Like clockwork, China FUD is back just as Bitcoin slips into bear-market territory. Beijing has widened the scope of its cryptocurrency ban, explicitly targeting the tokenization of real-world assets and unauthorized stablecoins linked to its currency.

China just reminded the global market that its door to cryptocurrency remains firmly shut. In a coordinated move involving the central bank and law enforcement, Beijing has expanded its longstanding crypto prohibition to specifically target two growing sectors: Real-World Asset (RWA) tokenization and offshore stablecoins pegged to the Chinese yuan.

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While the country has technically banned crypto trading since 2021, this…