在加密货币方面，中国仍然是世界上最严格的国家之一

根据这些规则，截至2025年，所有涉及加密货币，采矿和进行ICO的活动都被完全禁止。

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.

在加密货币方面，中国是最严格的国家之一。根据这些规则，截至2025年，所有涉及加密货币，采矿和进行ICO等涉及加密货币的活动都被完全禁止。尽管可以使用此类投资将诸如比特币或以太坊等加密货币保存在私人手中，交易，投资或进行企业。

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.

外国投资者，企业和开发人员对中国市场感兴趣，需要了解中国的加密货币法规。尽管该国采用分散的加密货币，但它是开发区块链和中央银行数字货币（CBDC）实施的主要演员。

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.

执行该国监管方法的主要当局是PBOC，CSRC和CAC。他们密切关注每个人和每个人都遵守加密货币的国家政策。

Historical Context

历史背景

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，中国谨慎对加密货币感兴趣。 PBOC在2013年表示，比特币不是法定招标，并禁止金融机构使用比特币。这是对中国加密市场仍然崭露头角的第一次这样的监管打击。

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年禁止最初的硬币产品（ICO）的情况下进一步加强了其在这一问题上的立场，因为有可能造成欺诈和对金融稳定的威胁。那时有大规模的国内交易所关闭。但是，政府最终在2021年底之前宣布对加密货币交易和采矿的全面禁令，最终在全球范围内实施了最严格的数字货币法律。

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.

中国不断发展的立场目标是显而易见的：它寻求金融稳定，防止资本飞行，并需要保持国家对数字经济基础设施的控制。但是现在，这些动机构成了一个环境，即使仅在政府权威之下，就可以通过股东渠道来鼓励区块链，只有区块链。

Regulatory Framework

监管框架

Key Regulatory Authorities

关键监管机构

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

中国人民银行（PBOC）是与加密相关的金融服务和金融风险的主要禁令。

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

监视证券的中国证券监管委员会（CSRC）已根据现行金融法对加密资产进行了分类。

Licensing and Registration

许可和注册

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，注册表钱包和代币销售平台被禁止在中国运营。不存在注册加密业务的法律手段。那些被捕的与加密相关服务的实体被关闭，其资产被没收，并且该事件被起诉为国家犯罪。

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.

由于中国禁止加密平台，因此它们绕过AML/KYC。尽管经济严格的审查法律如此严格，但供应商还是惊讶于当局将加密货币视为威胁，并且仍然需要强制性报告。

Taxation of Cryptocurrency

加密货币的税收

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.

由于中国禁止所有交易，因此中国没有官方的加密货币税收政策。此外，如果发现这些非法加密运营并产生了收入，则可以应用现有的逃税和金融不当行为法。

Regulation of ICOs, STOs, and Token Sales

ICO，STOS和代币销售的监管

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.

禁止对所有形式（包括ICO和STOS）进行令牌筹款。参加这些计划是非法的，并由中国的反欺诈和公共筹款法所涵盖。

China Crypto Policies

中国加密政策

Usage of Cryptocurrency

使用加密货币

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.

加密货币不能用于中国的交易，交易或任何其他公共或商业应用。尽管个人持有不是非法的，但根据法律，加密货币不能参与任何交易。

Crypto Mining

加密开采

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.

中国取消了任何加密货币的开采。在2021年，禁止采矿作为减少与分散融资和能源消耗问题相关的风险的一种手段。

Digital Yuan and Blockchain Projects

数字元和区块链项目

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.

尽管中国仍然是反克雷普托，但它与数字元素（E-CNY）有关数字货币创新的领先地位。 E-CNY是由PBOC开发和释放的，作为国家战略的一部分，旨在转向无现金，中央管理的经济。区块链计划的另一个方面更广泛，仅由政府监督，解决了物流，医疗保健和公共数据系统。

Penalties for Non-Compliance

不合规的处罚

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.

个人或实体采取的非法加密诉讼的处罚可能会受到严厉的处罚，例如资产扣押，行政制裁，罚款和监禁。通过VPN使用外交交流也是非法的，并且在州当局积极关注。

Country’s Approach to Crypto Innovation

国家的加密创新方法

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.

尽管中国鼓励区块链创新，但仅在严格的监管监督下才会发生。分散的加密货币被禁止，但是区块链应用在供应链，数字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.

尽管它与其他国家一样没有正式的监管沙箱，但该州还是为开发企业区块链解决方案的支持框架。在中国的财务数字化推动力的核心，数字人民币的扩张符合政府在技术燃料经济中对全额货币控制的愿望。

Notable Challenges and Issues

显着的挑战和问题

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

执法是中国最大的挑战之一。加密活动的禁令正在扫描，但仍可以在地下找到活动。 VPN可帮助个人访问外交交流，以及点对点转移