Four PillarsFour PillarsAsia Digital Asset Policy Center

East Asia

China

Crypto trading, mining, stablecoins and onshore RWA tokenisation are all banned; the state backs an interest-bearing e-CNY instead.

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Licences

What it takes to operate in China: 3 licences, who issues each, what it covers and who holds one.

Filing for offshore issuance of asset-backed security tokens

CSRC · CSRC Announcement [2026] No. 1; Notice No. 42, para. 14

Onshore entities issuing security tokens offshore that are backed by cash flows from mainland assets.

What it takes
  • File with the CSRC before issuance, with a filing report and the full offshore offering documents
  • Same business, same risk, same rules: securitisation, equity and debt rules still apply
  • Tokens in external-debt form also fall under NDRC and SAFE supervision
  • Offshore subsidiaries of mainland financial firms must apply parent-level KYC, suitability and AML controls
No public count

Approval to issue a yuan-pegged stablecoin offshore

PBoC · Notice No. 42 (2026), para. 1

Any issuance of a stablecoin pegged to the yuan outside the mainland, by mainland or foreign entities. No approvals have been announced.

What it takes
  • Prior consent of the relevant authorities is mandatory
  • Mainland entities and offshore entities they control may not issue any virtual currency abroad without consent
  • No published criteria or application process
No public count

Blockchain information service filing

CAC · Provisions on the Administration of Blockchain Information Services (2019)

Providing blockchain-based information services to the public. Crypto trading and RWA services remain banned regardless of filing.

What it takes
  • File with the CAC within 10 working days of starting service
  • Real-name verification of users
  • Security assessment for new products and features
  • Content controls and record keeping for inspection
No public count

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