---
type: country
domain: crypto-regulation
status: stable
tags: ["crypto-regulation", "asia_pacific", "fatf", "banned"]
aliases: ["CN", "CHN", "中国"]
created: 2026-06-01
updated: 2026-04-02
compile_into: ["[[country--china]]"]
sources:
  - name: "https://www.pbc.gov.cn"
    url: "https://www.pbc.gov.cn"
    type: "official"
  - name: "https://www.csrc.gov.cn"
    url: "https://www.csrc.gov.cn"
    type: "official"
---

#  China (CN) — Crypto Regulation

> China has banned cryptocurrency trading, mining, and speculation activities as per the Joint Notice on Further Preventing and Dealing with Risks of Virtual Currency Trading and Speculation (September 2021). The People's Bank of China enforces strict prohibitions on crypto activities.

## Overview

| Field | Value |
|-------|-------|
| Status | Banned |
| Risk Score | 70/100 (High Risk) |
| Enforcement Level | High |
| Region | [[domain--asia-pacific|asia pacific]] |
| Currency | [[entity--cny|CNY]] |

## Tax

| Type | Rate |
|------|------|
| Capital Gains (Personal) | N/A - crypto trading banned since September 2021 |
| Capital Gains (Corporate) | N/A - all crypto business activities prohibited |
| VAT on Crypto | No |
| Mining Tax | No specific guidance |
| Staking Tax | N/A |
| Airdrop Tax | N/A |

No crypto-specific tax guidance available.

## Licensing

| Field | Value |
|-------|-------|
| Required | No |
| Regulator | [[entity--pboc|PBOC]] / CSRC / NFRA |
| Framework | Joint Notice on Further Preventing and Dealing with Risks of Virtual Currency Trading and Speculation (September 2021); reinforced by PBOC + 7 agencies joint notice on stablecoins and RWA tokenization (February 6, 2026) |
| Ease | very_complex |
| Cost | N/A - all crypto activity banned |
| Timeline | N/A months |

## AML / KYC

| Field | Value |
|-------|-------|
| KYC Required | Yes |
| Travel Rule | Yes |
| [[concept--fatf|FATF]] Member | Yes |
| FATF Status | compliant |

## DeFi

**Status:** Banned

DeFi activities are banned in China under the comprehensive prohibition on cryptocurrency. Technology platforms are mandated to block DeFi interfaces and decentralized wallets. The Feb 2026 directive extended controls to RWA tokenization, a closely related area.

## Stablecoins

**Status:** Banned

Stablecoins are explicitly banned under both the 2021 Joint Notice and a new February 2026 PBOC + 7-agency directive targeting RMB-pegged stablecoins and RWA tokenization specifically.

## NFTs

**Status:** Restricted

## Mining

| Field | Value |
|-------|-------|
| Legal | No |
| Electricity Cost | $0.076/kWh |
| Renewable Energy | 32% |
| Climate | temperate |
| Infrastructure | excellent |

Crypto mining is banned in China since 2021 following government crackdowns. Electricity cost and renewable energy data are based on latest available statistics.

## Geopolitics

| Field | Value |
|-------|-------|
| Stability | stable |
| Sanctions | No |
| Corruption Index | 45/100 |
| Ease of Business | moderate |
| Internet Freedom | not_free |
| Banking Access | very_restricted |
| Sanctions Programs Active | Yes |

### Recent Political Events

- 2023-10-01: China tightened regulations on crypto exchanges and reinforced mining bans — Further restricted crypto activities and reinforced ban on mining operations

## Enforcement

No detailed enforcement information available

## CBDC

| Field | Value |
|-------|-------|
| Status | pilot |
| Name | e-CNY |
| Authority | People's Bank of China |
| Type | wholesale |

## FAQ

### Is cryptocurrency legal in China?

China has banned cryptocurrency trading, mining, and speculation activities as per the Joint Notice on Further Preventing and Dealing with Risks of Virtual Currency Trading and Speculation (September 2021). The People's Bank of China enforces strict prohibitions on crypto activities.

### What is the FATF status of China?

China is classified by FATF as: compliant.

### What is the AML/KYC regime in China?

KYC is mandatory for crypto businesses.

---

*Data source: [Soken Crypto Legal Map](https://soken.dev/crypto-map/). Last reviewed: 2026-06-01.*

**Sources:**
- [https://www.pbc.gov.cn](https://www.pbc.gov.cn)
- [https://www.csrc.gov.cn](https://www.csrc.gov.cn)