China Virtual Currency Restrictions Tightened as Regulators Warn Offshore Issuance Is Illegal

China virtual currency restrictions will be tightened further as authorities reiterated that crypto assets lack the same legal status as fiat money and that related business activities amount to illegal financial activities, according to a notice released by the central bank and other agencies.

Officials said that without official approval, domestic entities and the overseas entities they control are prohibited from issuing virtual currencies overseas, underscoring Beijing’s effort to curb speculative activity and cross-border issuance tied to crypto markets.

The move reinforces China’s long-standing stance on strict oversight of virtual currencies and associated services.