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On the afternoon of October 28, 2025, a piece of news quickly spread in the cryptocurrency community: the superstar public chain Solana Accelerate APAC offline event scheduled to be held in Shenzhen was suddenly stopped in the middle of the event, and subsequent project roadshows and other links were also forced to be cancelled. According to pictures circulated in the community and descriptions of on-site attendees, police officers entered the event venue to conduct inquiries. The official explanation stated that the cancellation of the event may be related to complaints. Superstar public chain Solana is currently on a trip to China, and Foundation Chairman Lily Liu is doing roadshows in major cities such as Beijing, Shanghai, Hangzhou, and Shenzhen. As a result, someone reported the event in Shenzhen, and a police officer suddenly appeared on the scene.  Source: Net.com Legend has it that the police came and cleared the venue, and projects that did not have roadshows in the future were not allowed to be performed. However, after asking around, the director found out that the event should have been completed normally and the venue was not cleared. Generally speaking, when organizing activities in China, you must report to the relevant departments in advance, and you will not just do it without preparing anything. Therefore, it is definitely wrong to say that the event was not reported. Moreover, Solana’s event in Beijing was canceled because the registration was not completed, so they must have completed the registration in Shenzhen before opening it. After asking about it, I found out that the reason why the police came was because someone reported it, and the reason for the report was even more ridiculous, because the event was so popular that people who came late couldn't get in, and they were unhappy if they couldn't get in. If they were unhappy, they reported it. It's the same as parents reporting teachers for holding small classes outside, but not allowing other children to attend because their own children can't attend. Friends in the community who have participated in Solana's roadshows in other cities said that Solana's events were actually very well-organized. They didn't talk about currency prices or anything that couldn't be discussed, but just about technology, which was very good. It also proves that either the event is not allowed due to policy issues, or someone is maliciously causing trouble. Of course, this is not the first time that blockchain events have seen police officers. One year, the largest blockchain summit in China, "Wanxiang Shanghai Blockchain Week," also had police officers, but it had no impact. Two Heavens of Ice and Fire  When mainland China once again tightens the regulatory ropes on cryptocurrency, its surrounding Asian countries and regions are showing a completely different scene. Especially in the field of stablecoins, a wave of embrace and innovation is rising. On the same day that Pan Gongsheng delivered his speech, Japanese startup JPYC officially launched the world's first regulated Japanese yen stable currency, also named JPYC, and set an ambitious goal of issuing 10 trillion yen (approximately US$66 billion) within three years. Coincidentally, just last month, South Korea also launched its first fully compliant Korean won stablecoin KRW1 on the Avalanche blockchain through the cooperation of digital custodian BDACS and Woori Bank. At the same time, Hong Kong, as a special administrative region of China, is actively building itself into a global virtual asset center. Bank of China (Hong Kong) reportedly plans to apply for a stablecoin license, with Standard Chartered Bank also expressing strong interest. What is even more noteworthy is that mainland China's technology giants are "bypassing" Hong Kong to deploy offshore stablecoin business. Ant Group has applied for a trademark called "ANTCOIN" in Hong Kong. Its business scope covers stablecoins, token issuance and transfer ； JD.com also plans to seek overseas licenses to use stablecoins for cross-border B2B payments, and eventually expand to consumers. The stark contrast highlights China’s complex and cautious approach to cryptocurrency. On the one hand, the mainland is strictly guarded and resolutely curbs decentralized crypto-assets, shutting out any activities that may disrupt the financial order. ； On the other hand, through Hong Kong's "free economic sandbox", capital and enterprises are allowed to explore and experiment in a controlled environment, trying to take the initiative in the future digital financial landscape. clear signal The temporary cancellation of Solana’s Shenzhen event is not an isolated incident, but a public demonstration of China’s current strict regulatory policy on virtual currencies. It clearly shows that in mainland China, any form of offline gatherings and business activities aimed at promoting and promoting virtual currency transactions face extremely high policy risks and uncertainties. Governor Pan Gongsheng’s speech provided authoritative endorsement for this action and established the tone of “continue to crack down hard”. For all cryptocurrency practitioners and enthusiasts, the message could not be clearer: Mainland China’s regulatory red line is clear and firm, and any attempt to challenge or blur this line will face rapid response from the regulatory authorities. Cryptocurrency activities in the mainland will continue to be under high pressure for the foreseeable future. Olana Foundation meets with you in Shanghai, Hangzhou and Shenzhen |
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