu of the Hong Kong Web3 Association.

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