China is advancing blockchain while maintaining restrictions on cryptocurrency-related financial activities. How should this move be interpreted?

On October 29, China’s internet authority published a new batch of blockchain service filings, covering 29 services. This administrative filing does not amount to approval of Bitcoin trading.

In mainland China, a regulation published in February 2026 reaffirmed restrictions on financial activities involving virtual currencies. At the same time, it provides room for certain real-world asset tokenization operations, subject to approval and the use of specific financial infrastructure.

Hong Kong operates under its own regime. In April, its monetary authority granted stablecoin issuance licenses to Anchorpoint Financial and HSBC. This also does not amount to opening up the mainland market.

My take: the progress of digital infrastructure can coexist with strict controls on issuance, trading, and the movement of capital.

For those investing or building in this sector, four questions help distinguish concrete change from narrative:

• What activity was authorized?

• By which regulator?

• In which jurisdiction?

• For which participants?

At CriptoZion, I consider this distinction essential for analyzing the market in context, without turning every blockchain announcement into a promise that Bitcoin will appreciate.

How do you assess the expansion of tokenization within regulated financial structures?

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