coin-img-MONADMONAD-14.91%coin-img-ETHETH-5.80%coin-img-BTCBTC-5.29%coin-img-SOLSOL-7.13%coin-img-UCNUCN+0.35%coin-img-XRPXRP-6.87%coin-img-USDCUSDC+0.03%coin-img-DOGEDOGE-8.13%coin-img-MONADMONAD-14.91%coin-img-ETHETH-5.80%coin-img-BTCBTC-5.29%coin-img-SOLSOL-7.13%coin-img-UCNUCN+0.35%coin-img-XRPXRP-6.87%coin-img-USDCUSDC+0.03%coin-img-DOGEDOGE-8.13%coin-img-MONADMONAD-14.91%coin-img-ETHETH-5.80%coin-img-BTCBTC-5.29%coin-img-SOLSOL-7.13%coin-img-UCNUCN+0.35%coin-img-XRPXRP-6.87%coin-img-USDCUSDC+0.03%coin-img-DOGEDOGE-8.13%coin-img-MONADMONAD-14.91%coin-img-ETHETH-5.80%coin-img-BTCBTC-5.29%coin-img-SOLSOL-7.13%coin-img-UCNUCN+0.35%coin-img-XRPXRP-6.87%coin-img-USDCUSDC+0.03%coin-img-DOGEDOGE-8.13%

Nov. 28 Policy Targets Illegal FX Conversions via Stablecoins, Legal Expert Says

Chinese regulators held a coordination meeting on Nov. 28 to address virtual currency trading speculation, reaffirming the 2021 ban on crypto business operations in mainland China and emphasizing crackdowns on money laundering and illegal capital outflows, BlockBeats reported on Dec. 1. Lawyer Xiao Sa said the policy primarily targets illegal foreign exchange conversions using stablecoins such as USDT and USDC, which circumvent China's annual $50,000 FX limit per person. Recent judicial practices show increased prosecutions of over-the-counter traders under charges including illegal business operations, aiding information network crimes, money laundering, and concealing criminal proceeds. Xiao added the mainland policy will not affect Hong Kong's open approach to virtual assets, as the two regions have established distinct regulatory frameworks directing innovation to designated zones.
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