文章介绍
中国大陆对加密货币的为期四年的打压并没有减弱；相反，它在 2025 年底展现出了一种更为精准的打压策略。
2021 年 9 月，中国人民银行与其他十个部门联合发布了《进一步防范和处置虚拟货币交易和投机风险的通知》（文件编号 237），首次明确指出虚拟货币相关的商业活动属于 非法金融活动，确立了我国对虚拟货币的严格监管基调。四年后，即 2025 年 11 月 28 日，中国人民银行召开了打击虚拟货币投机协调机制的另一次会议，十三个部门参加，强调继续坚持对虚拟货币的禁止政策。在这两次重要会议之间的四年中，中国的虚拟货币监管策略从最初的全面定义和禁止，演变为更为精准和深入的打击体系。从十个部门到十三个部门的共同努力，2021 年和 2025 年监管行动之间最显著的区别在于参与部门的增加。2021 年的《通知》由包括中国人民银行在内的十个部门联合发布，而 2025 年的会议则扩展到包括公安部、国家互联网信息办公室、中央财经委员会和国家发展改革委等十三个部门的相关官员。部门数量的增加不仅表明监管范围的扩大，也反映了监管策略的升级。2021 年的监管框架主要集中在金融、互联网信息和市场监管，而 2025 年的框架则纳入了更多的执法和宏观管理部门。这一变化反映出中国对加密货币投机风险的评估已从单纯的金融风险扩展到更广泛的社会经济安全风险。2025 年的会议明确指出：“我们将把风险防范和控制作为金融工作的永恒主题，继续坚持对虚拟货币的禁止政策，持续打击与虚拟货币相关的非法金融活动。” 这表明，经过四年的实践，虚拟货币监管已成为中国金融风险防范和控制的常规组成部分，而非临时或运动式的整治行动。2021 年的《通知》全面定义了比特币、以太坊和泰达币等主流虚拟货币，明确指出它们 “没有与法定货币相同的法律地位”。2025 年的会议在延续这一基调的同时，首次公开定义了稳定币。会议明确指出：“稳定币是一种虚拟货币，目前无法有效满足客户识别和反洗钱的要求，存在被用于洗钱、融资诈骗和非法跨境资金转移等违法活动的风险。” 这表明中国监管机构对虚拟货币相关风险有了更为细致和深入的理解。稳定币作为一种试图与法定货币价值挂钩的虚拟货币，近年来在全球迅速发展。然而，它们所谓的 “稳定性” 并未改变其作为虚拟货币的本质。2025 年的会议特别指出稳定币在反洗钱方面的不足，显示出监管者对这一特定类型虚拟货币风险的精准关注。这一有针对性的监管策略与全球监管趋势相一致。正如一些研究报告所指出的，“国际金融组织和中央银行等金融监管机构普遍对稳定币的发展持谨慎态度”，中国监管者也显然意识到了这一点。稳定币的潜力正日益受到限制。2025 年 5 月，香港的稳定币条例正式刊宪，并于 8 月 1 日生效，明确建立了稳定币许可制度。随后，京东和蚂蚁集团等中国互联网巨头被报道积极在香港开发稳定币。这次监管会议直接影响了企业在香港的稳定币布局。分析人士认为，尽管会议不会立即影响香港的稳定币布局，但将对中国大陆的稳定币投机进行严厉打击。大陆实体在香港部署稳定币的潜力将显著降低，其应用将限制在跨境支付和供应链金融等实际场景中。最近，香港金融管理局首席执行官余伟文强调，稳定币不是投资或投机工具，而是利用区块链技术的支付工具，固有上并不具备升值潜力。他透露，香港的稳定币许可门槛相当高，“我们预计在初期阶段最多只会发放少量许可证。” 随着监管政策的持续收紧，隐秘虚拟货币交易的空间将不断被压缩。会议要求各单位深化协调与合作，完善监管政策和法律基础，关注信息流和资金流等关键环节，加强信息共享，进一步提升监测能力。未来，买卖 USDT 可能不再被视为简单的违规行为，而可能被归类为 “非法外汇交易” 或 “协助网络犯罪”。这意味着监管正在从 “风险防范” 向 “刑事治理” 的第二阶段转变。从全球视角来看，中国的监管升级与美国和香港的合规流程形成鲜明对比。作为国际金融中心，香港的制度化监管路径仍在按既定节奏推进。随着大陆监管边界的日益清晰，香港作为亚洲地区合规中心的地位将进一步巩固。在监管审查下，加密货币行业正在经历合规与创新之间的平衡考验。

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在过去四年中，中国对加密货币的监管立场从广泛禁止演变为更为精确的打击。2021 年，包括中国人民银行在内的十个部门发布通知，将虚拟货币定义为非法金融活动。到 2025 年，包括执法部门在内的十三个部门强调继续禁止，并突出稳定币相关的风险。这一转变反映了对社会经济安全风险的更广泛关注，并与全球监管趋势保持一致

Article Introduction
<div class="lb-trans">文章介绍
</div>The four-year-long crackdown on cryptocurrencies in mainland China has not subsided; instead, it has demonstrated a more precise crackdown strategy at the end of 2025.
<div class="lb-trans">中国大陆对加密货币的为期四年的打压并没有减弱；相反，它在 2025 年底展现出了一种更为精准的打压策略。
</div>In September 2021, the People's Bank of China and ten other departments jointly issued the &#34;Notice on Further Preventing and Handling Risks of Virtual Currency Trading and Speculation&#34; (Document No. 237), which for the first time explicitly stated that virtual currency-related business activities belong to illegal financial activities, establishing my country's strict regulatory tone for virtual currencies. . Four years later, on November 28, 2025, the People's Bank of China convened another meeting of the coordination mechanism for combating speculation in virtual currencies. Thirteen departments attended, emphasizing the continued adherence to the prohibitive policy towards virtual currencies. Four years between these two important meetings, China's virtual currency regulatory strategy has evolved from an initial comprehensive definition and prohibition to a more precise and in-depth crackdown system. From Ten Departments to Thirteen Departments Working Together The most significant difference between the regulatory actions in 2021 and 2025 lies in the increased number of participating departments. The 2021 &#34;Notice&#34; was jointly issued by ten departments, including the People's Bank of China, while the 2025 meeting expanded to include relevant officials from thirteen departments, including the Ministry of Public Security, the Cyberspace Administration of China, the Central Financial Affairs Commission, and the National Development and Reform Commission. The increase in the number of departments not only indicates an expansion of the regulatory scope but also reflects an upgrade in regulatory strategies. The 2021 regulatory framework primarily focused on finance, internet information, and market regulation, while the 2025 framework incorporates more law enforcement and macro-management departments. This change reflects that China's assessment of the risks of cryptocurrency speculation has expanded from purely financial risks to broader socio-economic security risks. The 2025 meeting clearly stated: &#34;We will take risk prevention and control as the eternal theme of financial work, continue to adhere to the prohibitive policy on virtual currencies, and continuously crack down on illegal financial activities related to virtual currencies.&#34; This indicates that after four years of practice, virtual currency regulation has become a regular component of China's financial risk prevention and control, rather than a temporary or campaign-style rectification action. The 2021 &#34;Notice&#34; comprehensively defined mainstream virtual currencies such as Bitcoin, Ethereum, and Tether, clarifying that they &#34;do not have the same legal status as fiat currency.&#34; The 2025 meeting, while continuing this tone, publicly defined stablecoins for the first time. The meeting explicitly pointed out that &#34;stablecoins are a form of virtual currency, and currently cannot effectively meet the requirements for customer identification and anti-money laundering, posing a risk of being used for illegal activities such as money laundering, fundraising fraud, and illegal cross-border fund transfers.&#34; This signifies that Chinese regulatory authorities have a more refined and in-depth understanding of the risks associated with virtual currencies. Stablecoins, as a type of virtual currency that attempts to be pegged to the value of fiat currency, have developed rapidly globally in recent years. However, their so-called &#34;stability&#34; does not change their essential nature as virtual currencies. The 2025 conference specifically pointed out the shortcomings of stablecoins in anti-money laundering, demonstrating the regulators' precise focus on the risks of this specific type of virtual currency. This targeted regulatory strategy aligns with global regulatory trends. As some research reports have noted, &#34;international financial organizations and central banks, among other financial regulatory bodies, generally hold a cautious attitude towards the development of stablecoins,&#34; and Chinese regulators are also clearly aware of this. The potential for stablecoins is increasingly limited. In May 2025, Hong Kong's Stablecoin Ordinance was officially gazetted and came into effect on August 1st, clearly establishing a stablecoin licensing system. Subsequently, Chinese internet giants such as JD.com and Ant Group have been reported to be actively developing stablecoins in Hong Kong. This regulatory meeting has directly impacted companies' stablecoin deployments in Hong Kong. Analysts believe that while the meeting will not immediately affect stablecoin deployments in Hong Kong, it will severely crack down on stablecoin speculation in mainland China. The potential for mainland entities to deploy stablecoins in Hong Kong will be significantly reduced, limiting their applications to practical scenarios such as cross-border payments and supply chain finance. Recently, Eddie Yue, Chief Executive of the Hong Kong Monetary Authority, emphasized that stablecoins are not investment or speculative tools, but rather payment tools utilizing blockchain technology, and do not inherently possess appreciation potential. He revealed that the licensing of stablecoins in Hong Kong has a fairly high threshold, and &#34;we expect that at most only a few licenses will be issued in the initial stage.&#34; As regulatory policies continue to tighten, the space for covert virtual currency transactions will be continuously compressed. The meeting required all units to deepen coordination and cooperation, improve regulatory policies and legal basis, focus on key links such as information flow and capital flow, strengthen information sharing, and further enhance monitoring capabilities. In the future, buying and selling USDT may no longer be considered a simple violation, but could be classified as &#34;illegal foreign exchange trading&#34; or &#34;aiding and abetting cybercrime.&#34; This signifies that regulation is moving from &#34;risk prevention&#34; to the second stage of &#34;criminalized governance.&#34; From a global perspective, China's regulatory upgrade contrasts sharply with the compliance processes in the United States and Hong Kong. As an international financial center, Hong Kong's institutionalized regulatory path continues to advance at its established pace. As the boundaries of mainland regulation become clearer, Hong Kong's position as a regional compliance hub in Asia will be further strengthened. The cryptocurrency industry, under regulatory scrutiny, is undergoing a test of balancing compliance and innovation.
<div class="lb-trans">2021 年 9 月，中国人民银行与其他十个部门联合发布了《进一步防范和处置虚拟货币交易和投机风险的通知》（文件编号 237），首次明确指出虚拟货币相关的商业活动属于 非法金融活动，确立了我国对虚拟货币的严格监管基调。四年后，即 2025 年 11 月 28 日，中国人民银行召开了打击虚拟货币投机协调机制的另一次会议，十三个部门参加，强调继续坚持对虚拟货币的禁止政策。在这两次重要会议之间的四年中，中国的虚拟货币监管策略从最初的全面定义和禁止，演变为更为精准和深入的打击体系。从十个部门到十三个部门的共同努力，2021 年和 2025 年监管行动之间最显著的区别在于参与部门的增加。2021 年的《通知》由包括中国人民银行在内的十个部门联合发布，而 2025 年的会议则扩展到包括公安部、国家互联网信息办公室、中央财经委员会和国家发展改革委等十三个部门的相关官员。部门数量的增加不仅表明监管范围的扩大，也反映了监管策略的升级。2021 年的监管框架主要集中在金融、互联网信息和市场监管，而 2025 年的框架则纳入了更多的执法和宏观管理部门。这一变化反映出中国对加密货币投机风险的评估已从单纯的金融风险扩展到更广泛的社会经济安全风险。2025 年的会议明确指出：“我们将把风险防范和控制作为金融工作的永恒主题，继续坚持对虚拟货币的禁止政策，持续打击与虚拟货币相关的非法金融活动。” 这表明，经过四年的实践，虚拟货币监管已成为中国金融风险防范和控制的常规组成部分，而非临时或运动式的整治行动。2021 年的《通知》全面定义了比特币、以太坊和泰达币等主流虚拟货币，明确指出它们 “没有与法定货币相同的法律地位”。2025 年的会议在延续这一基调的同时，首次公开定义了稳定币。会议明确指出：“稳定币是一种虚拟货币，目前无法有效满足客户识别和反洗钱的要求，存在被用于洗钱、融资诈骗和非法跨境资金转移等违法活动的风险。” 这表明中国监管机构对虚拟货币相关风险有了更为细致和深入的理解。稳定币作为一种试图与法定货币价值挂钩的虚拟货币，近年来在全球迅速发展。然而，它们所谓的 “稳定性” 并未改变其作为虚拟货币的本质。2025 年的会议特别指出稳定币在反洗钱方面的不足，显示出监管者对这一特定类型虚拟货币风险的精准关注。这一有针对性的监管策略与全球监管趋势相一致。正如一些研究报告所指出的，“国际金融组织和中央银行等金融监管机构普遍对稳定币的发展持谨慎态度”，中国监管者也显然意识到了这一点。稳定币的潜力正日益受到限制。2025 年 5 月，香港的稳定币条例正式刊宪，并于 8 月 1 日生效，明确建立了稳定币许可制度。随后，京东和蚂蚁集团等中国互联网巨头被报道积极在香港开发稳定币。这次监管会议直接影响了企业在香港的稳定币布局。分析人士认为，尽管会议不会立即影响香港的稳定币布局，但将对中国大陆的稳定币投机进行严厉打击。大陆实体在香港部署稳定币的潜力将显著降低，其应用将限制在跨境支付和供应链金融等实际场景中。最近，香港金融管理局首席执行官余伟文强调，稳定币不是投资或投机工具，而是利用区块链技术的支付工具，固有上并不具备升值潜力。他透露，香港的稳定币许可门槛相当高，“我们预计在初期阶段最多只会发放少量许可证。” 随着监管政策的持续收紧，隐秘虚拟货币交易的空间将不断被压缩。会议要求各单位深化协调与合作，完善监管政策和法律基础，关注信息流和资金流等关键环节，加强信息共享，进一步提升监测能力。未来，买卖 USDT 可能不再被视为简单的违规行为，而可能被归类为 “非法外汇交易” 或 “协助网络犯罪”。这意味着监管正在从 “风险防范” 向 “刑事治理” 的第二阶段转变。从全球视角来看，中国的监管升级与美国和香港的合规流程形成鲜明对比。作为国际金融中心，香港的制度化监管路径仍在按既定节奏推进。随着大陆监管边界的日益清晰，香港作为亚洲地区合规中心的地位将进一步巩固。在监管审查下，加密货币行业正在经历合规与创新之间的平衡考验。
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在过去的四年里，中国对加密货币的监管态度发生了哪些变化？