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Over the weekend, the People's Bank of China (PBoC), along with 12 ministries, led a critical meeting addressing the risks of virtual assets and the prevention of illicit financial activities.
The official announcement has elicited mixed reactions among market commentators, with the general consensus being that the policy line remains unchanged, but implementation will become stricter and more coordinated.
At the heart of the meeting was the implementation of China's mainland cryptocurrency ban, which has remained unchanged since 2017, through a more rigorous and unified regulatory mechanism. This included the involvement of institutions such as the Central Office of Financial Affairs, the Ministry of Justice, and the National Financial Regulatory Administration. A joint statement noted that cryptocurrency activities are still classified as “illegal financial activity,” and stablecoins are once again considered within the definition of “virtual currency.” According to regulators, the aim is not to broaden the scope, but to ensure the standardized and enforceable application of the existing ban.
The authorities' move is linked to the impact in China of the global softening of restrictions on digital assets following Trump's re-election as US President, and the strong market revival ranging from stablecoin issuances to offshore derivatives. Recent offshore exchange marketing targeting mainland users, token sale promotions, and the increase in stablecoin usage are cited as triggers for the new meeting.
The statement specifically points to the need for offshore platforms to reconsider their strategies for reaching Chinese users. It notes that gray area mechanisms such as influencer marketing, covert content distribution, and USDT fiat channels will face a much higher risk of oversight. The widespread removal of crypto content from platforms like WeChat and Xiaohongshu in recent weeks supports this approach.
In this context, the meeting clarifies the line between compliant and non-compliant parties without expanding legal prohibitions. The most important implications will be a sharper regulatory boundary between Hong Kong and mainland China.
While stricter statements are expected from Hong Kong-licensed institutions regarding their marketing efforts targeting the mainland, unlicensed platforms using the Hong Kong label to target mainland users fall directly under the purview of sanctions. On the other hand, Hong Kong's open, rule-based, and licensing approach enhances the value of the harmonious ecosystem in the region.
The overall picture is that the fundamental policy towards crypto in mainland China remains unchanged; there's no new tightening or loosening. However, regulation has moved to a more detailed, coordinated, and operational implementation phase. Stablecoin promotions, offshore exchange marketing, and all content targeting mainland users will face clearer rules and higher enforcement standards.
*This is not investment advice.