Overview
- Regulators reaffirm that cryptocurrencies lack legal‑tender status and classify related trading, issuance and intermediation as illegal financial activity.
- Unapproved offshore issuance of renminbi‑pegged stablecoins is barred for both foreign firms and Chinese companies, including their overseas affiliates.
- Tokenization of real‑world assets is prohibited unless explicitly approved on designated infrastructure, and offshore services based on onshore rights require prior authorization and heightened compliance.
- Financial institutions and payment firms are forbidden to provide accounts, transfers, settlement, custody or insurance for virtual‑asset products, and internet platforms must block promotion, hosting and traffic for crypto or RWA services and assist takedowns.
- Authorities renew orders to shut down mining projects and prevent new capacity, and markets reacted with sharp declines, with bitcoin and ether falling roughly 8% and 12% over 24 hours following the notice.