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Mainland China widens its crypto ban to cover RMB-pegged stablecoins and tokenized real-world assets, even as Hong Kong pushes ahead with a licensed stablecoin regime. Summary A new joint notice from the PBoC, CSRC and other agencies extends China’s virtual currency ban to tokenized real-world assets, treating many RWA platforms as illegal finance if unlicensed.​ The rules bar any domestic or controlled entity from issuing RMB-pegged stablecoins abroad without approval, tighten mining enforcement, and target “shadow” data centers that secretly run rigs.​ Hong Kong moves in the opposite direction, with the HKMA preparing its first stablecoin licenses as firms like Ant Group and JD.com apply, even as Beijing flags crime and dollar-stablecoin risks. China’s central bank and top regulatory authorities have extended the country’s cryptocurrency ban to include tokenization of real-world assets and stablecoins, according to a new regulatory notice. China issues new stablecoin guidance The People’s Bank of China and the China Securities Regulatory Commission, along with other agencies, released the notice to prevent and resolve risks associated with virtual currencies. Virtual currencies and mining remain completely prohibited in China under the expanded framework. The notice requires prior authorization for the issuance of stablecoins tied to the renminbi outside the country. Domestic businesses and foreign entities under their control cannot issue virtual currencies worldwide unless they have obtained necessary permits from relevant authorities in accordance with applicable laws and regulations, the notice stated. The regulatory framework emphasizes that monetary sovereignty is affected by stablecoins related to legal tender since they perform certain functions in circulation and usage. No entity or individual, domestic or foreign, can issue any RMB-pegged stablecoin outside the country without appropriate authorizations, according to the notice. The notice reiterates the prohibition of virtual currency-related companies and the need to continue regulating virtual currency mining. The National…

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Filed under: News - @ February 13, 2026 1:25 pm