The Chairman of the Securities Regulatory Commission has also spoken: For cryptocurrencies that cannot be clearly understood or effectively regulated, business development is firmly prohibited.

This was addressed to the securities firms in the audience.

This year, many Chinese-funded securities firms such as Guotai Junan have been actively applying for stablecoin licenses in Hong Kong, creating a buzz for a while.

Now, there's a sudden halt and a quiet withdrawal.

They can see it clearly, but they can't control it.