7 Agencies’ Biggest Crypto Crackdown Since 2021
Seven major Chinese financial industry associations jointly issued a risk warning, marking the most comprehensive crypto crackdown since the 2021 ban that drove all crypto exchanges out of the country.
The associations cover banking, securities, funds, futures, payment clearing, listed companies, and internet finance. They stated that all crypto-related business activities, including stablecoins, airdrops, mining, and, notably, real-world asset (RWA) tokenization, are illegal in China.
The statement, which was issued on Dec 5, explicitly noted that Chinese financial regulators have “not…
