Chinese regulators have broadened their crackdown on crypto activities, imposing strict oversight on tokenization and stablecoin issuance in a notice.
“Recently, influenced by various factors, speculative activities related to virtual currencies and the tokenization of real-world assets have occurred frequently, posing new challenges and situations for risk prevention and control,” said the notice, issued jointly by eight national organizations, including the People’s Bank of China (PBOC) and the China Securities Regulatory Commission (CSRC).
The notice reiterates China’s blanket ban on crypto, saying that trading, issuing, or facilitating transactions involving digital currencies such as bitcoin, ether, or stablecoins like Tether’s USDT is illegal.
The prohibition extends to foreign entities and individuals offering such services within China. It also bans domestic entities from issuing digital currencies overseas without regulatory approval.
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