Key timelines of China's Virtual Money regulatory policies (2013-2025), clearly presenting the evolution logic of the policies:

1. December 2013: The central bank and five ministries issued the "Notice on Preventing Bitcoin Risks"
- Clearly stated for the first time that "Bitcoin is not currency, but a specific virtual commodity," prohibiting financial institutions from participating in related businesses.
2. September 2017: Seven ministries issued the "Announcement on Preventing Risks of Token Issuance Financing"
- Qualifying "ICO (Initial Coin Offering) as illegal public financing", completely halting ICOs and shutting down domestic Virtual Money exchanges.
3. September 2021: Ten ministries issued the "Notice on Further Preventing and Handling the Risks of Speculation in Virtual Money Trading"
- Upgraded Regulation: Clearly state that "all activities related to virtual money are illegal financial activities," prohibiting trading, mining, intermediary services, and all related chain activities.
4. October 2023: The Financial Regulatory Administration and two other departments remind of the "risks of overseas Virtual Money exchanges"
- Emphasize that "overseas platforms operating within the country are still illegal" and require financial institutions to block payment channels to overseas platforms.
5. November 2025: 13 departments jointly held the "Work Meeting on Preventing Risks of Virtual Money Trading Speculation"
- For the first time, "stablecoins" are included in the regulation of Virtual Money; there is a requirement to focus on cracking down on new forms of violations such as "social platform traffic diversion, over-the-counter trading, and stablecoin exchanges."