Overview
- Regulators reaffirm that virtual currencies lack legal tender status and declare most crypto‑related business activities illegal unless explicitly approved.
- Any unapproved issuance of renminbi‑pegged stablecoins overseas is prohibited for all entities, with domestic firms and controlled offshore vehicles requiring prior authorization.
- Onshore real‑world asset tokenization and related intermediary or technical services are banned without approval, and offshore providers are barred from serving mainland users.
- Enforcement orders include cutting banking and payment services to crypto, directing internet platforms to block promotions and assist takedowns, and mandating provincial shutdowns of mining operations.
- The notice repeals the 2021 circular and immediately pressured markets, with reports of sharp declines in major cryptocurrencies following the announcement.