According to BlockBeats, on December 1, Chinese regulators reiterated policies from the 1128 meeting held on November 28, emphasizing the continued prohibition of commercial virtual currency activities on the mainland and focusing on curbing money laundering and illegal forex transactions. Lawyer Xiaosa explained that the key target is the use of stablecoins like USDT and USDC to circumvent China's strict foreign exchange controls, which limit individuals to $50,000 in annual forex conversions. Such activities have enabled illicit capital outflows and even supported trade violations of UN sanctions. In recent years, Chinese authorities have increasingly prosecuted coin traders under charges including illegal business operations and money laundering. Xiaosa also noted that the 1128 meeting is unlikely to affect Hong Kong's more open stance on virtual assets.
Chinese Regulators Target Illegal Forex Activities via Stablecoins in 1128 Meeting
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