TechFlow, on December 30, recently the People's Bank of China released the "China Financial Stability Report (2024)," which for the first time includes a dedicated chapter on cryptocurrency regulation. The report points out that globally, 51 jurisdictions have implemented bans or restrictions on crypto assets. It particularly highlights Hong Kong's active exploration of a cryptocurrency licensing regime, requiring major financial institutions such as HSBC and Standard Chartered Bank to include cryptocurrency transactions within regular customer oversight.
The report notes that while the connections between crypto activities and systemically important financial institutions, core financial markets, and infrastructure may currently be limited, certain economies could face risks as the use of cryptocurrencies grows in payment and retail investment scenarios. The central bank stated it is working with the Financial Stability Board (FSB) to improve the international regulatory framework for crypto assets.
