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On both sides of the bridge, one is dealing cards, and the other is issuing warnings.
Shenzhen regulators have issued another risk warning, specifically naming the illegal fundraising, fraud, and money laundering under the guise of "stablecoins," with very harsh words. Meanwhile, Hong Kong will officially implement the "Stablecoin Ordinance" in August, and institutions like CoinDesk, TRON, and JD.com are all lining up to obtain licenses.
This is not a policy contradiction, but rather a difference in roles:
Hong Kong is conducting an open regulatory experiment aimed at establishing a financial sandbox to attract global capital;
One sets up the "channel" while the other guards the "city gate"; this is a realistic portrayal of the unique characteristics of Web3 regulation in China.
In the future stablecoin market, legality does not equal no risk. The dual-track regulation of Hong Kong and Shenzhen also means that "compliance" is the minimum threshold, not a safeguard.