Is crypto legal in China?

Crypto is not legal to trade in mainland China. The People's Bank of China and other agencies treat buying, selling and exchanging cryptocurrency, and running any business around it, as illegal financial activity. Simply owning crypto as a private person sits in a grey area that Chinese courts have described as lawful, as of October 2026.

What was the China crypto ban of 2021?

On September 15, 2021, the People's Bank of China, the Cyberspace Administration of China and eight other authorities issued a joint notice, made public on September 24. It said virtual currencies are not legal tender and cannot circulate as money.

The notice banned exchanging yuan for crypto, swapping one crypto for another, acting as a trading counterparty and matching buy and sell orders. It also covered derivatives, which the central bank called strictly prohibited, according to the Associated Press. Banks, payment companies and internet firms were told not to support these activities.

Mining had already been targeted. In May 2021 a State Council financial committee called for bitcoin mining to stop, and provinces such as Sichuan and Xinjiang ordered operations shut, Baker McKenzie reported. The wider debate on mining rules is covered in is crypto mining legal.

Is crypto banned in China under the 2026 notice?

Yes. On February 6, 2026, eight agencies, including the central bank, the securities regulator and the Ministry of Public Security, issued a new notice that replaced the 2021 one. According to the law firm Han Kun, it keeps the ban on crypto circulating onshore and bars onshore firms from issuing crypto products or accepting tokens as collateral. Internet platforms must close accounts that promote crypto trading.

The notice also says no company, at home or abroad, may issue a stablecoin pegged to the yuan without official approval. Tokenized real-world assets get a separate, filing-based route through the securities regulator.

Can Chinese citizens own bitcoin?

The rules focus on trading and business, not on possession. In November 2024 a judge at a Shanghai district court wrote, in an article published by the Shanghai High People's Court, that it is not illegal for individuals to hold cryptocurrency. He described crypto as a virtual commodity with the attributes of property.

That does not open a legal route to buy it. Overseas exchanges serving users in mainland China online are treated as illegal financial activity, and the central bank said in 2021 that staff working for them in China would be investigated. Han Kun notes the 2026 notice again bars offshore providers from serving domestic clients in any form.

Does the ban apply to Hong Kong?

No. Hong Kong runs its own licensing system for crypto trading platforms and stablecoin issuers, described in how crypto is regulated around the world. Mainland rules and Hong Kong rules are separate. For the global picture, see is cryptocurrency legal.

Rules differ by country and change often. Check the national regulator or a qualified professional for your own situation.