China — crypto regulation

Status: banned · Last reviewed 2026-11-05

All crypto transactions have been illegal on the mainland since 2021, mining is banned, and in Feb 2026 the ban was extended to stablecoins and RWA tokenisation. The stance has not softened: the Ministry of State Security warned in Oct 2026 that crypto is used for espionage and money laundering. Chainalysis still finds heavy peer-to-peer stablecoin use. The PBOC keeps expanding the interest-bearing e-CNY, with 30 operating institutions by Aug 2026; e-CNY transactions had reached 16.7 trillion yuan cumulatively. Hong Kong runs a contrasting licensed regime and has launched its first licensed HKD stablecoins.

Legislation