Hong Kong crypto stocks slide after China flags stablecoin crackdown
SHANGHAI, Dec 1 — Hong Kong-listed stocks with cryptocurrency-related businesses tumbled on Monday after China’s central bank vowed to crack down on virtual currencies and flagged concerns about stablecoins.
On Saturday, the People’s Bank of China (PBOC) warned of a resurgence in crypto speculation and vowed to crack down on illegal activities involving stablecoins.
The statement “has erased any ambiguity, speculation and illusions” around China’s stablecoin policies, said Liu Honglin, founder of Man Kun Law Firm.
“Regulators have drawn a concrete red line on what used to be a vague borderline.”
Shares of Yunfeng Financial Group, which has been expanding into cryptocurrency and…
