Shanghai Man: China declares victory over crypto — Is this the end of the crackdown?

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Victory for the regulators

After a tumultuous summer of crackdowns, the Chinese regulators are declaring their victory in eliminating illegal cryptocurrency trading activities in the country. This revelation came in the outlook section of the “China Financial Stability Report 2021” released by the People’s Bank of China on September 3.

In the section titled Major Achievements in the Battle to Prevent and Defuse Major Financial Risks , it emphasises that regulatory work in internet asset management, equity-based crowdfunding, internet insurance, virtual currency trading, online foreign exchange trading, and other areas has been basically completed. 

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