#中国加密新规

China's New Crypto Regulations Overview: Property Can Be Confiscated, Transactions Are Illegal, The Only Compliance Path for Public Chains

> **Judicial Red Lines and Compliance Islands Coexist**, China's cryptocurrency ecosystem seeks a fragile balance under high-pressure regulation. In the second half of 2025, China's cryptocurrency policy will enter a stage of refined regulation. On the one hand, judicial authorities tighten the crackdown on crimes involving cryptocurrencies; on the other hand, local judicial agencies for the first time explicitly acknowledge the 'property nature' of virtual currencies in legislative documents. This contradictory situation reflects the regulatory authorities' dual attitude towards the value of blockchain technology and financial risks. Below, we analyze the current regulatory framework and response strategies from four dimensions.

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### 1. New Judicial Opinions: Tightening the 'Restrictive Spell' on Cryptocurrency Trading

On July 28, 2025, the Supreme People's Court, the Supreme People's Procuratorate, and the Ministry of Public Security jointly issued the 'Opinions on Handling Criminal Cases Related to Assisting Cybercrime Activities,' which for the first time included cryptocurrency trading in the network crime regulation system:

- **Standardization of 'Knowledgeable' Determination**: If a user continues to conduct cryptocurrency transactions after being restricted by banks due to suspected fraud, and the funds are again suspected, it can be directly inferred that they subjectively 'knew' of the crime and will be prosecuted for assisting in cybercrime activities.

- **List of Abnormal Transactions**: Transactions using encrypted communication software, buying and selling cryptocurrencies significantly deviating from market prices, etc., are all categorized as 'abnormal situations' under judicial monitoring.

- **Strict Sentencing Direction**: Organizing minors to participate in cryptocurrency money laundering, cross-border transfer of stolen funds, and similar activities will face heavier penalties; in 2024, the number of related prosecutions has increased by 42% year-on-year.

This new regulation implies that ordinary investors' OTC transactions may also bear criminal responsibility due to the contamination of the capital chain.