Mainland China maintains an enforced ban on private virtual-currency business, including stablecoin issuance, exchange, intermediation and FI facilitation, under PBOC-led Yinfa [2026] No. 42 (issued and in force 6 February 2026), which replaces Yinfa [2021] No. 237 and expressly bars unapproved offshore RMB-pegged stablecoin issuance. Companion CSRC Announcement [2026] No. 1 creates a filing path only for offshore ABS-style RWA tokens backed by onshore assets, not a mainland private stablecoin issuer regime. e-CNY remains the state CBDC track and is distinct from private stablecoins. Hong Kong is tracked separately.
Applicable Laws:
Notice on Further Preventing and Disposing of Risks of Speculation in Virtual Currency Trading (银发〔2021〕237号) - https://www.pbc.gov.cn/tiaofasi/144941/3581332/2026020619591971323/index.html
Notice on Rectifying Virtual Currency Mining Activities (发改运行〔2021〕1283号) - https://www.ndrc.gov.cn/xxgk/zcfb/tz/202109/t20210924_1297474.html
Notice on Further Preventing and Addressing Risks Related to Virtual Currencies and Other Matters (银发〔2026〕42号) - https://www.pbc.gov.cn/tiaofasi/144941/3581332/2026020619591971323/index.html
CSRC Regulatory Guidelines on Offshore ABS Tokens Backed by Domestic Assets (CSRC Announcement [2026] No. 1) - https://www.csrc.gov.cn/csrc/c101954/c7614288/content.shtml
