A Belief Reserve stablecoin group was detained by police in China on Might 29, in keeping with PANews.
The information outlet reported that the group “had been taken away by the police and detained, and the members of the family of some workers had been notified.”
The workplace in Shanghai was vacant and had a seal of “Judicial Seizure, Strictly No Vandalism,” on it, in keeping with PaNews.
Belief Reserve had merchandise together with stablecoin CNHC and the Hong Kong greenback stablecoin HKDC.
HKDC is a stablecoin pegged to the Hong Kong greenback backed one to 1, and CNHC is a stablecoin pegged to the offshore RMB, and likewise backed one to 1, in keeping with the website.
Belief Reserve additionally accomplished a $10 million A+ fundraising spherical, led by KuCoin Ventures and adopted by Circle and IDG Capital, in keeping with the tech firm’s web site.
Belief Reserve didn’t reply to a request for remark.
China’s stance on crypto
Since 2021, China has banned crypto mining, crypto buying and selling and ultimately crypto transactions.
The nation has additionally launched its personal central financial institution digital forex, which has processed over $14 billion value of transactions to this point, in keeping with a determine from October 2022.
In the meantime, Hong Kong outlined plans in February to permit retail buyers to commerce sure digital currencies on licensed exchanges, in keeping with earlier cryptonews.com reporting.
Hong Kong’s Securities and Futures Fee mentioned retail buyers could be allowed to commerce sure “large-cap tokens” on licensed exchanges, on condition that safeguards equivalent to information checks, danger profiles, and cheap limits on publicity are put in place.
Hong Kong is engaged on turning into a crypto hub after the SFC first banned retail buyers from buying and selling crypto in 2018.
Nonetheless, the SFC mentioned that the “digital asset panorama has modified considerably” because it first introduced the regulatory regime.