Chinese authorities have instructed domestic securities brokers and affiliated research bodies to stop publishing reports on or hosting promotional events for stablecoins, according to several market notices circulated on 8 August
Chinese authorities have instructed domestic securities brokers and affiliated research bodies to stop publishing reports on or hosting promotional events for stablecoins, according to several market notices circulated on 8 August. The directive is aimed at quelling a rapid build-up of retail interest in the dollar-pegged tokens and preventing potential risks to financial stability, people familiar with the matter said.
The move marks the mainland’s latest effort to keep speculative crypto activity in check, even as Hong Kong rolls out a separate licensing framework intended to attract stablecoin issuers to the city. Regulators on the mainland did not set a timeline for how long the promotional ban will remain in force.
This is an AI-generated article powered by DeepNewz, curated by The Defiant. For more information, including article sources, visit DeepNewz.
Source: https://thedefiant.io/news/regulation/china-orders-brokers-to-halt-stablecoin-promotion-amid-cooling-drive-aead55d6