文章介紹
中國大陸對加密貨幣的為期四年的打壓並沒有減弱；相反，它在 2025 年底展現出了一種更為精準的打壓策略。
2021 年 9 月，中國人民銀行與其他十個部門聯合發佈了《進一步防範和處置虛擬貨幣交易和投機風險的通知》（文件編號 237），首次明確指出虛擬貨幣相關的商業活動屬於 非法金融活動，確立了我國對虛擬貨幣的嚴格監管基調。四年後，即 2025 年 11 月 28 日，中國人民銀行召開了打擊虛擬貨幣投機協調機制的另一次會議，十三個部門參加，強調繼續堅持對虛擬貨幣的禁止政策。在這兩次重要會議之間的四年中，中國的虛擬貨幣監管策略從最初的全面定義和禁止，演變為更為精準和深入的打擊體系。從十個部門到十三個部門的共同努力，2021 年和 2025 年監管行動之間最顯著的區別在於參與部門的增加。2021 年的《通知》由包括中國人民銀行在內的十個部門聯合發佈，而 2025 年的會議則擴展到包括公安部、國家互聯網信息辦公室、中央財經委員會和國家發展改革委等十三個部門的相關官員。部門數量的增加不僅表明監管範圍的擴大，也反映了監管策略的升級。2021 年的監管框架主要集中在金融、互聯網信息和市場監管，而 2025 年的框架則納入了更多的執法和宏觀管理部門。這一變化反映出中國對加密貨幣投機風險的評估已從單純的金融風險擴展到更廣泛的社會經濟安全風險。2025 年的會議明確指出：“我們將把風險防範和控制作為金融工作的永恆主題，繼續堅持對虛擬貨幣的禁止政策，持續打擊與虛擬貨幣相關的非法金融活動。” 這表明，經過四年的實踐，虛擬貨幣監管已成為中國金融風險防範和控制的常規組成部分，而非臨時或運動式的整治行動。2021 年的《通知》全面定義了比特幣、以太坊和泰達幣等主流虛擬貨幣，明確指出它們 “沒有與法定貨幣相同的法律地位”。2025 年的會議在延續這一基調的同時，首次公開定義了穩定幣。會議明確指出：“穩定幣是一種虛擬貨幣，目前無法有效滿足客户識別和反洗錢的要求，存在被用於洗錢、融資詐騙和非法跨境資金轉移等違法活動的風險。” 這表明中國監管機構對虛擬貨幣相關風險有了更為細緻和深入的理解。穩定幣作為一種試圖與法定貨幣價值掛鈎的虛擬貨幣，近年來在全球迅速發展。然而，它們所謂的 “穩定性” 並未改變其作為虛擬貨幣的本質。2025 年的會議特別指出穩定幣在反洗錢方面的不足，顯示出監管者對這一特定類型虛擬貨幣風險的精準關注。這一有針對性的監管策略與全球監管趨勢相一致。正如一些研究報告所指出的，“國際金融組織和中央銀行等金融監管機構普遍對穩定幣的發展持謹慎態度”，中國監管者也顯然意識到了這一點。穩定幣的潛力正日益受到限制。2025 年 5 月，香港的穩定幣條例正式刊憲，並於 8 月 1 日生效，明確建立了穩定幣許可制度。隨後，京東和螞蟻集團等中國互聯網巨頭被報道積極在香港開發穩定幣。這次監管會議直接影響了企業在香港的穩定幣佈局。分析人士認為，儘管會議不會立即影響香港的穩定幣佈局，但將對中國大陸的穩定幣投機進行嚴厲打擊。大陸實體在香港部署穩定幣的潛力將顯著降低，其應用將限制在跨境支付和供應鏈金融等實際場景中。最近，香港金融管理局首席執行官餘偉文強調，穩定幣不是投資或投機工具，而是利用區塊鏈技術的支付工具，固有上並不具備升值潛力。他透露，香港的穩定幣許可門檻相當高，“我們預計在初期階段最多隻會發放少量許可證。” 隨着監管政策的持續收緊，隱秘虛擬貨幣交易的空間將不斷被壓縮。會議要求各單位深化協調與合作，完善監管政策和法律基礎，關注信息流和資金流等關鍵環節，加強信息共享，進一步提升監測能力。未來，買賣 USDT 可能不再被視為簡單的違規行為，而可能被歸類為 “非法外匯交易” 或 “協助網絡犯罪”。這意味着監管正在從 “風險防範” 向 “刑事治理” 的第二階段轉變。從全球視角來看，中國的監管升級與美國和香港的合規流程形成鮮明對比。作為國際金融中心，香港的制度化監管路徑仍在按既定節奏推進。隨着大陸監管邊界的日益清晰，香港作為亞洲地區合規中心的地位將進一步鞏固。在監管審查下，加密貨幣行業正在經歷合規與創新之間的平衡考驗。

CRCL

在過去四年中，中國對加密貨幣的監管立場從廣泛禁止演變為更為精確的打擊。2021 年，包括中國人民銀行在內的十個部門發佈通知，將虛擬貨幣定義為非法金融活動。到 2025 年，包括執法部門在內的十三個部門強調繼續禁止，並突出穩定幣相關的風險。這一轉變反映了對社會經濟安全風險的更廣泛關注，並與全球監管趨勢保持一致

Article Introduction
<div class="lb-trans">文章介紹
</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">中國大陸對加密貨幣的為期四年的打壓並沒有減弱；相反，它在 2025 年底展現出了一種更為精準的打壓策略。
</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，中國人民銀行與其他十個部門聯合發佈了《進一步防範和處置虛擬貨幣交易和投機風險的通知》（文件編號 237），首次明確指出虛擬貨幣相關的商業活動屬於 非法金融活動，確立了我國對虛擬貨幣的嚴格監管基調。四年後，即 2025 年 11 月 28 日，中國人民銀行召開了打擊虛擬貨幣投機協調機制的另一次會議，十三個部門參加，強調繼續堅持對虛擬貨幣的禁止政策。在這兩次重要會議之間的四年中，中國的虛擬貨幣監管策略從最初的全面定義和禁止，演變為更為精準和深入的打擊體系。從十個部門到十三個部門的共同努力，2021 年和 2025 年監管行動之間最顯著的區別在於參與部門的增加。2021 年的《通知》由包括中國人民銀行在內的十個部門聯合發佈，而 2025 年的會議則擴展到包括公安部、國家互聯網信息辦公室、中央財經委員會和國家發展改革委等十三個部門的相關官員。部門數量的增加不僅表明監管範圍的擴大，也反映了監管策略的升級。2021 年的監管框架主要集中在金融、互聯網信息和市場監管，而 2025 年的框架則納入了更多的執法和宏觀管理部門。這一變化反映出中國對加密貨幣投機風險的評估已從單純的金融風險擴展到更廣泛的社會經濟安全風險。2025 年的會議明確指出：“我們將把風險防範和控制作為金融工作的永恆主題，繼續堅持對虛擬貨幣的禁止政策，持續打擊與虛擬貨幣相關的非法金融活動。” 這表明，經過四年的實踐，虛擬貨幣監管已成為中國金融風險防範和控制的常規組成部分，而非臨時或運動式的整治行動。2021 年的《通知》全面定義了比特幣、以太坊和泰達幣等主流虛擬貨幣，明確指出它們 “沒有與法定貨幣相同的法律地位”。2025 年的會議在延續這一基調的同時，首次公開定義了穩定幣。會議明確指出：“穩定幣是一種虛擬貨幣，目前無法有效滿足客户識別和反洗錢的要求，存在被用於洗錢、融資詐騙和非法跨境資金轉移等違法活動的風險。” 這表明中國監管機構對虛擬貨幣相關風險有了更為細緻和深入的理解。穩定幣作為一種試圖與法定貨幣價值掛鈎的虛擬貨幣，近年來在全球迅速發展。然而，它們所謂的 “穩定性” 並未改變其作為虛擬貨幣的本質。2025 年的會議特別指出穩定幣在反洗錢方面的不足，顯示出監管者對這一特定類型虛擬貨幣風險的精準關注。這一有針對性的監管策略與全球監管趨勢相一致。正如一些研究報告所指出的，“國際金融組織和中央銀行等金融監管機構普遍對穩定幣的發展持謹慎態度”，中國監管者也顯然意識到了這一點。穩定幣的潛力正日益受到限制。2025 年 5 月，香港的穩定幣條例正式刊憲，並於 8 月 1 日生效，明確建立了穩定幣許可制度。隨後，京東和螞蟻集團等中國互聯網巨頭被報道積極在香港開發穩定幣。這次監管會議直接影響了企業在香港的穩定幣佈局。分析人士認為，儘管會議不會立即影響香港的穩定幣佈局，但將對中國大陸的穩定幣投機進行嚴厲打擊。大陸實體在香港部署穩定幣的潛力將顯著降低，其應用將限制在跨境支付和供應鏈金融等實際場景中。最近，香港金融管理局首席執行官餘偉文強調，穩定幣不是投資或投機工具，而是利用區塊鏈技術的支付工具，固有上並不具備升值潛力。他透露，香港的穩定幣許可門檻相當高，“我們預計在初期階段最多隻會發放少量許可證。” 隨着監管政策的持續收緊，隱秘虛擬貨幣交易的空間將不斷被壓縮。會議要求各單位深化協調與合作，完善監管政策和法律基礎，關注信息流和資金流等關鍵環節，加強信息共享，進一步提升監測能力。未來，買賣 USDT 可能不再被視為簡單的違規行為，而可能被歸類為 “非法外匯交易” 或 “協助網絡犯罪”。這意味着監管正在從 “風險防範” 向 “刑事治理” 的第二階段轉變。從全球視角來看，中國的監管升級與美國和香港的合規流程形成鮮明對比。作為國際金融中心，香港的制度化監管路徑仍在按既定節奏推進。隨着大陸監管邊界的日益清晰，香港作為亞洲地區合規中心的地位將進一步鞏固。在監管審查下，加密貨幣行業正在經歷合規與創新之間的平衡考驗。
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在過去的四年裏，中國對加密貨幣的監管態度發生了哪些變化？