Recently, the "2024 China Financial Stability Report" was released, which for the first time mentioned the latest developments in global cryptocurrencies and related legislation, particularly providing a relatively detailed explanation of Hong Kong's practices in the cryptocurrency field.
In this context, the report not only reflects the central bank's shift in attitude towards crypto assets but also shows China's ongoing attention and gradual exploration of this emerging industry. Let's take a look at the specific changes:
1. From Prudential Regulation to Objective Description — The Central Bank's Shift in Attitude Towards Crypto Assets
Relevant statements about cryptocurrencies in the 2023 Central Bank Financial Stability Report:
Relevant statements about cryptocurrencies in the 2024 Central Bank Financial Stability Report:
From the wording of the financial stability reports released by the central bank in 2023 and 2024, we can see a notable shift in attitude towards crypto assets in the "2024 China Financial Stability Report" compared to last year. In the 2023 report, the central bank mainly focused on the financial and technological risks of crypto assets, emphasizing their potential spillover effects on financial stability, and proposed strict regulatory measures.
However, in this year's report, the central bank did not present a predominantly negative attitude towards the practice of crypto assets. Although the central bank continues to emphasize the risks associated with crypto assets, it has expressed significant attention to the recovery of the crypto asset market and global development trends, and objectively commented on the legislative practices of various countries and governmental organizations regarding cryptocurrency regulation.
The report points out:
Despite the market price and trading volume of crypto assets rebounding in 2023 after a series of risk events, there are still potential risks such as high price volatility and lack of market governance transparency. Meanwhile, regulatory authorities in various countries are continuously strengthening their oversight of crypto assets, with several countries already implementing relevant regulations globally.
Hong Kong has made positive progress in exploring the licensing management of crypto assets, further strengthening the regulation of virtual asset trading platforms.
The financial stability report not only mentions the market size and risks of cryptocurrencies but also provides an overview of the global legal framework and regulatory models, suggesting that China's financial regulatory agencies are also paying attention to the compliance process of this market. We can reasonably expect whether it is possible to adapt to current changes through more legislation and policies.
2. Hong Kong's Cryptocurrency Practices
One particularly noteworthy highlight in the report is the first detailed explanation of Hong Kong's exploration and innovative achievements in the cryptocurrency field. As an indispensable part of the financial system market in mainland China, Hong Kong's cryptocurrency regulatory practices have attracted national attention. Hong Kong has creatively implemented a "dual licensing" regulatory system, accurately categorizing virtual asset trading platforms into securities-type and non-securities-type, and applying legal frameworks that fit their characteristics for regulation. This innovative regulatory model has not only sparked widespread discussion and in-depth exploration in the market but has also become a distinctive feature of Hong Kong's crypto asset market.
By clearly distinguishing between "securities tokens" and "non-securities tokens," Hong Kong has built a more detailed and flexible regulatory framework for the cryptocurrency industry. This framework ensures the standardized operation of the market while effectively enhancing the compliance awareness of market participants through the licensing system. Hong Kong's cryptocurrency regulatory practices undoubtedly provide valuable references and lessons for other regions exploring crypto asset regulation.
Moreover, from the disclosures in the financial stability report, it is not difficult to find that many experts and scholars are closely monitoring the development dynamics of relevant industries in Hong Kong and actively formulating and improving relevant laws and regulations based on their development status and trends, in order to better adapt to and regulate the financial environment under the new circumstances.
3. Repeated Mention of Global Stablecoins — The Central Bank's Regulatory Attention to Global Stablecoins
The report repeatedly mentions the attention of the People's Bank of China to global stablecoins. As an important branch of cryptocurrencies, stablecoins have gradually become a research hotspot in the global financial market due to their relatively stable value mechanism. In particular, the rapid development of stablecoins in recent years has attracted significant attention from central banks around the world, with many countries actively researching how to effectively regulate this emerging asset while ensuring financial stability and exploring its potential value.
The People's Bank of China's attention to global stablecoins indicates China's forward-thinking approach to financial stability and keen insight into the emerging trends in the international financial industry. Stablecoins are pegged to traditional fiat currencies, providing a certain level of stability, but their potential in cross-border payments and financial market liquidity also makes them a testing ground for many countries' financial policies. In this context, the central bank's focus and ongoing research on stablecoins not only respond to changes in the global market but also reflect China's gradual involvement and exploration in the cryptocurrency field.
4. The Prospects of the Cryptocurrency Market — National Attitude and Industry Future
In summary, although the regulation of the cryptocurrency market is still in a stage of continuous exploration and in-depth research, the "2024 China Financial Stability Report" indicates that the People's Bank of China is changing its attitude towards cryptocurrencies, and Hong Kong's practical experience is drawing more attention from market participants, experts, scholars, and relevant industry practitioners regarding the market prospects of this industry. Especially globally, the regulatory framework for cryptocurrencies is gradually improving, and the innovation and standardization processes of related industries are accelerating.
5. Cryptocurrency Salad's Perspective
From the Regulator's Perspective: Major platforms should ensure that their trading and business activities are subject to appropriate supervision, ensuring that activities are conducted within a legal and compliant framework. At the same time, the focus of regulation should be to provide clearer and more explicit legal provisions, reducing ambiguities to avoid misjudgments of legitimate and lawful trading activities.
From the Enforcer's Perspective: Public authority should be supervised and should not act recklessly in ambiguous areas, disrupting the development of the industry ecosystem.
Regarding financial investment activities: Currently, in mainland China, speculation on cryptocurrencies and related institutions still easily involve illegal financial activities. In the absence of "unwinding" relevant laws and departmental regulations, mainland investors indeed face high legal risks and difficulties in safeguarding their rights when entering the crypto financial field.
Here, we sincerely remind investors that due to the high-risk nature of crypto financial products, all participants need to constantly strengthen their compliance awareness. Non-professional investors or individuals lacking relevant investment experience and knowledge should approach with caution, avoiding blind entry to prevent their investment activities from being distorted into high-risk "gambling."
As the regulatory environment continues to optimize and mature, whether investors, financial institutions, or government departments, all need to continuously enhance their understanding and adaptability to the evolving financial system and market dynamics.
This represents the personal views of the author and does not constitute legal advice or opinions on specific matters.
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