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The Hong Kong "Stablecoin Regulation" is trending, yet many regions are issuing warnings about illegal fundraising? Original author: Lawyer Xu Qian #####Introduction With Hong Kong passing the "Stablecoin Regulation", the market has ignited a "stablecoin craze". Financial departments in multiple regions including Beijing, Zhejiang, Shenzhen, Suzhou, Chongqing, and Ningxia have consecutively issued risk warning announcements, emphasizing that "stablecoins" are being exploited by criminals as a guise for carrying out illegal fundraising, financial fraud, and other criminal activities, and the potential risks deserve high vigilance. So why are emerging concepts like stablecoins frequently exploited by criminals, becoming tools for illegal fundraising and fraud? #####Why do stablecoins become tools for illegal fundraising risks? Stablecoins are inherently a neutral technical tool, designed to address the volatility issues of the crypto asset market. The transformation of stablecoins into tools for crime in this new era is linked to the current popularity of Blockchain, encryption digital economy, and other.