According to ChainCatcher, citing Caijing Magazine, Zhao Zhongxiu, president of the University of International Business and Economics, and others wrote an article titled "Global Stablecoin Regulation Takes Shape, 'China Solution' Can Be Piloted in Free Trade Zones." The article states that with stablecoin legislation becoming a reality in many major jurisdictions around the world, China should not miss this historic opportunity.
To ensure the prudent development and regulation of stablecoin-related businesses in mainland China, it is recommended to pilot the program in free trade zones (FTZs), such as the Shenzhen Qianhai FTZ and the Hainan FTZ, which are adjacent to Hong Kong. Specific recommendations for piloting in FTZs include: establishing a "Cross-border Fintech Laboratory," creating a stablecoin "whitelist" system, establishing an offshore RMB stablecoin innovation pilot program, promoting digital trade and intellectual property financing, and strengthening blockchain infrastructure construction. Simultaneously, a strict risk prevention and control mechanism should be established, including: strict institutional and individual access requirements, transparent reserve audits, and tracking and controlling compliance arbitrage and capital flow risks.
