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China Proposes Stablecoin Pilot Programs in Free Trade Zones

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China is advancing stablecoin regulation through pilot programs in free trade zones like Qianhai and Hainan. The initiative supports financial tech labs and offshore RMB stablecoin testing, with a focus on compliance and liquidity and crypto markets. Hong Kong’s Eddie Yue said only a limited number of licenses will be issued in the first phase, requiring high compliance. The plan has sparked cautious optimism across financial and crypto sectors.
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