稳定币纳入虚拟币监管范畴

Core Viewpoint - The People's Bank of China has clarified that stablecoins are a form of virtual currency and do not have the same legal status as fiat currency, reinforcing a strict regulatory framework against virtual currencies and their related activities [1][4][13]. Regulatory Attitude - The regulation of virtual currencies and stablecoins in China has evolved gradually, forming a dynamic governance system that adapts to market developments [4][5]. - Key regulatory milestones include the 2013 notification that Bitcoin is not equivalent to currency, the 2017 prohibition of token issuance, and the 2021 notification that all virtual currency-related activities are illegal [5][6]. Recent Developments - The recent meeting emphasized the risks associated with stablecoins, including their potential use in money laundering and fraud, and the need for effective customer identity verification [1][9][11]. - The regulatory focus has intensified since 2025, with multiple agencies issuing risk warnings and the implementation of the Hong Kong Stablecoin Regulation [6][7]. Risk Considerations - Stablecoins are characterized by issues such as liquidity shortages and value decoupling, which pose significant risks that necessitate regulatory intervention [9][10]. - The lack of transparency in the asset reserves of major stablecoin issuers has raised concerns about their stability and potential for misuse in illegal activities [10][11]. Legal and Regulatory Framework - The classification of stablecoins as virtual currencies allows for unified enforcement across various regulatory bodies, enhancing the ability to combat illegal financial activities [9][12]. - The regulatory framework aims to protect monetary sovereignty and prevent the circumvention of traditional banking systems through the use of stablecoins [10][12]. Future Implications - The regulatory environment is expected to restrict the development space for stablecoins in China, with all related activities being classified as illegal financial activities [15][16]. - Future regulatory measures will likely focus on enhancing collaboration among regulatory bodies and utilizing technology to improve monitoring and enforcement capabilities [17][18].