{"id":89163,"date":"2025-09-22T16:53:32","date_gmt":"2025-09-22T13:53:32","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=89163"},"modified":"2025-09-22T16:55:15","modified_gmt":"2025-09-22T13:55:15","slug":"china-and-south-korea-impose-new-restrictions-on-the-crypto-market","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/china-and-south-korea-impose-new-restrictions-on-the-crypto-market\/","title":{"rendered":"China and South Korea Impose New Restrictions on the Crypto Market"},"content":{"rendered":"

China’s Banking Regulatory Commission has unofficially instructed several local brokers to halt their RWA<\/a> business in Hong Kong, according to Reuters<\/a>.<\/p>\n

One source told the agency that the instructions are aimed at strengthening risk management. Authorities want to ensure that projects are backed by real business.<\/p>\n

Beijing’s initiative contrasts with Hong Kong’s policy. Over the past year, the city’s authorities have been actively working<\/a> to transform it into a hub for digital assets. Meanwhile, mainland China has banned cryptocurrency trading and mining since 2021.<\/p>\n

According to RWA.xyz<\/a>, the global market for tokenized real-world assets is valued at $28 billion.<\/p>\n

\"Screenshot
Source: RWA.xyz<\/a>.<\/figcaption><\/figure>\n

Suspicious Transactions in South Korea<\/h2>\n

Meanwhile, South Korea has recorded<\/a> a surge in suspicious cryptocurrency transactions (STR). From January to August 2025, local virtual asset service providers filed 36,684 STR reports, exceeding the combined totals for 2023 and 2024.<\/p>\n

Most reports are linked to “hwanchigi”\u2014the illegal transfer of foreign currency. Criminal proceeds are converted into crypto-assets on offshore platforms, then transferred to local exchanges and cashed out in won.<\/p>\n

From 2021 to August 2025, Korea’s Customs Service referred cryptocurrency crime cases worth $7.1 billion to prosecutors. About 90% ($6.4 billion) of these involve “hwanchigi” schemes.<\/p>\n

Officials have called for tighter controls to track criminal funds and block disguised money transfers.<\/p>\n

Back in August, Chinese regulators demanded<\/a> that brokerage firms and think tanks cancel seminars and cease publishing research on stablecoins<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

China’s Banking Regulatory Commission has unofficially instructed several local brokers to halt RWA business in Hong Kong.<\/p>\n","protected":false},"author":1,"featured_media":89164,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"China's Banking Regulatory Commission instructs brokers to halt RWA business in Hong Kong.","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[133,1227,1308,974],"class_list":["post-89163","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-china","tag-cryptocurrency-transactions","tag-rwa","tag-south-korea"],"aioseo_notices":[],"amp_enabled":true,"views":"280","promo_type":"1","layout_type":"1","short_excerpt":"China's Banking Regulatory Commission instructs brokers to halt RWA business in Hong Kong.","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/89163","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=89163"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/89163\/revisions"}],"predecessor-version":[{"id":89165,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/89163\/revisions\/89165"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/89164"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=89163"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=89163"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=89163"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}