Based on U.Today, Chinese regulators have ordered mainland tech and financial firms to scale back their cryptocurrency activities, according to a Caixin Global report. The move comes after some companies attempted to circumvent domestic restrictions by engaging in crypto-related business in Hong Kong. Regulators specifically targeted Bitcoin and Ether dealings and prohibited state-owned banks from pursuing stablecoin licenses in Hong Kong. China has maintained a hostile stance toward crypto for over a decade, including bans on ICOs, local exchanges, and virtual mining equipment in 2021.
China Regulators Order Firms to Scale Back Crypto Activities
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