#中国加密新规 China's cryptocurrency regulation continued to tighten in 2025. While private ownership hasn't been completely banned, domestic trading and mining activities are strictly prohibited. The revised Anti-Money Laundering Law now includes crypto-related transactions under regulation, filling a legal gap. These regulatory adjustments have had a significant impact on the cryptocurrency industry, severing exchanges' ability to operate locally. Over-the-counter (OTC) and over-the-counter (OCR) trading are now subject to strict regulation, significantly shrinking the domestic cryptocurrency market. This has led some studios to relocate their servers to Southeast Asia, causing a sharp drop in the price of used mining machines and severely impacting the mining industry. Going forward, compliant companies should focus on blockchain technology innovation and the international application of the digital RMB, seeking development opportunities while adhering to regulatory requirements.