Crypto Law Profile
China’s 2021 PBOC-led virtual currency trading notice classified crypto business activity as illegal financial activity; it was repealed by a 2026 notice.
China PBOC Multi-Agency Notice on Virtual Currency Trading Speculation is a mainland China regulatory notice issued under identifier 银发〔2021〕237号. The official PBOC page lists the full Chinese title as 关于进一步防范和处置虚拟货币交易炒作风险的通知, published on September 24, 2021, with the document dated September 15, 2021. It was issued by the People’s Bank of China together with nine other authorities, including the Cyberspace Administration of China, the Supreme People’s Court, the Supreme People’s Procuratorate, MIIT, the Ministry of Public Security, SAMR, CBIRC, CSRC, and SAFE.
As of June 5, 2026, this profile should be treated as historical and superseded. The later PBOC-led notice 银发〔2026〕42号, published on February 6, 2026, states that it took effect from publication and expressly repealed the 2021 notice. The 2026 notice continues the restrictive policy stance while expanding coverage to stablecoins, RWA tokenization, offshore issuance by domestic entities, and related service providers.
The notice states that Bitcoin, Ether, Tether, and similar virtual currencies do not have the same legal status as fiat currency, do not have legal-tender status, and should not circulate in the market as money. It also classifies major virtual-currency business activities as illegal financial activity. Covered examples include exchange between fiat and virtual currency, exchange between virtual currencies, central-counterparty trading, information intermediary and pricing services for virtual currency trading, token issuance financing, and virtual-currency derivatives trading.
The notice extends the illegal-financial-activity analysis to overseas virtual-currency exchanges that provide services over the internet to residents in China. It also targets domestic staff of overseas exchanges and persons that knowingly provide marketing, payment settlement, or technical support for virtual-currency business activity. The policy therefore addressed not only domestic exchanges, but also offshore platforms using internet access, local promotion, payment rails, or technical support to reach mainland users.
The notice created a coordinated risk-disposal framework involving central departments and provincial governments. It directed authorities to improve monitoring, warning, information sharing, and rapid-response mechanisms for virtual currency trading speculation. Financial institutions and non-bank payment institutions were prohibited from providing account opening, fund transfer, clearing, settlement, collateral, or insurance services for virtual-currency business activity.
The notice also addressed internet content, market registration, and advertising. Internet companies were told not to provide online business premises, commercial display, marketing, or paid traffic for virtual-currency business activity. Market-regulation authorities were instructed to restrict business names and scopes containing terms such as virtual currency, virtual assets, cryptocurrency, and crypto assets. Enforcement provisions included investigation, administrative disposal, referral to judicial authorities, and criminal enforcement for activities such as illegal business operations, financial fraud, money laundering, gambling, illegal fundraising, and pyramid schemes.
This profile applies to mainland China’s national regulatory position and should not be read as covering Hong Kong or Macao’s separate virtual-asset regimes. The PBOC’s 2021 Q&A described the notice as part of a normalised work mechanism intended to maintain pressure against virtual-currency trading speculation and to coordinate central and local enforcement.
The 2021 notice remained an important reference point until the 2026 notice. In November 2025, PBOC convened a coordination-mechanism meeting that cited the 2021 notice and reiterated China’s prohibition-oriented approach to virtual-currency business activity and stablecoin risk. The formal legal status changed on February 6, 2026, when the new notice expressly repealed 银发〔2021〕237号.
States that Bitcoin, Ether, Tether, and similar virtual currencies do not have the same legal status as fiat currency and should not circulate as money.
Classifies exchange, central-counterparty trading, pricing services, token issuance financing, and virtual-currency derivatives as illegal financial activity.
Treats overseas virtual-currency exchanges providing online services to mainland residents as illegal financial activity.
Bars financial institutions and non-bank payment institutions from account, transfer, clearing, settlement, collateral, or insurance services for covered crypto activity.
Targets online promotion, paid traffic, business registration wording, and virtual-currency advertising through internet and market-regulation controls.
Creates central-local monitoring, information-sharing, and rapid-response mechanisms for virtual currency trading speculation risks.
Directs authorities to investigate illegal financial activity and refer suspected crimes involving fraud, money laundering, gambling, illegal fundraising, or pyramid schemes.
The PBOC-led multi-agency notice is dated Sept. 15, 2021.
PBOC published the 2021 notice on its official site.
A PBOC official Q&A explained the notice’s background, legal characterization, and work measures.
PBOC convened a virtual-currency trading speculation coordination meeting that cited the 2021 notice.
PBOC and seven other agencies issued Yin Fa [2026] No. 42 on virtual currency and RWA-related risks.
The 2026 notice took effect on publication and expressly repealed Yin Fa [2021] No. 237.
CSRC, Cyberspace Administration of China, Ministry of Public Security, People’s Bank of China, SAFE, Supreme People’s Court, Supreme People’s Procuratorate
Crypto derivatives, Stablecoins, Virtual currency
Historical mainland China regulatory notice, not a statute. The 2021 notice was expressly repealed by 银发〔2026〕42号 on Feb. 6, 2026, although the 2026 notice largely continues and expands China’s restrictive policy stance.
