Lawyer interprets the 1128 regulatory meeting: crackdown on illegal activities related to stablecoins, no shift in policy.

According to news from Hash City Chain, the People's Bank of China recently held a "Coordination Meeting on Cracking Down on Virtual Currency Trading Speculation" in conjunction with multiple departments, reiterating the policy of banning virtual currency operating activities stated in the September 24, 2021 notice.

The meeting pointed out:
First, we need to guide the direction of judicial rulings back, reversing the trend of courts handling contracts involving coins with leniency.
Secondly, we will severely crack down on serious violations such as illegal currency exchange, money laundering, and assisting sanctioned countries' trade using stablecoins like USDT and USDC.

In addition, the lawyer believes that the meeting does not represent a policy shift and will not affect Hong Kong's open policy towards virtual assets.
Currently, a pattern of "mainland restrictions and Hong Kong openness" has formed, with clear regulatory intentions: financial innovation can take place, but it must be compliant within designated areas and frameworks. Practitioners within the country should remain vigilant about legal red lines, operate in compliance, and avoid complacency.