The People's Bank of China, together with eight specialized government agencies, has published an updated joint statement reaffirming the existing ban on any activities related to cryptocurrencies in the country. The document reinforces Beijing's strict stance on digital assets and expands the list of prohibited operations.
According to the statement from regulators, illegal activities include trading in cryptocurrencies, the issuance and circulation of coins $BTC $ETH and tokens, intermediary services, the creation of financial products based on digital assets, as well as mining. Not only the extraction of cryptocurrencies is prohibited but also the production, distribution, and sale of mining equipment.
Authorities emphasize that cryptocurrencies are not recognized as a legal means of payment in China and cannot be used as currency or a means of settlement. Advertising of crypto assets and the provision of any related services, including consulting, informational, and technical services, are also prohibited. It is specifically noted that foreign companies and individuals do not have the right to provide services related to virtual currencies to Chinese legal and natural persons in any form.
The document also pays attention to stablecoins. It states that the issuance and circulation of stablecoins pegged to the yuan are prohibited without direct approval from financial regulators. Tokenization of real-world assets (real world assets, RWA) is generally classified as illegal financial activity and is permitted only in exceptional cases — through specially approved and state-controlled structures.
In addition, Chinese authorities have announced their intention to strengthen the fight against financial crimes, including fraud, money laundering, and illegal fundraising. Special control will be established over foreign crypto services operating with Chinese citizens, as well as over Chinese companies attempting to launch RWA projects outside the country.
Cryptocurrency mining was officially banned in China back in 2021. In a new statement, regulators emphasized that this policy remains unchanged: the activities of miners must continue to be suppressed, and responsibility for any possible resumption of digital asset extraction falls on regional authorities. All existing mining farms are subject to closure, the creation of new facilities is strictly prohibited, as is the production of mining equipment.
The new directive came into effect immediately after publication and officially replaced the previous similar regulation adopted in 2021.
Against this background, Russia's approach to regulating the cryptocurrency market appears more lenient. Activities related to digital assets are allowed in the country, provided that legislative requirements are met. Part of the regulatory framework has already been established — in particular, laws on digital financial assets and mining have been adopted. At the end of last year, the Bank of Russia presented a concept for regulating the cryptocurrency and digital asset market, and the Ministry of Finance proposed initiatives for developing the segment of tokenized real assets.