According to BlockBeats news, on December 30, the People's Bank of China released the (China Financial Stability Report (2024)), which highlights global cryptocurrency regulatory efforts and outlines Hong Kong's cryptocurrency licensing system. The report states that regulatory authorities in various countries are continuously strengthening their supervision of crypto assets. Given the potential spillover risks that crypto assets may pose to financial system stability, regulatory authorities worldwide are intensifying their oversight of crypto assets. Currently, 51 countries and regions globally have enacted prohibitions on crypto assets, and some economies have adjusted existing laws or re-legislated regulations. The United States supervises violations of (Securities Law) by crypto asset issuers based on existing regulatory regulations. The U.S. Securities and Exchange Commission (SEC) rejected over 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 mean the SEC has approved or endorsed Bitcoin products, and investors should still approach Bitcoin and products linked to the value of crypto assets with caution.
The EU has approved the (Crypto Asset Market Regulation Act), establishing the world's first complete and clear regulatory framework for virtual assets, with plans for the act to be formally implemented by the end of 2024; the UK is accelerating its legislative pace for virtual assets by enacting the (Financial Services and Markets Act), bringing crypto assets under the act's regulatory scope; Singapore has released the (Stablecoin Regulatory Framework), clarifying the scope of regulated stablecoins and issuer conditions; Japan has formulated the (Funds Settlement Act), restricting stablecoin issuers to licensed banks, registered transfer agencies, and trust companies.
Hong Kong, China, classifies virtual assets into two categories for regulation: securitized financial assets and non-securitized financial assets. It implements a distinctive 'dual licensing' system for virtual asset trading platform operators, where 'security tokens' are subject to regulation and licensing under the (Securities and Futures Ordinance), while 'non-security tokens' are subject to regulation and licensing under the (Anti-Money Laundering Ordinance). Institutions engaged in virtual asset business must apply for a registered license from the relevant regulatory authorities to operate. Additionally, large financial institutions such as HSBC and Standard Chartered are required to include cryptocurrency exchanges in their daily customer monitoring scope.