PBOC Shanghai Reiterates Commitment to Crypto Trading Crackdown

The People's Bank of China (PBOC) Shanghai headquarters has reaffirmed its stance on preventing and cracking down on risks associated with cryptocurrency trading and speculation. This commitment was outlined as a key priority during their second-half work meeting for the year, signaling continued regulatory focus on digital asset activities.

During the meeting, the PBOC Shanghai branch emphasized the need to intensify efforts against illegal financial activities. This includes standardizing the online marketing of financial products by institutions under its jurisdiction and stepping up enforcement actions.

China has maintained a strict ban on cryptocurrency trading and initial coin offerings since 2021, with authorities regularly warning against speculative activities. The latest reaffirmation from the Shanghai branch underscores the persistence of this policy, even as global discussions around digital assets evolve.