China
ChinaCrypto trading, mining, stablecoins and onshore RWA tokenisation are all banned; the state backs an interest-bearing e-CNY instead.
Key Regulatory Progress
Every law, rule and official guide on crypto in China: 5 apply today, and the rest show what's coming and how regulators read the rules. Each is explained in plain words and linked to the official original.
Last checked against the originals on 5 Oct 2026.
Core framework
The primary statutes that define crypto assets and who may deal in them.
- In forceApplies today
Notice on Further Preventing and Handling Risks Related to Virtual Currencies and Other Matters (Yinfa [2026] No. 42)
关于进一步防范和处置虚拟货币等相关风险的通知（银发〔2026〕42号）
The governing ban: all virtual currency business is illegal, onshore RWA tokenisation is prohibited outside approved infrastructure, and yuan-pegged stablecoins may not be issued offshore without approval. Effective on issue; repeals Notice No. 237.
Read the original - In forceApplies today
Notice on Rectifying Virtual Currency Mining Activities (Fagai Yunxing [2021] No. 1283)
关于整治虚拟货币“挖矿”活动的通知
Bans new mining projects and orders existing ones phased out; Notice No. 42 reaffirms it and bars sales of mining machines onshore.
Read the original - In forceApplies today
Announcement on Preventing Financial Risks from Initial Coin Offerings
关于防范代币发行融资风险的公告
Declared ICOs illegal public fundraising, ordered all token sales to stop and barred platforms from exchanging yuan for tokens or providing pricing. Still in force: Notice No. 42 repealed only the 2021 notice.
Read the original - GuidanceNot binding law
Liu He chairs the 51st meeting of the State Council Financial Stability and Development Committee
刘鹤主持召开国务院金融稳定发展委员会第五十一次会议
The top-level political signal to crack down on Bitcoin mining and trading, which set off the 2021 exodus of miners and exchanges.
Read the original - SupersededReplaced
Notice on Further Preventing and Resolving the Risks of Virtual Currency Trading and Speculation (Yinfa [2021] No. 237)
关于进一步防范和处置虚拟货币交易炒作风险的通知
Declared all virtual currency business illegal, including services by offshore exchanges to mainland residents. Published 24 September 2021; repealed by Notice No. 42 in February 2026.
Read the original
Stablecoins & payments
Issuance, reserve and redemption rules for fiat-referenced tokens and payment tokens.
- GuidanceNot binding law
A Joint Meeting convened to Curb Speculations in Virtual Currency Trading
States that stablecoins are a form of virtual currency that cannot meet KYC and AML requirements, foreshadowing the stablecoin clauses of Notice No. 42.
Read the original
Tokenisation & securities
Security tokens, RWA, funds and ETFs.
- In forceApplies today
Regulatory Guidelines on the Offshore Issuance of Asset-Backed Security Tokens Based on Domestic Assets (CSRC Announcement [2026] No. 1)
关于境内资产境外发行资产支持证券代币的监管指引
Creates a CSRC filing requirement before onshore entities issue asset-backed security tokens offshore using cash flows from mainland assets. The only sanctioned tokenisation route.
Read the original - GuidanceNot binding law
Q&A by PBoC and CSRC officials on the Notice on Further Preventing and Handling Risks Related to Virtual Currencies
中国人民银行、中国证监会有关负责人就《关于进一步防范和处置虚拟货币等相关风险的通知》答记者问
Explains why the 2021 notice was revised, why yuan stablecoins touch monetary sovereignty, and how offshore RWA work by mainland entities will be supervised.
Read the original
AML & travel rule
Anti-money-laundering obligations and the FATF travel rule.
- In forceApplies today
Provisions on the Administration of Blockchain Information Services
区块链信息服务管理规定
Requires blockchain service providers to file with the CAC, verify users' real identities and keep records, the permitted lane for non-crypto blockchain businesses.
Read the original
Banks & prudential
What banks may hold, custody or issue.
- GuidanceNot binding law
The PBC had a regulatory talk with banks and payment institutions on speculative trading of virtual currencies
Told major banks and Alipay to screen out and cut off payment channels for crypto trading, a ban now codified for all financial institutions in Notice No. 42.
Read the original
CBDC & tokenised money
Central-bank digital currency and tokenised deposit programmes.
- GuidanceNot binding law
e-CNY undergoes major adjustment: new-generation framework from 1 January 2026
数字人民币迎来重大调整
Reports the PBoC action plan that turns wallet e-CNY into interest-bearing bank deposit money from 1 January 2026, and gives end-November 2025 figures of 16.7 trillion yuan in transactions and 230 million personal wallets.
Read the original - GuidanceNot binding law
e-CNY International Operations Centre officially begins operation
数字人民币国际运营中心正式运营
Launches the Shanghai centre's cross-border e-CNY payment, blockchain service and digital asset platforms, run by the PBoC Digital Currency Institute.
Read the original - GuidanceNot binding law
Action Plan for Promoting High-Quality Development of Digital Finance
The state's digital finance agenda to 2027, which commits to actively and prudently promoting the e-CNY rather than private digital money. Dated 21 November 2024 and published on 27 November 2024.
Read the original - GuidanceNot binding law
Progress of Research and Development of E-CNY in China
The official English white paper on the e-CNY's goals, two-tier design, controllable anonymity and pilot results.
Read the original
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