Shanghai Man: China declares victory over crypto — Is this the end of the crackdown?

Shanghai Man: China declares victory over crypto — Is this the end of the crackdown?


This weekly roundup of news from Mainland China, Taiwan, and Hong Kong attempts to curate the industry’s most important news, including influential projects, changes in the regulatory landscape, and enterprise blockchain integrations.  

Victory for the regulators

After a tumultuous summer of crackdowns, the Chinese regulators are declaring their victory in eliminating illegal cryptocurrency trading activities in the country. This revelation came in the outlook section of the “China Financial Stability Report 2021” released by the People’s Bank of China on September 3.

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In the section titled Major Achievements in the Battle to Prevent and Defuse Major Financial Risks, it emphasizes that regulatory work in internet asset management, equity-based crowdfunding, internet insurance, virtual currency trading, online foreign exchange trading, and other areas has been basically completed. 

The lengthy report from the PBOC declares victory on the crackdown on digital assets. Source: http://www.pbc.gov.cn/goutongjiaoliu/113456/113469/4332768/2021090315580868236.pdf

While this might sound like a giant negative for the industry, most projects and companies in China are now breathing a sigh

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