Beijing Reins In Hong Kong Crypto Rush, Tells Firms to Scale Back
Hong Kong’s once-blazing crypto boom is beginning to cool.
After months when Chinese mainland internet giants, state-owned banks and brokerages rushed to apply for stablecoin licenses and launch projects, regulators in Beijing have begun telling them to scale back.
The message is blunt: cut exposure to offshore crypto assets, curb speculative activity, and avoid using Hong Kong as a back door.
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