China’s crypto ban extends to a wider range of crypto-based activities

On 24 September 2021, the People’s Bank of China and nine other Chinese government authorities jointly released the Circular on Further Preventing and Handling the Risks Concerning Speculation in Virtual Currency Trading (Yin Fa [2021] No. 237) . Together with another official notice to stamp out cryptocurrency mining (“Circular No. 1283”), cryptocurrency  - based mining and other activities in China are set to be tightly regulated. 

This alert summarises some of the recent related regulatory developments and discusses on several hot topics such as NFTs.