稳定币纳入虚拟币监管范畴

Core Viewpoint - The People's Bank of China (PBOC) has reinforced its regulatory stance on stablecoins, categorizing them as a form of virtual currency that does not hold the same legal status as fiat currency and is subject to strict regulations against illegal financial activities [1][15][23]. Regulatory Evolution - China's regulatory approach to virtual currencies and stablecoins has been gradually deepening and improving, forming a dynamic governance system that adapts to market developments [3][17]. - The regulatory history dates back to 2013, with various government bodies consistently asserting that virtual currencies do not have the same legal status as fiat currency [3][17]. - Key regulatory milestones include the 2021 notice that elevated the regulatory framework, leading to the closure of domestic virtual currency trading platforms [3][17]. Recent Developments - The recent meeting emphasized the risks associated with stablecoins, including their potential use in money laundering and fraud, and the inability to meet customer identification and anti-money laundering requirements [1][15][22]. - The introduction of Hong Kong's Stablecoin Regulation on August 1, 2025, has drawn attention to the need for a clear regulatory framework for stablecoin issuers [4][19]. Risk Considerations - Stablecoins are seen as high-risk due to their potential for misuse in illegal financial activities, with experts highlighting their anonymity and lack of transparency as significant concerns [22][26]. - The PBOC's classification of stablecoins as virtual currencies aims to prevent them from challenging the status of the digital yuan and to maintain the stability of the financial system [20][23]. Future Implications - The regulatory tightening is expected to shrink the operational space for stablecoins within China, with activities related to issuance, promotion, and trading being classified as illegal financial activities [11][24]. - The anticipated shift in stablecoin technology and liquidity towards offshore and regional financial centers is likely, as domestic regulations become more stringent [24]. - Future regulatory measures may focus on enhancing cooperation among various regulatory bodies and improving technological capabilities to combat illegal activities effectively [26].