Crypto & Digital Assets · China
Is crypto legal in China? Rules & regulation (2026)
China shaded by its crypto & digital assets status
Crypto is banned in China, primarily under No licensing regime exists in mainland China. Crypto exchange/VASP activity is prohibited under the PBOC-led joint Notice on Further Preventing and Disposing of the Risks of Speculation in Virtual Currency Trading (24 September 2021), reinforced by a joint PBOC notice of 6 February 2026 extending the ban to RWA tokenization and unapproved yuan-pegged stablecoins..
Mainland China does not license or register virtual-asset service providers; instead it bans them outright. All crypto trading, exchange operation, order-matching, token issuance and related intermediation are classified as 'illegal financial activities,' including services offered to Chinese residents by offshore exchanges over the internet. The state instead promotes the central-bank digital currency (e-CNY/digital yuan) as the only sanctioned digital money, and as of 2026 has extended the prohibition to RWA tokenization and offshore RMB stablecoins. (Note: the Hong Kong SAR runs an entirely separate, fully licensed VASP regime.)
Timeline - major decisions & events
At a coordination meeting of 13 agencies, the PBOC declared a 'resurgence' of crypto speculation and reaffirmed that all virtual-currency activity, including yuan-pegged stablecoins issued offshore without approval, is illegal, prompting Ant Group and JD.com to halt Hong Kong stablecoin plans. It marks China's strongest public stance since the 2021 ban and consolidates a state monopoly via the digital yuan.
Central Banking ↗The Songjiang District People's Court stated that virtual currency has 'property attributes' and that simply holding it is lawful for individuals, the first clear judicial statement on personal ownership, while reaffirming that token issuance, fundraising, and crypto business activities remain illegal financial activities.
South China Morning Post ↗The NDRC's revised Industrial Structure Adjustment Guidance Catalogue took effect, formally listing 'virtual currency mining' among activities to be phased out, cementing the prohibition begun in 2021 as part of carbon-neutrality goals.
Library of Congress ↗The 'Circular on Further Preventing and Disposing of Speculative Risks in Virtual Currency Trading,' issued by the PBOC with the Supreme People's Court, Supreme People's Procuratorate, Ministry of Public Security and others, deemed all crypto-related business, trading, matching, derivatives, and services by offshore exchanges to mainland residents, illegal financial activity subject to criminal liability. It is the foundation of today's blanket ban.
People's Bank of China ↗The 51st meeting of the State Council's Financial Stability and Development Committee announced a crackdown on bitcoin mining and trading, signaling the escalation that culminated in the September 2021 bans.
CoinDesk ↗After trials launched in mid-2020 in Shenzhen, Suzhou, Chengdu and Xiong'an, the PBOC ran a Shenzhen lottery distributing RMB 10 million in digital yuan to 50,000 citizens, advancing the state-controlled CBDC positioned as the official alternative to private crypto.
South China Morning Post ↗Regulators issued Virtual Currency Exchange Cleanup requirements forcing all bitcoin/crypto trading platforms to halt new registrations and wind down trading services; major venues like BTCC closed, and yuan's share of global bitcoin trading collapsed from over 90% to under 1%.
Library of Congress ↗China - other topics
Crypto & Digital Assets in other countries
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