The People's Bank of China (PBOC) has mentioned in its annual financial stability report for 2024 that it is observing global efforts to regulate digital assets. It noted that 51 jurisdictions around the world have implemented bans or restrictions on digital assets. The report specifically mentioned adjustments to existing laws in Switzerland and the United Kingdom, as well as the European Union's new regulation for crypto assets. In contrast to China's ban on digital assets, Hong Kong is actively exploring a digital asset licensing regime and has already launched a licensing regime for trading platforms. The Hong Kong government plans to introduce enhanced digital asset regulations in the next 18 months. The PBOC also emphasized the need to improve the international regulatory framework for digital assets and acknowledged the potential risks associated with cryptocurrencies in certain economies.



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