在加密貨幣方面，中國仍然是世界上最嚴格的國家之一

根據這些規則，截至2025年，所有涉及加密貨幣，採礦和進行ICO的活動都被完全禁止。

China is one of the most restrictive countries when it comes to cryptocurrency. According to these rules, all activities involving crypto like trading, mining and conducting ICOs, are banned altogether as of 2025. Although cryptocurrencies such as Bitcoin or Ethereum can be kept in private hands, transacting, investing or conducting enterprise using such investments is completely prohibited.

在加密貨幣方面，中國是最嚴格的國家之一。根據這些規則，截至2025年，所有涉及加密貨幣，採礦和進行ICO等涉及加密貨幣的活動都被完全禁止。儘管可以使用此類投資將諸如比特幣或以太坊等加密貨幣保存在私人手中，交易，投資或進行企業。

Foreign investors, businesses and developers interested in the Chinese market need to understand China’s cryptocurrency regulations. While the country is closed off to adopting decentralized crypto, it’s a main actor in the development of blockchain and Central Bank Digital Currency (CBDC) implementation.

外國投資者，企業和開發人員對中國市場感興趣，需要了解中國的加密貨幣法規。儘管該國採用分散的加密貨幣，但它是開發區塊鍊和中央銀行數字貨幣（CBDC）實施的主要演員。

The main authorities enforcing the country’s regulatory approach are the PBOC, CSRC and the CAC. They keep a close eye on everyone’s and everybody’s compliance concerning crypto with national policy.

執行該國監管方法的主要當局是PBOC，CSRC和CAC。他們密切關注每個人和每個人都遵守加密貨幣的國家政策。

Historical Context

歷史背景

First of all, China was interested in cryptocurrencies with caution. The PBOC said in 2013 that Bitcoin wasn’t legal tender and banned the use of Bitcoin by financial institutions. It was the first such regulatory blow to a still budding Chinese crypto market.

首先，中國謹慎對加密貨幣感興趣。 PBOC在2013年表示，比特幣不是法定招標，並禁止金融機構使用比特幣。這是對中國加密市場仍然嶄露頭角的第一次這樣的監管打擊。

The government further strengthened its stand on this issue in 2017 when it banned initial coin offerings (ICOs) because of the potential for fraud and possible threats to financial stability. There was then a mass domestic exchange shutdown. However, the government eventually imposed the strictest digital currency laws globally when it declared a full ban on cryptocurrency trading and mining by the end of 2021.

政府在2017年禁止最初的硬幣產品（ICO）的情況下進一步加強了其在這一問題上的立場，因為有可能造成欺詐和對金融穩定的威脅。那時有大規模的國內交易所關閉。但是，政府最終在2021年底之前宣布對加密貨幣交易和採礦的全面禁令，最終在全球範圍內實施了最嚴格的數字貨幣法律。

China’s evolving stance goals are obvious: it looks for financial stability, prevents capital flight, and needs to keep state control over the digital economic infrastructure. But now those motivations form an environment that encourages blockchain, and only blockchain, through the shareholder channel, if only it is under government authority.

中國不斷發展的立場目標是顯而易見的：它尋求金融穩定，防止資本飛行，並需要保持國家對數字經濟基礎設施的控制。但是現在，這些動機構成了一個環境，即使僅在政府權威之下，就可以通過股東渠道來鼓勵區塊鏈，只有區塊鏈。

Regulatory Framework

監管框架

Key Regulatory Authorities

關鍵監管機構

People’s Bank of China (PBOC) acts as the lead bans on both crypto-related financial services and financial risks.

中國人民銀行（PBOC）是與加密相關的金融服務和金融風險的主要禁令。

The China Securities Regulatory Commission (CSRC) – which monitors securities – has classified the crypto assets under existing financial law.

監視證券的中國證券監管委員會（CSRC）已根據現行金融法對加密資產進行了分類。

Licensing and Registration

許可和註冊

Crypto exchanges, registry wallets and token sales platforms are banned from operating in China. Legal means of registering a crypto business do not exist. Those entities that are caught engaging in crypto-related services are shut down, their assets seized, and the incident is prosecuted as a crime of the state.

加密交易所，註冊表錢包和代幣銷售平台被禁止在中國運營。不存在註冊加密業務的法律手段。那些被捕的與加密相關服務的實體被關閉，其資產被沒收，並且該事件被起訴為國家犯罪。

AML & KYC Requirements

AML和KYC要求

Since crypto platforms are banned in China, they bypass AML/KYC. Despite such tight financial scrutiny laws, vendors were surprised how seriously authorities regard crypto as a threat and that it still requires mandatory reporting.

由於中國禁止加密平台，因此它們繞過AML/KYC。儘管經濟嚴格的審查法律如此嚴格，但供應商還是驚訝於當局將加密貨幣視為威脅，並且仍然需要強制性報告。

Taxation of Cryptocurrency

加密貨幣的稅收

As all trading is banned in China, there is no official Chinese tax policy for cryptocurrencies. In addition, if these illegal crypto operations were discovered and produced income, existing tax evasion and financial misconduct laws could be applied.

由於中國禁止所有交易，因此中國沒有官方的加密貨幣稅收政策。此外，如果發現這些非法加密運營並產生了收入，則可以應用現有的逃稅和金融不當行為法。

Regulation of ICOs, STOs, and Token Sales

ICO，STOS和代幣銷售的監管

Token fundraising of all forms (including ICOs and STOs) is banned. Taking part in these schemes is illegal and covered by China’s anti-fraud and public fundraising laws.

禁止對所有形式（包括ICO和STOS）進行令牌籌款。參加這些計劃是非法的，並由中國的反欺詐和公共籌款法所涵蓋。

China Crypto Policies

中國加密政策

Usage of Cryptocurrency

使用加密貨幣

Cryptocurrencies cannot be used for transactions, trading or any other public or business application in China. Although personal holding is not illegal, by law crypto cannot be involved in any transaction.

加密貨幣不能用於中國的交易，交易或任何其他公共或商業應用。儘管個人持有不是非法的，但根據法律，加密貨幣不能參與任何交易。

Crypto Mining

加密開採

China has outlawed the mining of any cryptocurrency. In 2021, mining was banned as a means to reduce the risk associated with decentralized finance and energy consumption concerns.

中國取消了任何加密貨幣的開採。在2021年，禁止採礦作為減少與分散融資和能源消耗問題相關的風險的一種手段。

Digital Yuan and Blockchain Projects

數字元和區塊鏈項目

While China is still anti-crypto, it is leading the way with regard to digital currency innovation with the Digital Yuan (e-CNY). The e-CNY was developed and released by the PBOC as part of a national strategy to move to a cashless, centrally managed economy. Another facet of blockchain initiatives is broader and addresses logistics, healthcare and public data systems, supervised only by the government.

儘管中國仍然是反列克普托，但它與數字元素（E-CNY）有關數字貨幣創新的領先地位。 E-CNY是由PBOC開發和釋放的，作為國家戰略的一部分，旨在轉向無現金，中央管理的經濟。區塊鏈計劃的另一個方面更廣泛，僅由政府監督，解決了物流，醫療保健和公共數據系統。

Penalties for Non-Compliance

不合規的處罰

Punishment for illegal crypto operations taken by individuals or entities could be up to severe penalties such as asset seizure, administrative sanctions, fines, and imprisonment. The use of foreign exchanges through VPNs is also illegal and is actively followed by the state authorities.

個人或實體採取的非法加密訴訟的處罰可能會受到嚴厲的處罰，例如資產扣押，行政制裁，罰款和監禁。通過VPN使用外交交流也是非法的，並且在州當局積極關注。

Country’s Approach to Crypto Innovation

國家的加密創新方法

While China encourages blockchain innovation, it happens only under strict regulatory oversight. Decentralized crypto is banned, but blockchain apps are well supported in supply chain, digital ID and health, and governance.

儘管中國鼓勵區塊鏈創新，但僅在嚴格的監管監督下才會發生。分散的加密貨幣被禁止，但是區塊鏈應用在供應鏈，數字ID和健康以及治理方面得到了很好的支持。

While it has no formal regulatory sandbox like other countries, the state is backing frameworks for the development of enterprise blockchain solutions. At the heart of China’s financial digitization push, The Digital Yuan’s expansion is in line with the government’s aspirations for full monetary control in a tech fuelled economy.

儘管它與其他國家一樣沒有正式的監管沙箱，但該州還是為開發企業區塊鏈解決方案的支持框架。在中國的財務數字化推動力的核心，數字人民幣的擴張符合政府在技術燃料經濟中對全額貨幣控制的願望。

Notable Challenges and Issues

顯著的挑戰和問題

Enforcement is one of the greatest challenges for China. Bans on crypto activity are sweeping, but activity can still be found below ground. VPNs help individuals access foreign exchanges, and peer-to-peer transfers

執法是中國最大的挑戰之一。加密活動的禁令正在掃描，但仍可以在地下找到活動。 VPN可幫助個人訪問外交交流，以及點對點轉移