China broadens its crackdown on cryptocurrencies — expands ban to include real-world asset tokenization, crypto ads, and providing network traffic for crypto activities
China has expanded its crackdown on cryptocurrencies by including a ban on real-world asset tokenization, crypto ads, and providing network traffic for crypto activities. The People’s Bank of China (PBoC) issued a circular that prohibits internet providers from promoting or hosting cryptocurrency-related activities. Multiple agencies, including the PBoC and the Ministry of Public Security, will coordinate to enforce the ban and crack down on illegal activities involving virtual currencies. This move aims to tighten control over the use of cryptocurrencies and real-world asset tokens in China, closing loopholes that allowed some users to bypass previous restrictions.
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