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Hong Kong Stablecoin Stocks Tumble After PBOC Crypto Warning

Hong Kong Stablecoin Stocks Tumble After PBOC Crypto Warning

Author:

Global Cryptocurrency

Published:

2025-12-01 08:39:02

25

1

BTCCSquare news:

Hong Kong-listed cryptocurrency and stablecoin stocks plummeted following a stark warning from China's central bank. The People's Bank of China (PBOC) signaled a crackdown on virtual currency activities, citing concerns over speculative trading and inadequate compliance measures. Yunfeng Financial Group led the decline with a 10% drop, while Bright Smart Securities and OSL Group fell 7% and 5% respectively.

Regulatory scrutiny has forced Chinese tech giants like Ant Group and JD.com to halt stablecoin initiatives. Liu Honglin of Man Kun Law Firm noted the PBOC's statement eliminates previous ambiguities: "Regulators have drawn a concrete red line on what used to be a vague borderline." The move underscores China's hardening stance against crypto assets outside state control.

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