The People's Bank of China Releases 'China Financial Stability Report (2024)': Focus on New Trends in Global Cryptocurrency Regulation
Recently, the People's Bank of China highlighted the latest developments in global cryptocurrency regulation in its released 'China Financial Stability Report (2024)', particularly commending Hong Kong, China for its innovative measures in promoting the compliance of crypto assets.
The report pointed out that Hong Kong's exploration of licensing management for crypto assets is of benchmark significance. Hong Kong categorizes virtual assets into two types: securitized financial assets and non-securitized financial assets, each subject to different regulatory frameworks. Specifically:
Securitized Tokens: Implement a licensing system according to the Securities and Futures Ordinance to ensure that such tokens comply with the legal norms of securities trading.
Non-Securitized Tokens: Implement licensing management according to the Anti-Money Laundering Ordinance, reinforcing anti-money laundering (AML) requirements and strictly enforcing customer identity verification (KYC).
In addition, Hong Kong implements a 'dual licensing' system for virtual asset trading platform operators and requires large financial institutions, including HSBC and Standard Chartered Bank, to include cryptocurrency exchanges in their regular customer monitoring, laying a solid foundation for industry compliance.
International Regulatory Trends: From Risk Attention to Compliance Construction
The report specifically mentions the latest dynamics of the international regulatory framework. For instance, the European Union has approved the 'Regulation on Markets in Crypto-Assets' (MiCA), establishing the world's first complete and clear regulatory system for crypto assets, scheduled to take effect at the end of 2024. The international regulatory framework published by the Financial Stability Board (FSB) also reflects a positive shift in the global attitude toward cryptocurrency regulation—from past concerns about its financial risks to focusing on promoting its standardized development.
In my view, the regulatory measures for USDT in Europe are a positive signal. As someone with experience in both traditional finance and crypto finance, I am well aware of the issues arising from regulatory gaps. The standardized development of crypto not only enhances market trust but also attracts more traditional capital into the sector.