Crypto Regulations in China Statistics 2026: Ban Scope and Enforcement

China still holds over 14% of the global Bitcoin hashrate four years after the 2021 mining ban, ranking third behind the United States and Russia per Luxor Technology data. On February 6, 2026, eight PRC regulatory authorities, including PBoC, NDRC, CSRC, and SAFE, jointly released the Notice on Further Preventing and Dealing with Virtual Currency and Other Related Risks, which superseded the 2021 Circular. Behind the headline ban sits a four-year compliance machine, a state-built digital currency scaling faster than most private stablecoins, and a Hong Kong regulator running the opposite playbook one city over.

The data below covers ban-scope additions, mining residuals, e-CNY adoption, Hong Kong’s separate stablecoin licensing, and consumer-side enforcement.

Key Takeaways

• The February 6, 2026, Notice expanded the ban from trading and mining to RMB-linked stablecoins and overseas tokenization by Chinese companies without regulatory authorization.
• China’s share of global Bitcoin hashrate sits at over 14%, ranked third globally behind the United States and Russia.
• The digital yuan (e-CNY) has processed 14.2 trillion yuan (about $2 trillion U.S. dollars) in cumulative transactions across 225 million personal wallets.
• Hong Kong’s separate framework allows licensed stablecoin issuance: the Stablecoins Ordinance took effect on August 1, 2025, under HKMA licensing.
• The PBoC convened a high-level coordination meeting on November 28, 2025, with the public prosecution service, the supreme court, top financial and internet regulators, and three government ministries.
• A trigger for the 2026 expansion was the Xinkangjia DGCX collapse in June 2025, where approximately 2 million investors lost 13 billion yuan (about $1.9 billion).
• e-CNY balances now earn interest as of the Action Plan that took effect January 1, 2026, shifting the digital yuan from digital cash to digital deposit currency.

Editor’s Choice

• 8 PRC regulators co-signed the Feb 6, 2026 Notice: PBoC, NDRC, the National Financial Regulatory Administration, CSRC, and SAFE among the 8 authorities.
• e-CNY user base: 230 million personal wallets and 18.8 million corporate wallets by the end of November 2025.
• The pilot now covers 26 localities across 17 provincial-level regions.
• e-CNY total transactions by November 2025: 3.48 billion cumulative transactions worth 16.7 trillion yuan (about $2.37 trillion U.S. dollars).
• The 2021 Circular was issued on September 15, 2021, by the PBoC alongside 9 other governmental, party, and judicial organs.
• A February 2026 cross-border banking-network bust laundered over $136 million using crypto, illustrating active enforcement.
• APAC monthly on-chain crypto value peaked at $244 billion in December 2024 across the region.

Recent Developments

• February 2026 (Feb 6): Eight regulators issued the 2026 Notice expanding the crypto ban to stablecoins and RWA tokenization.
• January 2026 (Jan 1): The PBoC’s Action Plan for Further Strengthening the Digital Yuan Management Service System took effect, requiring commercial banks to pay interest on real-name digital yuan wallet balances.
• November 2025 (Nov 28): The PBoC summoned representatives from government ministries, internet regulators, and the judiciary to make a fresh statement on crypto regulation.
• November 2025 (Nov 3): Hong Kong’s SFC published 2 circulars expanding VATP product scope and integrating order books of SFC-licensed VATPs with global affiliates.
• October 2025 (Oct 28): The PBoC reported cumulative e-CNY transactions of 14.2 trillion yuan by the end of September 2025 at the Annual Conference of Financial Street Forum.
• August 2025 (Aug 1): Hong Kong’s licensing and regulatory framework for fiat-referenced stablecoins came into effect, regulating the issuance, offering, and marketing of FRS in Hong Kong.

China Crypto Ban Timeline Statistics

• On September 15, 2021, the PBoC and 9 other governmental, party, and judicial organs jointly issued PBoC Circular [2021] No.237, prohibiting all onshore cryptocurrency-related business activities.
• On June 1, 2025, the PBoC reaffirmed that all private possession, trading, and mining of cryptocurrencies are prohibited, with the digital yuan (e-CNY) designated as the only legal digital currency.
• Xinkangjia DGCX collapsed in June 2025, costing approximately 2 million investors a total of 13 billion yuan (about $1.9 billion), cited by regulators as a trigger for the 2026 expansion.
• The PBoC convened a high-level meeting on November 28, 2025, with attendees from the public prosecution service, the supreme court, top financial and internet regulators, policy-making bodies, and three government ministries.
• On February 6, 2026, the joint regulator Notice superseded the 2021 Circular, with the National Development and Reform Commission, the State Administration for Foreign Exchange, and other ministries among the co-issuers.
• Stablecoins are now classified as strictly prohibited cryptocurrencies, with no onshore or offshore entity permitted to issue a CNY-pegged stablecoin without explicit approval from relevant PRC authorities.

Source: People’s Bank of China statements via Han Kun Law analysis, PYMNTS, DL News, gov.cn

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Bitcoin Mining in China After the 2021 Ban

• China’s share of the global Bitcoin hashrate stands at over 14% per Luxor Technology data, eclipsed only by the United States and Russia.
• Cambridge’s Mining Map empirically recorded seasonal hashrate migration within mainland China before the June 2021 crackdown, with no published China data since.
• Before 2021, mining operations moved between regions within China to benefit from cheap and abundant power, driven by seasonal variance in renewable energy production.
• Luxor records an over-14% China hashrate share four years after the ban, while Cambridge reports no published China mining data since the June 2021 crackdown and notes that the seasonal migrations “have likely become a phenomenon of the past”.
• China’s central bank has quashed talk of relaxing its sweeping crackdown on crypto amid calls for Beijing to let Bitcoin miners return.
• Data from Luxor Technology ranks China third globally behind the United States and Russia.

Source: Luxor Technology global hashrate heatmap (data.hashrateindex.com), as reported by DL News November 2025

Digital Yuan (e-CNY) Adoption Statistics

The digital yuan is the only legally circulating digital currency in mainland China and explains the underlying logic of every private-CBDC ban besides it.

• Cumulative e-CNY transactions reached 14.2 trillion yuan (about $2 trillion U.S. dollars) by the end of September 2025.
• Cumulative e-CNY transactions reached 3.48 billion transactions worth 16.7 trillion yuan (about $2.37 trillion U.S. dollars) by the end of November 2025.
• The personal wallet count: 225 million personal wallets opened on the digital RMB app by end-September 2025, growing to 230 million personal wallets and 18.8 million corporate wallets by end-November.
• The pilot covers 26 localities across 17 provincial-level regions with retail and public services models in place.
• Cross-border tests are now running with Hong Kong, Macau, Laos, Thailand, Cambodia, and Singapore.
• On January 1, 2026, the Action Plan took effect and requires commercial banks to pay interest on real-name digital yuan wallet balances and to integrate those balances with deposit insurance.

Is crypto legal in China?

No. The PBoC reaffirmed in November 2025 that “cryptocurrencies do not have the same legal status as legal tender” and that “all cryptocurrency-related business transactions constitute illegal financial activities.” The only digital currency with legal-tender status is the e-CNY. Holding, trading, mining, and tokenizing virtual currencies are all prohibited under the 2021 Circular and the expanded Feb 6, 2026 Notice.

PBoC Enforcement Coordination Statistics

• The PBoC convened the meeting on November 28, 2025, as part of its efforts to “coordinate ways to combat speculation” in the crypto trading space.
• Meeting attendees included representatives from the public prosecution service, the supreme court, all of China’s top financial and internet regulators, policy-making bodies, and 3 government ministries.
• The 2026 Notice is co-issued by 8 PRC regulatory authorities: PBoC, NDRC, the National Financial Regulatory Administration, CSRC, SAFE, and three others under the State Council.
• The 2026 Notice does not include as co-issuers party organs (the Central Cyberspace Affairs Commission) or the judiciary (the Supreme People’s Court and the Supreme People’s Procuratorate).
• NDRC is included as a co-issuer with a view toward regulating RWA tokenization products that operate as debt finance tools.
• The PBoC stated that “all cryptocurrency-related business transactions constitute illegal financial activities” and that cryptocurrencies “should not and cannot be used as currency in the market.”

Source: PBoC press readouts via DL News and Han Kun Law analysis

Hong Kong Stablecoin and VATP Regulation Statistics

The Hong Kong SAR runs a separate regulatory perimeter, and the mainland ban does not extend to it.

• Hong Kong’s licensing and regulatory framework for fiat-referenced stablecoins came into effect on August 1, 2025.
• The Stablecoins Ordinance applies to stablecoins that aim to maintain a stable value with sole reference to fiat currencies (Fiat-Referenced Stablecoins).
• An HKMA license is required by FRS issuers in Hong Kong and Hong Kong dollar-linked FRS issuers outside of Hong Kong.
• The Chief Executive of the HKMA indicated that in the initial stage, the HKMA will “at most grant a handful of stablecoin issuer licenses”.
• Interested applicants were asked to submit applications by September 30, 2025, with the first batch of licenses likely granted in early 2026.
• Only certain licensed entities. HKMA-licensed FRS issuers, SFC-licensed virtual asset trading platforms, SFC-licensed corporations authorized for Type 1 regulated activities, and Authorized Institutions, can “offer” FRS in Hong Kong.

By the numbers: The Hong Kong Monetary Authority said in a July 2025 speech that it would “at most grant a handful of stablecoin issuer licenses” in the initial stage, with the September 30 2025 application deadline producing a first batch expected in early 2026. The mainland’s Feb 6 2026 Notice runs in parallel, same sovereign, two regulatory perimeters.

Source: Davis Polk analysis of HKMA Stablecoins Ordinance and SFC November 2025 circulars

Is Hong Kong subject to the same crypto ban as mainland China?

No. Hong Kong is a Special Administrative Region with its own financial regulators (HKMA, SFC). Hong Kong’s licensing and regulatory framework for fiat-referenced stablecoins came into effect on August 1, 2025, with SFC-licensed virtual asset trading platforms among the entities permitted to offer those stablecoins, while mainland China prohibits all private crypto activity. Mainland Chinese residents accessing Hong Kong-based exchanges remain subject to mainland enforcement.

Stablecoin Ban Statistics in Mainland China

• Stablecoins remain categorized as strictly prohibited cryptocurrencies under the February 6, 2026, Notice, because they perform the functions of legal tender.
• No onshore or offshore entity is permitted to issue a CNY-pegged stablecoin without explicit approval from relevant PRC authorities.
• The new rules forbid any entity, either in China or overseas, from issuing a RMB-linked stablecoin without the government’s permission.
• The notice argued that stablecoins can duplicate critical functions of sovereign money and thus provide a threat to monetary control.
• Chinese companies that want to tokenize assets overseas must not get approvals or file with regulators, while their financial and tech partners will face increased compliance standards.

Source: Han Kun Law analysis and PYMNTS reporting on the February 6 2026 PBoC Notice

Are stablecoins legal in China?

No private stablecoins are legal in mainland China. Under the 2026 Notice, stablecoins are categorized as strictly prohibited cryptocurrencies, and no onshore or offshore entity may issue a CNY-pegged stablecoin without explicit approval. The e-CNY is the only government-sanctioned digital currency. Hong Kong is the exception under the HKMA’s separate Stablecoins Ordinance.

RWA Tokenization Rules in China

China treats real-world-asset tokenization under a separate regime that splits onshore prohibition from filtered offshore allowance.

• The February 6, 2026, Notice for the first time explicitly places RWA tokenization under a separate regulatory framework from speculative cryptocurrencies such as Bitcoin.
• RWA tokens backed by onshore proprietary rights, rights to proceeds, and other onshore rights, offered overseas, and which operate as equity interests or debt financing tools, are now regulated by CSRC, NDRC, and SAFE under their respective rules governing securitization or debt finance.
• Onshore entities and their offshore subsidiaries are strictly prohibited from issuing RWA tokens backed by domestic assets in overseas markets without prior regulatory consent or filing with CSRC.
• Following the 2026 Notice, CSRC issued the Regulatory Guidelines on the Offshore Issuance of Asset-Backed Securities Tokens Backed by Onshore Assets (the “CSRC Guidelines”).
• The CSRC Guidelines mandate strict compliance with national regulations regarding cross-border investment, foreign exchange, and data security, explicitly prohibiting the use of assets linked to national security risks.
• PRC regulators adopted the principle of “same business, same risks, same rules” for RWA tokens, a principle also shared by the Securities and Futures Commission of Hong Kong.

Source: Han Kun Law analysis of the 2026 Notice and CSRC Regulatory Guidelines

Worth noting: The CSRC filing regime is the closest Beijing has come to a pathway for tokenized assets. The cost: every onshore-asset overseas RWA token must clear cross-border investment, foreign-exchange, and data-security checks, none of which are abbreviated. Sector-specific tokenization (for example, healthcare adopts blockchain for record-keeping) sits outside this framework entirely when no PRC asset link exists.

Does China allow RWA tokenization?

Only partially and only via CSRC filing for offshore issuance backed by onshore assets. Onshore entities and their offshore subsidiaries are strictly prohibited from issuing RWA tokens backed by domestic assets in overseas markets without prior regulatory consent or filing with CSRC. Pure speculative crypto-backed tokens remain banned outright.

Cross-Border Crypto Crime Enforcement Statistics

• A February 2026 cross-border banking-network bust laundered over $136 million using crypto to bypass financial regulations.
• Investigators noted that 18 out of 49 underground banking cases in 2023 involved digital currency transactions.
• The Xinkangjia DGCX platform collapse in June 2025 cost approximately 2 million investors a total of 13 billion yuan (about $1.9 billion).
• Roughly 18 of 49 underground banking cases analyzed by investigators in 2023 touched digital currency transactions, signalling crypto’s role as a routine laundering vector under the ban.
• The Xinkangjia case was cited by Chinese authorities as a clear example of why expanded enforcement was needed to cover stablecoins and RWA tokenization rather than only Bitcoin trading and mining.

Source: AInvest analysis of Xinkangjia court filings; CoinDCX summary of PRC police enforcement reporting

APAC Crypto Activity Statistics

The mainland ban runs against a regional backdrop where APAC is the world’s fastest-growing crypto market.

• APAC monthly on-chain crypto value grew from about $81 billion in July 2022 to a peak of $244 billion in December 2024, a threefold increase over 30 months.
• APAC on-chain value received remained above $185 billion per month through mid-2025.
• India is APAC’s largest crypto market at $338 billion in value received, blending grassroots adoption with structural financial gaps.
• South Korea is the second-largest APAC market by value received, with cryptocurrencies traded almost like equities.
• Singapore and Hong Kong continue to see strong policy momentum, with regulators emphasizing strong standards as the route to building a digital asset hub.

Penalties and Consumer-Side Enforcement Statistics

The ban is enforced at the bank and ISP layer as much as in court. Blockchain analytics, on-chain monitoring, and bank-transfer blocks form the consumer-side enforcement stack. Social media channels are also subject to the same advertising-ban rules under the 2026 Notice.

• All major banks in China are required to block transfers to known crypto exchanges, foreign wallets, and platforms flagged by regulators.
• Law enforcement agencies use on-chain analytics to monitor suspicious activity, with VPN usage and IP details monitored by Chinese officials.
• Holding Bitcoin does not by itself trigger arrest, but authorities can seize crypto, fine the holder, or shut down internet service.
• Using a VPN to access crypto exchanges puts users at risk of service disruption, phone confiscation, police summons, or fines, especially if linked to crypto activity.
• The result is a chilling-effect stack rather than a courtroom stack: banks decline transfers, ISPs throttle traffic, and on-chain analytics flag wallets. The actual prosecution rate is lower than the deterrent suggests, but the deterrent is the policy.

Source: Compliance analyst summary of PBoC and Cyberspace Administration of China guidance

Can you hold Bitcoin in China?

Holding Bitcoin is not itself a criminal act that triggers arrest, but it is not protected. Authorities can seize crypto holdings, fine the holder, or shut down internet service, and banks are required to block transfers to crypto platforms. Practically, holding is a high-friction, monitored activity rather than a safe loophole.

Can Chinese citizens use VPNs to access crypto exchanges?

It is illegal. Using a VPN to access crypto platforms is illegal in China and can lead to fines, service disruption, phone confiscation, or police summons, especially if linked to crypto activity. The 2026 Notice’s expanded offshore-entity restrictions also pull foreign exchanges serving PRC residents into scope.

Offshore Exchange Restrictions Statistics

• Under the February 6, 2026, Notice, offshore entities and individuals are now broadly prohibited from providing virtual currency-related services to domestic entities in any form.
• The restriction expands beyond the onshore employees or affiliates of such offshore entities to the offshore entities themselves.
• The expanded restriction over offshore entities has similarities to the “effect” test found in U.S. laws.
• The PBOC notice’s offshore scope extends to foreign entities and people offering crypto-related services inside China.
• Provision of trading services by overseas virtual currency exchanges to Chinese residents via the internet was already an illegal financial activity under the 2021 Circular, and the 2026 Notice expanded liability to the offshore entity rather than just the onshore facilitator.

Source: Han Kun Law analysis of the 2021 Circular and the February 6, 2026 Notice

What is the difference between the 2021 and 2026 China crypto bans?

The 2021 Circular covered trading, mining, and exchange services but was silent on stablecoins and RWA tokenization. The 2026 Notice closes those gaps. The 2026 Notice expands jurisdiction to offshore entities, places stablecoins in the prohibited category, and places RWA tokenization under a separate regulatory framework from speculative cryptocurrencies, while introducing a CSRC filing pathway for onshore-asset-backed RWA tokens offered overseas. The 2021 Circular was a general policy statement; the 2026 Notice is a detailed regulatory instrument.

China’s Position in Global Bitcoin Hashrate Statistics

• China’s share of the global Bitcoin hashrate sits at over 14%, eclipsed only by the United States and Russia per Luxor Technology data.
• Cambridge’s Mining Map empirically recorded the seasonal hashrate migration within mainland China that ended after the June 2021 government crackdown.
• The figure may originate exclusively from illegal mining, given the formal ban.
• Despite calls for Beijing to let Bitcoin miners return, the PBoC’s November 2025 stance quashed talk of relaxing its sweeping crackdown on crypto.
• At the over-14% Luxor figure, China’s hashrate share ranks third globally, eclipsed only by the United States and Russia.

Source: Luxor Technology global hashrate heatmap via DL News November 2025

Is Bitcoin mining banned in China?

Yes, formally. On June 1, 2025, the PBoC reaffirmed that all private mining of cryptocurrencies is prohibited in mainland China, with the digital yuan (e-CNY) designated as the only legal digital currency. The persistent over-14% share of global Bitcoin hashrate represents illegal residual activity rather than legal mining capacity.

Common Questions

Why did China expand the crypto ban in 2026?

The trigger was the Xinkangjia DGCX platform collapse in June 2025, where approximately 2 million investors lost 13 billion yuan (about $1.9 billion), which exposed the 2021 Circular’s silence on RWA tokenization and stablecoin-adjacent schemes. The February 2026 Notice closes that gap by bringing tokenization, RMB-linked stablecoins, and offshore-entity services explicitly into the prohibited scope.

How does the e-CNY change China’s crypto policy?

The e-CNY exists at a policy-replacement scale. With 3.48 billion cumulative transactions and 16.7 trillion yuan ($2.37 trillion) of value across 230 million personal wallets by November 2025, the digital yuan removes the macro argument for private stablecoins. The January 2026 Action Plan adding interest to wallet balances pushes e-CNY further into a deposit-equivalent product, which is the structural opposite of permitting private stablecoins.

Conclusion

China’s crypto framework is no longer a single 2021 ban. The February 6, 2026, Notice and the supporting CSRC Guidelines have stacked 5 distinct prohibitions on top of the original Circular: stablecoins, RWA tokenization, offshore-entity services to PRC residents, internet-platform promotion, and bank-account collateralization. The PBoC’s November 28, 2025, coordination summit signals that enforcement intensity, not rule-writing, is the next leg.

At the same time, the e-CNY’s 14.2 trillion yuan base demonstrates Beijing’s positive bet, a state digital currency that already operates at the scale most private stablecoins target. The Hong Kong split, with the HKMA’s Stablecoins Ordinance live since August 1, 2025, keeps a regulated alternative open within the same sovereign. The mining residual at over 14% of global hashrate shows the policy is durable but not airtight. For readers tracking crypto trading developments across borders, China’s two-track posture is the template other emerging-market regulators will study.