The People’s Bank of China emphasized the importance of regulating the cryptocurrency market in its 2024 Financial Stability Report.

According to the document, 51 jurisdictions worldwide have imposed bans or restrictions on cryptocurrency use, while some economies are amending existing laws or introducing new ones to regulate the sector.

The report notes that Hong Kong is “actively exploring” crypto licensing, requiring major financial institutions like HSBC and Standard Chartered Bank to incorporate Bitcoin transactions into standard customer oversight.

The regulator will continue to enhance its regulatory framework in line with recommendations from the Financial Stability Board. International coordination on cross-border monitoring of crypto assets is identified as a key priority.

“Cryptocurrencies may pose risks in certain economies as their use in payments and retail investments expands,” the report states.

Earlier, Xiao Feng, CEO of HashKey Group, suggested that the pro-crypto stance of Donald Trump’s administration could push China to lift its restrictions on the digital asset market.