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Cryptocurrency Policy
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Trump economic advisor Kevin Hassett held up to $5 million in Coinbase shares at the end of 2025 while the administration reshaped crypto policy
White House National Economic Council Director Kevin Hassett's previously unreported 2025 annual financial disclosure lists the investment as vested Coinbase shares. Hassett, who advised Coinbase from
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The Current State of Bitcoin Trading Platforms in Mainland China: Regulatory Policies and Market Interpretation
Since 2021, mainland China has completely banned virtual currency trading and mining activities, with all domestic trading platforms shut down. In February 2026, eight departments, including the People's Bank of China (PBOC), further clarified that providing virtual currency services to domestic entities by overseas virtual currency service providers also constitutes illegal financial activity. Virtual currency does not have legal tender status in China, and personal possession is not illegal, but any trading behavior faces legal and financial risks. This article will delve into mainland China's regulatory policies and review the development history of Bitcoin trading platforms in the region.
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<h2>Unpacking the Deep-Seated Reasons Behind China's Comprehensive Ban on Bitcoin and Cryptocurrencies</h2>
China has progressively tightened its regulation of cryptocurrencies since 2013, culminating in a comprehensive ban on all virtual currency-related businesses, including trading and mining, in 2021, while reiterating that offshore services are illegal. The ban was re-emphasized in February 2026. The main reasons include preventing financial risks, maintaining economic stability, combating money laundering and other illegal activities, implementing capital controls to prevent capital outflow, and reducing the environmental impact of Bitcoin mining. Furthermore, the promotion of the digital yuan has also prompted the government to strengthen centralized control over digital finance. Despite restrictions on trading and mining, the legality of individual cryptocurrency ownership may still exist.
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The Current State of Virtual Currency Trading Platforms in Mainland China: No “Legitimate” Platforms; High Risks for Overseas Participants
Mainland China has implemented a comprehensive ban on cryptocurrency trading and related activities; since 2021, there have been no “official” or legally operating cryptocurrency trading platform apps within the country. In February 2026, regulators further reaffirmed and strengthened the ban, clarifying that services provided by overseas platforms to residents within the country also constitute illegal financial activities. Users in mainland China who engage in trading through overseas platforms face serious legal and financial risks.
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Trump economic advisor Kevin Hassett held up to $5 million in Coinbase shares at the end of 2025 while the administration reshaped crypto policy
White House National Economic Council Director Kevin Hassett's previously unreported 2025 annual financial disclosure lists the investment as vested Coinbase shares. Hassett, who advised Coinbase from
-
The Current State of Bitcoin Trading Platforms in Mainland China: Regulatory Policies and Market Interpretation
Since 2021, mainland China has completely banned virtual currency trading and mining activities, with all domestic trading platforms shut down. In February 2026, eight departments, including the People's Bank of China (PBOC), further clarified that providing virtual currency services to domestic entities by overseas virtual currency service providers also constitutes illegal financial activity. Virtual currency does not have legal tender status in China, and personal possession is not illegal, but any trading behavior faces legal and financial risks. This article will delve into mainland China's regulatory policies and review the development history of Bitcoin trading platforms in the region.
-
<h2>Unpacking the Deep-Seated Reasons Behind China's Comprehensive Ban on Bitcoin and Cryptocurrencies</h2>
China has progressively tightened its regulation of cryptocurrencies since 2013, culminating in a comprehensive ban on all virtual currency-related businesses, including trading and mining, in 2021, while reiterating that offshore services are illegal. The ban was re-emphasized in February 2026. The main reasons include preventing financial risks, maintaining economic stability, combating money laundering and other illegal activities, implementing capital controls to prevent capital outflow, and reducing the environmental impact of Bitcoin mining. Furthermore, the promotion of the digital yuan has also prompted the government to strengthen centralized control over digital finance. Despite restrictions on trading and mining, the legality of individual cryptocurrency ownership may still exist.
-
The Current State of Virtual Currency Trading Platforms in Mainland China: No “Legitimate” Platforms; High Risks for Overseas Participants
Mainland China has implemented a comprehensive ban on cryptocurrency trading and related activities; since 2021, there have been no “official” or legally operating cryptocurrency trading platform apps within the country. In February 2026, regulators further reaffirmed and strengthened the ban, clarifying that services provided by overseas platforms to residents within the country also constitute illegal financial activities. Users in mainland China who engage in trading through overseas platforms face serious legal and financial risks.
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