China -- Regulatory Status Regulatory Overview

China maintains a comprehensive ban on cryptocurrency-related business activities, classifying them as illegal financial activities, while allowing private ownership of cryptocurrencies as virtual commodities (not legal tender). [1][2][5]

Regulatory Approach

China's approach is a general ban on all crypto trading, mining, exchanges, ICOs, and related services by financial institutions, with no comprehensive legislation but enforced through notices and announcements since 2013. Private holding is permitted at personal risk, but transactions lack legal protection.[1][2][5][7]

Primary Regulatory Bodies

A multi-agency coalition enforces the ban:

• People’s Bank of China (PBOC): Leads efforts, issues notices declaring activities illegal, and blocks transactions.[1][2][3][4]
• Cyberspace Administration of China (CAC): Shuts down websites, apps, and accounts promoting crypto.[1]
• China Securities Regulatory Commission (CSRC): Prevents illegal token offerings and ICOs.[1]
• State Administration of Foreign Exchange (SAFE): Targets cross-border flows and overseas exchanges serving Chinese users.[1] Other agencies include the Ministry of Public Security and State Administration for Market Regulation.[2]

Key Legislation, Notices, and Dates

China relies on regulatory notices rather than formal laws:

• December 5, 2013 (PBOC Notice): Classified Bitcoin as a virtual commodity (not legal tender); banned financial/payment institutions from handling it.[2][5]
• September 2017 (PBOC Announcement on Preventing ICO Risks): Banned ICOs and domestic exchanges (关于防范代币发行融资风险的公告).[1][2][5]
• April 1, 2014 (PBOC Order): Required closure of crypto trading accounts by banks/payment firms.[5]
• August 24, 2018 (Joint Announcement): Warned against illegal fundraising via "cryptocurrency" or "blockchain" (关于防范以“虚拟货币”“区块链”名义进行非法集资的风险提示).[2]
• September 24, 2021 (Joint Statement by PBOC et al.): Comprehensive ban on all crypto transactions (crypto-to-fiat/crypto-to-crypto), mining, and related activities.[3][5] Recent extensions (as of 2025-2026) ban unauthorized yuan-pegged stablecoins and tokenized assets by domestic/foreign entities.[4]

Current Stance on Crypto Trading and Exchanges (as of 2026)

All crypto trading, exchanges (domestic or foreign serving China), mining, and related services remain illegal, including facilitation by institutions. This includes bans on overseas platforms and yuan-linked stablecoins to protect financial stability, prevent money laundering, and preserve currency sovereignty. Hong Kong operates separately with its own pro-crypto framework.[1][3][4][5]