China has reaffirmed its stringent cryptocurrency stance while aggressively advancing its central bank digital currency, creating a stark contrast with the United States’ emerging crypto-friendly regulatory framework. As the U.S. passes the GENIUS Act to establish guidelines for dollar-pegged stablecoins, Chinese authorities warn these digital assets threaten global financial stability and monetary sovereignty, even as domestic research into stablecoins continues behind the scenes.
about China Reaffirms Crypto Crackdown, Expands Digital YuanState Administration of Foreign Exchange
0 in Finance and 0 in Crypto last weekChina’s Crypto Regulations and Their Global Influence on Legislation
China has intensified its crackdown on cryptocurrency, implementing stringent regulations that require banks to monitor and report cross-border crypto transactions, labeling them as risky financial activities. This ongoing hostility towards digital assets has led many crypto firms to relocate, while other countries like Turkey and Egypt have also enacted their own bans, indicating that China is not necessarily a role model but rather learning from global experiences in crypto regulation.
about China's Crypto Regulations and Their Global Influence on LegislationChina Enforces Stricter Bank Regulations on Cryptocurrency Transactions
China’s State Administration of Foreign Exchange has implemented stricter regulations requiring banks to monitor and report crypto transactions to prevent illicit activities, including cross-border gambling and unauthorized financial dealings. These rules aim to reinforce capital controls and penalize risky crypto trading, making it harder for individuals to bypass regulations. Despite the ban on cryptocurrencies, China reportedly holds around 194,000 BTC, valued at approximately $18 billion, acquired through asset seizures.
about China Enforces Stricter Bank Regulations on Cryptocurrency TransactionsChina enforces stricter regulations on banks for monitoring crypto transactions
China has implemented stricter regulations requiring banks to monitor and report risky cryptocurrency transactions to combat illegal cross-border financial activities. The new rules mandate tracking identities, fund sources, and trading frequency, complicating Bitcoin trading for Chinese investors. Despite a long-standing anti-crypto stance, a recent court ruling recognized cryptoassets as property under certain conditions, while calls for a more progressive regulatory approach continue to emerge.
about China enforces stricter regulations on banks for monitoring crypto transactions