深度 | 稳定币纳入虚拟币监管范畴 涵盖三大核心考量

Core Viewpoint - The People's Bank of China (PBOC) has reinforced its regulatory stance on stablecoins, categorizing them as a form of virtual currency and emphasizing their lack of legal status equivalent to fiat currency, thereby prohibiting their circulation and related activities in the market [1][5][9]. Regulatory History - The regulatory framework for virtual currencies in China has evolved since 2013, with multiple government bodies consistently asserting that virtual currencies do not hold the same legal status as fiat currencies and prohibiting their use in financial activities [2][4]. - Key regulatory milestones include the 2021 notice that intensified scrutiny on virtual currency activities, leading to the closure of domestic trading platforms [2][4]. Recent Developments - The emergence of new regulations, such as Hong Kong's Stablecoin Regulation, has prompted further scrutiny of stablecoins, especially in light of rising speculative activities and associated risks [3][4]. - The PBOC has highlighted the challenges posed by new technologies like blockchain, which have facilitated the growth of stablecoins while also complicating financial regulation [4][5]. Risk and Compliance Concerns - Stablecoins are viewed as high-risk due to their potential use in illegal activities such as money laundering and fraud, primarily because of their anonymous or semi-anonymous nature [8][12]. - The lack of effective customer identification and transaction traceability in stablecoin transactions raises significant compliance issues [8][12]. Regulatory Strategy - The PBOC's recent classification of stablecoins as virtual currencies aims to unify enforcement actions across various regulatory bodies, facilitating coordinated governance and legal clarity [9][10]. - Future regulatory measures are expected to focus on tightening compliance requirements for stablecoin-related activities, including issuance, trading, and payment processing [10][11]. Market Impact - The stringent regulatory environment is likely to restrict the operational space for stablecoins within China, pushing related activities towards offshore financial centers [10][11]. - The total market capitalization of stablecoins has reached approximately $300 billion, with USDT maintaining a market share of around 60%, indicating the significant scale of these assets despite regulatory challenges [11].