Recent online chatter suggesting a fresh crackdown on cryptocurrency in China appears unfounded, lacking support from official channels or verifiable information [1]. These claims, based solely on unconfirmed reports, stand in contrast to the regulations put in place back in 2021, which primarily targeted crypto exchanges and mining activities within the country. Since then, no further restrictions have been officially announced or implemented [1].
Currently, Bitcoin is being traded at around $114,071 USD, boasting a market capitalization of $2.27 trillion and a daily trading volume of $53.98 billion, solidifying its position as the leading digital currency [1]. Despite the existing regulatory climate, person-to-person crypto transfers continue to occur via messaging platforms, and numerous Chinese citizens utilize virtual private networks (VPNs) to access international crypto exchanges. Blockchain data indicates consistent activity, with daily Bitcoin transfer volumes frequently exceeding $20 billion, a portion of which is traced back to addresses linked to users in China [1].
Hong Kong is evolving into a crypto-friendly zone, having introduced a licensing system for spot trading platforms in June 2025, operating under its own distinct legal framework [1]. This effort aims to attract blockchain startups, exchanges, and token issuers, positioning Hong Kong as a major player in the Asia-Pacific region’s digital asset space. Concurrently, Chinese authorities are exploring the possibilities of tokenized real-world assets and regulated stablecoins, with ongoing pilot programs in cities such as Guangdong and Shanghai [1].
China’s regulatory actions in 2021 mainly involved shutting down domestic crypto exchanges, halting cryptocurrency mining within major provinces, and forbidding financial institutions from facilitating transactions related to crypto. These restrictions remain in effect, and there have been no new regulatory measures or penalties introduced since then [1]. Importantly, individual peer-to-peer cryptocurrency transactions are still legal under the current regulations; only institutions are prohibited from providing crypto-related services [1].
Blockchain activity and informal market trends suggest that China’s interest in blockchain technology isn’t entirely at odds with its regulatory stance. The nation is actively developing its central bank digital currency (e-CNY), signaling a strategic focus on maintaining control over its monetary system rather than a complete rejection of digital currencies [1]. As conversations surrounding tokenized assets and real-world applications of blockchain technology advance, future regulations may reshape the existing regulatory framework.
In summary, the alleged “new ban” appears to be a misunderstanding or a fabricated story. China’s current restrictions are unchanged, while Hong Kong’s proactive policies offer a contrast to the central government’s cautious approach. The absence of new prohibitions indicates that the crypto scene in China remains stable, with private transactions and informal exchanges continuing despite official government policies.
Source: [1] Did China Ban Cryptocurrency? What The Story Is Really About (https://nulltx.com/did-china-ban-cryptocurrency-what-the-story-is-really-about/)