In recent months, the Chinese government has been gradually rolling out measures to regulate virtual currency transactions. A key development came when the central bank's business management department issued a notice prohibiting payment institutions operating within China from facilitating virtual currency trading. The directive also calls for the systematic cleanup of over-the-counter (OTC) trading platforms and venues registered in the country, while guiding related companies to exit the market in an orderly fashion.
According to sources, the Central Bank’s Business Management Department recently released the “Notice on Carrying out Self-inspection and Correction of Payment Services for Illegal Virtual Currency Transactions.†This document mandates that all legal payment institutions conduct internal audits and make necessary corrections starting from the date of publication. It strictly forbids any provision of services related to virtual currency transactions and urges the implementation of effective measures to prevent payment channels from being exploited for such purposes. All institutions are required to submit their self-inspection reports and actions taken by January 20.
The notice further emphasizes the need for enhanced daily transaction monitoring. Any detected virtual currency transactions must be addressed promptly by closing the relevant payment channels and properly handling the funds involved, in order to avoid potential group incidents or financial instability.
Earlier this year, under the framework of the Internet Financial Risk Special Rectification Leading Group (commonly referred to as the "Mutual Gold Remediation Office"), the central bank led a series of discussions focusing on virtual currency mining. The next phase of rectification efforts will include the crackdown on OTC trading platforms and related services.
As part of these initiatives, the focus will be on shutting down domestic OTC trading platforms—whether they operate openly or through offshore websites that continue to serve Chinese users. Additionally, service providers, institutions, and individuals offering market-making support for large-scale peer-to-peer transactions will be targeted. Their overseas trading websites and apps will be blocked, and Bitcoin mining operations will be standardized and rectified, with guidance provided to enterprises to exit the industry in an orderly manner.
Payment institutions found to facilitate these activities will also be required to conduct internal reviews and stop providing payment services for virtual currency transactions.
At the beginning of this month, the Mutual Rehabilitation Office issued a directive urging local authorities to guide businesses within their jurisdictions to withdraw from the mining sector in a controlled manner. Comprehensive strategies—including adjustments to electricity pricing, land use policies, tax regulations, and environmental protections—will be used to encourage a smooth transition away from mining activities.
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