🇨🇳 CHINA CRACKS DOWN ON CRYPTO

China’s central bank has tightened crypto rules, banning domestic and controlled overseas entities from issuing virtual currencies without approval. Authorities reaffirm that crypto is not legal tender and label related business activities as illegal.

The move targets risks like money laundering, fraud, and unauthorized cross-border transfers, including stablecoins and tokenized assets. Enforcement will be coordinated between central and local governments, alongside public education campaigns.

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