Mainland China's Virtual Currency Regulatory Policies
Since September 2021, the People's Bank of China and nine other departments jointly issued a notice, comprehensively prohibiting services related to virtual currencies, such as settlement and providing trader information, and holding those engaged in illegal financial activities criminally liable. Overseas virtual currency exchanges providing services to Chinese residents via the internet are also explicitly prohibited.
On February 6, 2026, the People's Bank of China and seven other departments jointly issued the "Notice on Further Preventing and Disposing of Risks Related to Virtual Currencies and Other Matters" ("Document No. 42"), further clarifying that virtual currency-related business activities are illegal financial activities and are strictly prohibited within the country. This notice repealed the old regulations from 2021 but largely continued the existing regulatory approach and, for the first time, included emerging businesses such as "Real World Asset (RWA) tokenization" into the regulatory framework. Additionally, "Document No. 42" added a new requirement that, without approval, domestic entities and their controlled overseas entities are not allowed to issue RMB-pegged stablecoins or virtual currencies overseas, extending the scope of regulation to overseas.
It is worth noting that while the use and sale of cryptocurrencies are illegal, mainland Chinese law has not issued specific prohibitions against individuals holding digital assets such as Bitcoin and Ethereum. Therefore, merely holding cryptocurrencies does not violate current laws, but any trading activity is illegal.
Hong Kong's Special Status
In contrast to mainland China's strict prohibitions, as of 2025, the Hong Kong Special Administrative Region has established a regulated digital asset framework, allowing licensed trading platforms to provide services to professional investors and retail users. This reflects the differentiated policies under the "One Country, Two Systems" framework, but Hong Kong's policies do not apply to mainland China.
Overview of Major Global Cryptocurrency Trading Platforms
Globally, numerous platforms offer cryptocurrency trading services. Below are some major platforms listed based on historical data (primarily 2025-2026 data, subject to change over time, for reference only):
- OKX: As one of the world's leading cryptocurrency trading platforms, OKX recorded approximately $17.1 billion in assets in 2025, supporting over 620 trading pairs, with a 24-hour trading volume of approximately $16.05 billion.
- Binance: Binance is one of the world's largest cryptocurrency exchanges, with assets reaching approximately $12.85 billion in 2025, offering over 780 trading pairs, a 24-hour trading volume of up to approximately $19.025 billion, and attracting over 150 million users.
- Bitget: This platform attracts users with its distinctive services such as "one-click copy trading" and "0-fee spot trading." In 2025, its user base exceeded 25 million, and its 24-hour trading volume reached approximately $12.08 billion.
- Bybit: Bybit has become a well-known platform in the crypto derivatives trading space, serving over 200 countries and regions. Its assets reached approximately $210 million in 2025, supporting over 550 trading pairs, with a 24-hour trading volume of approximately $1.59 billion.
- HTX (formerly Huobi): As a former industry giant, HTX (formerly Huobi) remains active after transitioning to overseas markets. In 2025, its assets reached approximately $4.52 billion, offering over 780 trading pairs, with a 24-hour trading volume of approximately $31.075 billion.
When choosing a trading platform, users should consider factors such as platform security, compliance, trading depth, and supported cryptocurrencies. For relevant developments and real-time market data, please follow Svmuu's ongoing reports.
Risk Warning and Compliance Considerations
For residents of mainland China, participating in virtual currency trading activities carries severe legal and financial risks. Chinese regulatory authorities have explicitly classified such activities as illegal financial activities and continue to intensify their crackdown. Therefore, any attempt to trade virtual currencies through overseas platforms may violate mainland Chinese law and lead to asset losses. All users are advised to strictly comply with the laws and regulations of their respective jurisdictions and refrain from participating in any illegal financial activities.
