Crypto & Digital Assets - China

BannedNo 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.)

Machine-assisted translation · verified 5/23/2026 · orientation, not legal advice. English version →