Stablecoin exchange currency has become a regulatory focus, and the policy signals behind the strict crackdown on coin merchants.

The joint meeting held at the end of last month by multiple departments again emphasized the 9.24 notice from 2021. To be honest, there is nothing new about the policy itself - it’s still the same set of prohibitive measures. However, the significant commotion this time is actually directed towards something more specific: stablecoin Exchange Currency.

Lawyer Xiao Za said it very frankly, that those who are truly being targeted now are those operations that bypass foreign exchange controls using USDT and USDC. According to regulations, each person can only exchange 50,000 US dollars per year, but once the stablecoin route is opened, many people directly move their funds abroad. Even more exaggerated, some people even use stablecoins to launder money for upstream crimes, and there are bold foreign trade merchants who use it to break international sanctions for trade - this is no longer a simple currency exchange issue, but a challenge to the baseline of the entire financial order.

From the law enforcement perspective, the past two years have indeed been tough for coin merchants. Illegal operations, aiding and abetting, money laundering, and concealing criminal proceeds are becoming increasingly common in judicial practice. The regulatory stance is very clear: it's not that you're not allowed to engage in financial innovation, but you must do so in designated places.

So the open policy in Hong Kong will not be affected. Restricting on one side while opening on the other, this pattern has stabilized - mainland strictly controls, Hong Kong pilots, each performing its role. For practitioners, understanding the boundaries of policies is more important than anything else; not crossing the line is the biggest survival rule.