China has confirmed the ban on cryptocurrency operations and mining. The People's Bank of China and eight relevant agencies issued a joint statement reaffirming the existing ban on any cryptocurrency transactions within the country. Illegal activities include trading, token issuance, brokerage, financial products, mining, as well as the production and sale of mining equipment.

The notice states that cryptocurrencies are not considered legal tender and cannot be used as currency in China. Advertising them and providing related services, including informational services, are prohibited. It emphasizes that foreign companies and individuals should not illegally offer services related to virtual currencies to local legal entities in any form.

It is also specifically noted that stablecoins pegged to the yuan are prohibited without direct approval from regulators. Tokenization of real assets (real world assets, RWA) is generally considered illegal financial activity and is only permitted in exceptional cases through approved structures.

Chinese authorities also announced increased efforts to combat fraud, money laundering, and illegal fundraising, as well as strict control over foreign crypto services working with Chinese citizens and Chinese companies launching RWA projects abroad.