China Tightens Crypto Ban; Hong Kong To Still Proceed With Its Plan

TheNewsCryptoPublicado em 2026-02-11Última atualização em 2026-02-11

Resumo

China has intensified its ban on cryptocurrency activities, with eight authorities led by the central bank issuing a joint notice reaffirming that crypto-related businesses are illegal. The policy expands scrutiny to offshore offerings and overseas activities by domestic entities, explicitly prohibiting the issuance of renminbi-pegged stablecoins abroad. While tokenization of real-world assets is acknowledged under regulated conditions, all digital finance activities must operate within state-approved systems. In contrast, Hong Kong plans to proceed with issuing stablecoin licenses by March, reviewing 36 applications, a move analysts view as a strategic hedge rather than a reversal of Beijing’s stance.

The recent policy adjustment of China seems more like a crackdown instead of a structural reordering. As reported by Bloomberg, it has tightened the cryptocurrency activity once again.

On Friday, 8 Chinese authorities headed by the central bank issued a joint notice on risks associated with the digital assets. It restates that the crypto-associated businesses stay illegal financial activities.

It also expands the investigation to offshore offerers and to overseas conduct by domestic actors. The structure of the document has equal weightage as of its tone, and it reiterates the ban. Specifically, the notice bans anybody from issuing renminbi-pegged stablecoins abroad.

However, it serves tokenisation of real-world assets as a clear tool of governance, and domestic activity is still constrained. Still, a special case is noted in the rulebook: cases approved by competent authorities and run via designated financial market infrastructure.

To impose these laws, the central government has planned to roll out a collaborative effort amalgamating local and national oversight. The collaborative effort has targeted removing regulatory arbitrage so far used by Chinese tech and finance companies.

These firms mostly used neighbouring jurisdictions to test with blockchain-based assets outside Beijing’s direct oversight. By tightening the tether on stablecoins as well as RWAs, Beijing has indicated that the upcoming generation of digital finance must stay completely within state-sanctioned, permissioned systems.

The Robust Move Being Unaffected

However, Hong Kong’s central bank is moving forward with plans to issue an initial batch of stablecoin licences in March, regardless of China’s prolonged opposition to crypto activity. Although, analysts state that the stablecoin plans of Hong Kong are more of a hedge than a reversal of position of Beijing.

The Chief Executive Officer of the Hong Kong Monetary Authority, Eddie Yue, stated at a Legislative Council meeting on February 2 that we anticipate that by March we will be capable of making a decision.

He further added that the authority was reviewing an initial portion of 36 stablecoin issuer applications, as per the official interpreter.

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Perguntas relacionadas

QWhat is the main action taken by Chinese authorities regarding cryptocurrency activities according to the recent notice?

AChinese authorities, led by the central bank, issued a joint notice reiterating that cryptocurrency-related businesses are illegal financial activities and banning anyone from issuing renminbi-pegged stablecoins abroad.

QHow does the new policy affect offshore activities and domestic actors?

AThe policy expands investigations to offshore offerers and overseas conduct by domestic actors, aiming to eliminate regulatory arbitrage used by tech and finance companies in neighboring jurisdictions.

QWhat exception is noted in the rulebook for cryptocurrency activities?

AThe rulebook allows exceptions for cases approved by competent authorities and run via designated financial market infrastructure.

QHow is Hong Kong responding to China's cryptocurrency ban?

AHong Kong is proceeding with plans to issue an initial batch of stablecoin licenses in March, reviewing 36 applications, despite China's opposition.

QWhat does Beijing's tightening of regulations on stablecoins and RWAs indicate about the future of digital finance?

AIt indicates that the next generation of digital finance must operate entirely within state-sanctioned, permissioned systems.

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