As of September 30, 2026, the current regulatory position in Mainland China is as follows:
Trading-related businesses involving cryptocurrencies themselves: are deemed to be illegal financial activities and are explicitly prohibited
A new notice issued in February 2026 further clarifies that activities involving fiat-to-crypto exchange, crypto-to-crypto exchange, trading as a central counterparty, and trading financial products related to cryptocurrencies are all prohibited related business activities
Internet promotion/lead generation: also cannot be provided. The “Administrative Measures for Online Marketing of Financial Products,” which took effect on September 30,
Article 6 clearly prohibits providing online marketing services or facilitation for illegal financial activities such as “issuance and trading of cryptocurrencies,” etc.
Individual participation in investment and trading: legal risks are borne by the participants themselves; this is different from the idea of “the state allowing trading.”
A notice issued in 2026 also explicitly mentions that individuals’ investments in cryptocurrencies and related financial products may lead to civil legal risks.
This market has not been recognized as a lawful financial market by China’s Mainland regulatory framework; if you participate in investing, the risks are, in principle, borne by you, and the government does not cover your losses. If the activities involve prohibited businesses or services, or actions that disrupt financial order, they may still be investigated and handled.
“Risk bearing” for individual investment and the “legitimacy” of cryptocurrency trading businesses are two different issues. The former does not mean the latter is permitted.
Trading-related businesses involving cryptocurrencies themselves: are deemed to be illegal financial activities and are explicitly prohibited
A new notice issued in February 2026 further clarifies that activities involving fiat-to-crypto exchange, crypto-to-crypto exchange, trading as a central counterparty, and trading financial products related to cryptocurrencies are all prohibited related business activities
Internet promotion/lead generation: also cannot be provided. The “Administrative Measures for Online Marketing of Financial Products,” which took effect on September 30,
Article 6 clearly prohibits providing online marketing services or facilitation for illegal financial activities such as “issuance and trading of cryptocurrencies,” etc.
Individual participation in investment and trading: legal risks are borne by the participants themselves; this is different from the idea of “the state allowing trading.”
A notice issued in 2026 also explicitly mentions that individuals’ investments in cryptocurrencies and related financial products may lead to civil legal risks.
This market has not been recognized as a lawful financial market by China’s Mainland regulatory framework; if you participate in investing, the risks are, in principle, borne by you, and the government does not cover your losses. If the activities involve prohibited businesses or services, or actions that disrupt financial order, they may still be investigated and handled.
“Risk bearing” for individual investment and the “legitimacy” of cryptocurrency trading businesses are two different issues. The former does not mean the latter is permitted.