Recently, legal professionals conducted a depth analysis of a regulatory meeting, and the core issue is actually one thing: targeting those operations that use stablecoin for illegal exchange currency.

To put it simply, the annual foreign exchange limit for each person is strictly capped at $50,000. However, stablecoins are becoming increasingly popular, with USDT and USDC circulating everywhere. Many people directly bypass banks and transfer funds through crypto exchanges. As the market grows and more players enter, regulations naturally need to keep up.

What's more troublesome is that some coin dealers not only help people exchange currency but also provide "channel services" to upstream gray industries, which is essentially money laundering. In the past two years, judicial authorities have started to take strong action, and many coin dealers have been charged with illegal business operations, aiding and abetting crimes, money laundering, and even the crime of concealing and disguising criminal proceeds, with sentences becoming increasingly severe.

Interestingly, while the mainland is tightening regulations, Hong Kong is actually opening up its virtual asset market. On one hand, there is strict vigilance, while on the other hand, there is an open door—this "one country, two systems" pattern has become quite apparent. The meaning of regulation is also quite clear: it's not that innovation is not allowed, but it must be done within the defined boundaries, so don't go off the rails.