Is crypto legal in People's Republic of China?
Cryptocurrency is banned in People's Republic of China.
Eastern Asia · CN · 9 of 9 dimensions sourced
People's Republic of China crypto policy at a glance
Stage of the central bank digital currency programme — research, pilot, or launched.
Whether crypto is legal, restricted, or banned for individuals and businesses.
“虚拟货币相关业务活动涉嫌非法发售代币票券、擅自公开发行证券、非法经营期货业务、非法集资等非法金融活动，一律严格禁止，坚决依法取缔。”
Whether the jurisdiction licenses crypto/VASP service providers.
“Financial institutions and non-bank payment institutions shall not provide services including account opening, funds transfers, and clearing and settlement for virtual currency-related activities. ... Provision of services by overseas virtual currency exchanges to residents in China via the internet is also considered to be an illegal financial activity.”
Rules governing stablecoin and e-money-token issuance.
“Stablecoins are a type of virtual currency and, at present, cannot effectively meet requirements for customer identification and anti-money laundering, among others.”
How crypto gains are taxed and reported, including OECD CARF participation.
“根据我国现行个人所得税法，个人通过买卖比特币等虚拟货币取得的差价收入，属于财产转让所得，应依法缴纳个人所得税。”
How decentralized finance (DeFi) is treated by regulators.
“Virtual currency-related business activities are illegal financial activities... providing services such as... trading, token issuance and derivatives for virtual currencies is strictly prohibited.”
Whether NFTs are addressed in regulation.
“Financialization and securitization of non-fungible tokens (NFTs) must be strictly prevented, and NFTs must not be used for the issuance of financial products or for illegal fundraising.”
Policy toward crypto mining — permitted, restricted, or banned.
“将虚拟货币“挖矿”活动列为淘汰类产业。各地区不得新上虚拟货币挖矿项目，要加快有序退出存量项目。”
Intensity of regulatory enforcement actions against crypto firms.
“The CSRC has repeatedly warned against illegal fundraising, speculation, and other crypto-related violations and has issued enforcement-oriented investor warnings.”
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