The PEOPLE’s Bank of China stresses the need to regulate cryptocurrencies in its latest report. China maintains its ban on crypto trading, but Hong Kong explores a licensing framework, marking a step towards integrating cryptocurrencies into mainstream financial systems.

Hong Kong pursues a crypto licensing regime, contrasting with mainland China’s strict crypto trade ban. This initiative promotes retail trading through regulated exchanges and mandates MAJOR banks like HSBC to oversee crypto transactions, showcasing a balanced yet cautious crypto adoption approach.

The report indicates that as of 2024, 51 jurisdictions have imposed bans or restrictions on cryptocurrencies. The PEOPLE’s Bank of China focuses on establishing an international regulatory framework, aligning with global trends and managing associated crypto risks.