People’s Bank of China (PBOC), the central bank of China, recently emphasized crypto regulation in its latest “2024 Financial Stability Report.” The PBOC stated, “Globally, 51 countries have banned or restricted crypto transactions. Some countries have revised existing laws or enacted new ones. With the increase in crypto payments and personal crypto investments, economic risks may increase.” The report added that, “Hong Kong currently allows crypto trading but provides services through a licensing system.” PBOC's emphasis on crypto regulation aligns with the growing global trend of regulatory oversight in the cryptocurrency sector. As more countries recognize the potential risks associated with cryptocurrencies, they are implementing measures to protect consumers and maintain financial stability.