Recently, I came across a very noteworthy piece of news. China issued a new financial regulatory notice earlier this year, and its stance on the entire cryptocurrency market can be described as quite strict.

The core content is a comprehensive ban. The People's Bank of China, in cooperation with multiple government agencies, explicitly prohibits cryptocurrency trading, issuance, mining, and unapproved RMB stablecoins. Virtual assets like Bitcoin, Ethereum, and USDT are not recognized as legal tender under official definitions, and any form of transaction is considered illegal.

This is not just on paper. Banks, payment institutions, and internet companies are explicitly forbidden from providing related services. Even mining equipment manufacturers are no longer allowed to sell products domestically. Regulatory authorities are also establishing monitoring systems, tackling both online and offline activities.

Foreign capital is also not allowed to bypass these restrictions. Foreign companies offering cryptocurrency services to Chinese residents are prohibited, and organizations assisting with such services will also face legal consequences. Violators may face fines, prosecution, or even criminal charges.

Interestingly, the tokenization of real-world assets is also largely banned, unless it occurs within specific government-approved financial infrastructure. This shows that China’s attitude toward cryptocurrencies and related innovations is consistent and firm.

From a market perspective, this policy has a significant impact on the global crypto ecosystem. China has always been an important market, and this comprehensive ban means local exchanges, mining operations, and project teams will need to readjust their strategies. Risk education is also being prioritized, with regulators aiming to strengthen public awareness.

Honestly, this reflects the starkly different attitudes toward cryptocurrencies in various regions. Some countries are exploring friendly policies, while China is tightening its defenses. For those active in the crypto space, regional compliance has become a top priority.