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China Clamps Down on Stablecoin Promotion Amid Surging OTC Crypto Demand
China Clamps Down on Stablecoin Promotion Amid Surging OTC Crypto Demand
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BTCCSquare news:
Chinese regulators have instructed brokers, think tanks, and financial institutions to halt all promotional activities for stablecoins—including research reports and seminars—in a bid to suppress growing market enthusiasm. The move reflects concerns over potential fraud risks and speculative investment frenzies, despite an estimated $75 billion in over-the-counter crypto trades during the first three quarters of 2024.
Hong Kong emerges as a counterpoint, enacting Asia's first comprehensive stablecoin licensing regime this August. The city's framework mandates strict issuer compliance, including identity verification protocols, as it positions itself as a regulated hub for digital asset innovation.
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