According to BlockBeats, on December 30, the People's Bank of China released the (China Financial Stability Report (2024)), which highlights global efforts related to cryptocurrency regulation and outlines Hong Kong's cryptocurrency licensing system. The report states that regulatory authorities in various countries are continuously enhancing their regulation of cryptocurrency assets. Given the potential spillover risks that cryptocurrency assets may pose to the stability of the financial system, regulatory authorities worldwide are intensifying their oversight of cryptocurrency assets. Currently, 51 countries and regions around the world have enacted prohibitions on cryptocurrency assets, and some economies have adjusted existing laws or re-legislated to regulate them. In the U.S., the SEC oversees violations of the (Securities Act) by cryptocurrency issuers based on existing regulations. The SEC has rejected more than 20 applications for spot Bitcoin ETFs from 2018 to 2023. After approving the listing of a spot Bitcoin ETF in January 2024, the SEC chairman stated that this does not imply SEC approval or endorsement of Bitcoin products, and investors should still exercise caution regarding the risks associated with Bitcoin and products linked to cryptocurrency assets.
The EU has approved the (Cryptocurrency Market Regulation Act), establishing the world's first complete and clear regulatory framework for virtual assets, which is scheduled to officially take effect by the end of 2024; the UK is accelerating its legislative pace for virtual assets, enacting the (Financial Services and Markets Act), which includes cryptocurrency under its regulatory scope; Singapore has released the (Stablecoin Regulatory Framework), clarifying the scope of regulated stablecoins and the conditions for issuers; Japan has formulated the (Fund Settlement Act), restricting issuers of stablecoins to licensed banks, registered transfer agents, and trust companies.
Hong Kong has classified virtual assets into two categories for regulation: securitized financial assets and non-securitized financial assets. It implements a unique "dual licensing" system for virtual asset trading platform operators, where "security tokens" are subject to the regulation and licensing system of the (Securities and Futures Ordinance), while "non-security tokens" are subject to the regulation and licensing system of the (Anti-Money Laundering Ordinance). Institutions engaged in virtual asset business must apply for a registered license from the relevant regulatory authorities before operating. At the same time, large financial institutions such as HSBC and Standard Chartered are required to include cryptocurrency exchanges in their daily client supervision.