Written by: Kennedy Oshioma
In a major regulatory update released on February 6, 2026, Chinese authorities have reaffirmed and expanded the country’s hardline stance on digital assets, making it unequivocally clear that cryptocurrencies, stablecoins, and real-world asset tokenization have no legal place within China’s financial system.
A Stronger Ban, Not a Loophole
The joint declaration was published by eight top Chinese government agencies, including the People’s Bank of China (PBoC), the China Securities Regulatory Commission (CSRC), National Development and Reform Commission, Ministry of Industry and Information Technology, State Administration of Foreign Exchange, and others. Together, they issued a coordinated notice to tighten regulations on virtual assets and amplify enforcement across all fronts.
What makes this announcement notable isn’t just a repeat of the longstanding crypto ban — but new, explicit language that eliminates ambiguity around rapidly growing sectors such as stablecoins and real-world asset (RWA) tokenization.
Stablecoins Are Now Explicitly Outlawed
Though China has long maintained that virtual currencies are illegal financial activities, the latest directive goes further by stating that:
No individual or entity; domestic or foreign may issue stablecoins pegged to the Chinese Renminbi (yuan/RMB) overseas without regulatory approval.
This provision shuts the door on offshore yuan-pegged stablecoins targeting Chinese users and makes clear that even international issuance mechanisms fall under Beijing’s prohibition. Analysts see this as an effort to preserve monetary sovereignty and prevent unregulated digital yuan systems from developing outside the state’s control.
RWA Tokenization — No Gray Area Left
Until now, tokenization of real-world assets; such as securities, property, bonds, and other asset classes translated into digital tokens on a blockchain had been something of a regulatory gray zone. The new notice changes that:
1. All RWA tokenization activities within China are prohibited unless conducted under approved, regulated financial infrastructure.
2. Providing intermediary or IT services linked to RWA tokenization that could involve illegal token issuance or unauthorized securities offerings is likewise barred.
3. Foreign entities and individuals are likewise forbidden from offering such services to Chinese domestic entities.
This effectively connotes the same legal status for RWA tokenization as for cryptocurrencies: illegal without explicit state sanction.
The Bigger Picture: Enforcement and Oversight
The original notice cites recent speculative behavior related to virtual currencies and RWA tokenization as risks that “disrupt economic and financial order” and endanger citizens’ property security. It reiterates prior policy pronouncements from 2021 when China first banned crypto trading and speculation and from December 2025, when regulators flagged stablecoins as a particular concern.
To support regional enforcement, authorities have also announced the creation of a “joint force” comprising regulatory bodies and the legal system. This group will coordinate risk prevention and crack down on illegal financial activities at local levels.
What This Means for Crypto and Global Markets
China’s expanded ban has several implications:
1. Institutional and retail participation in onshore crypto markets is now explicitly forbidden, leaving little room for private distributed ledger asset projects inside China.
2. Stablecoin projects tied to the yuan have been effectively terminated unless they secure formal authorization — a near-impossible prospect under current policy.
3. Asset tokenization projects targeting Chinese investors or involving Chinese entities will face regulatory rejection unless structured within officially approved frameworks.
Meanwhile, other jurisdictions such as Hong Kong, have taken a more permissive stance toward crypto infrastructure, creating a regulatory divergence within Greater China that could reshape global capital flows and innovation pathways in digital finance.
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