Express
President of UIBE: Suggests Pilot Stablecoin China Plan in FTZs
Summary: According to reports from Caijing magazine, President Zhao Zhongxiu of the University of International Business and Economics and others wrote an article titled 'Global Stablecoin Regulation Taking Shape, Suggesting China Plan in FTZs'. It suggests that with stablecoin legislation becoming a reality in major jurisdictions globally, China should not miss this historic opportunity. To prudently ...
According to reports from Caijing magazine, President Zhao Zhongxiu of the University of International Business and Economics and others wrote an article titled 'Global Stablecoin Regulation Taking Shape, Suggesting China Plan in FTZs'. It suggests that with stablecoin legislation becoming a reality in major jurisdictions globally, China should not miss this historic opportunity. To prudently conduct stablecoin-related business and regulation in mainland China, it is recommended to pilot in free trade zones (referred to as FTZs), such as the Qianhai FTZ adjacent to the Hong Kong SAR and the Hainan Free Trade Port. Specific suggestions for the pilot in FTZs include: establishing a cross-border fintech laboratory, implementing a stablecoin whitelist system, creating an offshore RMB stablecoin innovation pilot, promoting digital trade and intellectual property financing, and enhancing blockchain infrastructure construction; strict risk prevention and control mechanisms should also be established, including: strict institutional and individual access, transparent reserve audits, tracking and preventing compliance arbitrage and capital flow risks.
