The post China Reasserts Ban on Virtual Currency Activities appeared on BitcoinEthereumNews.com. Key Points: China’s financial associations confirm ban on virtual currencies. Virtual currencies and stablecoins lack legal tender status. Increased risks for money laundering and speculative activities noted. On December 5, China’s leading financial self-regulatory bodies issued a risk warning reaffirming the ban on virtual currency activities, involving domestic and overseas platforms serving Chinese users. This action highlights China’s stringent approach towards crypto, significantly affecting asset token activities and enforcement against illegal financial operations. Maincontent China’s financial associations issued a collective warning against illegal virtual currency and asset token activities, reinforcing prior regulatory stances. The announcement targets both domestic participants and overseas platforms serving Chinese users. The China Banking Association emphasized that staff or institutions in China assisting overseas crypto platforms may bear legal liability. Virtual currencies are declared as having no legal tender status, and stringent measures are suggested to mitigate significant money-laundering and fraud risks. Regulatory bodies emphasize the illegal nature of RWA tokenization within China. China Internet Finance Association, Self-Regulatory Body, – “Virtual currencies and stablecoins have no legal tender status in China, and all related trading and intermediary services are deemed illegal financial activities.” Market reactions to the statement have been muted, with officials reiterating a zero-tolerance approach to non-compliant activities. The announcement reaffirms a consistent legal interpretation, although major shifts in policy enforcement are not expected. Bitcoin Trades at $91,442 as China Maintains Ban Did you know? China’s regulation of virtual currencies follows similar bans in 2017 and 2021, maintaining stringent control over digital financial activities. According to CoinMarketCap, Bitcoin currently trades at $91,442.68 with a market cap of $1.82 trillion. Its market dominance is 58.72%, and recent price movements indicate a 1.71% drop over 24 hours and a 0.18% rise over the past week. Bitcoin(BTC), daily chart, screenshot on CoinMarketCap at 11:30 UTC on December… The post China Reasserts Ban on Virtual Currency Activities appeared on BitcoinEthereumNews.com. Key Points: China’s financial associations confirm ban on virtual currencies. Virtual currencies and stablecoins lack legal tender status. Increased risks for money laundering and speculative activities noted. On December 5, China’s leading financial self-regulatory bodies issued a risk warning reaffirming the ban on virtual currency activities, involving domestic and overseas platforms serving Chinese users. This action highlights China’s stringent approach towards crypto, significantly affecting asset token activities and enforcement against illegal financial operations. Maincontent China’s financial associations issued a collective warning against illegal virtual currency and asset token activities, reinforcing prior regulatory stances. The announcement targets both domestic participants and overseas platforms serving Chinese users. The China Banking Association emphasized that staff or institutions in China assisting overseas crypto platforms may bear legal liability. Virtual currencies are declared as having no legal tender status, and stringent measures are suggested to mitigate significant money-laundering and fraud risks. Regulatory bodies emphasize the illegal nature of RWA tokenization within China. China Internet Finance Association, Self-Regulatory Body, – “Virtual currencies and stablecoins have no legal tender status in China, and all related trading and intermediary services are deemed illegal financial activities.” Market reactions to the statement have been muted, with officials reiterating a zero-tolerance approach to non-compliant activities. The announcement reaffirms a consistent legal interpretation, although major shifts in policy enforcement are not expected. Bitcoin Trades at $91,442 as China Maintains Ban Did you know? China’s regulation of virtual currencies follows similar bans in 2017 and 2021, maintaining stringent control over digital financial activities. According to CoinMarketCap, Bitcoin currently trades at $91,442.68 with a market cap of $1.82 trillion. Its market dominance is 58.72%, and recent price movements indicate a 1.71% drop over 24 hours and a 0.18% rise over the past week. Bitcoin(BTC), daily chart, screenshot on CoinMarketCap at 11:30 UTC on December…