Shares of Hong Kong–listed companies tied to stablecoin and digital asset businesses fell sharply on Monday after the People’s Bank of China (PBOC) reaffirmed its tough stance on virtual currencies and raised fresh concerns over stablecoin-related risks.
Yunfeng Financial Group (0376.HK) dropped nearly 10%, Bright Smart Securities and Commodities Group (1428.HK) slid about 7%, while OSL Group (0863.HK) fell more than 4% as traders reacted to renewed regulatory pressure.
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In a statement issued Saturday, the PBOC reiterated its firm position against virtual asset trading, warning of a resurgence in speculative activity and pledging to intensify enforcement against illegal actions involving stablecoins. The central bank also highlighted compliance deficiencies, stating that many stablecoin operations fail to meet required standards for customer identification and anti–money laundering controls.
Market participants fear heightened regulatory scrutiny could dampen sentiment across crypto-linked equities, particularly companies operating brokerage, fintech, and digital asset services in the region.
AsianForexHub Quick View
- Hardest hit: Yunfeng Financial Group (-10%)
- PBOC warns of speculative activity and stablecoin compliance issues
- Crypto-linked financials and fintech firms lead declines
- Higher volatility expected across Asia’s digital-asset equities
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