As of October 2024, China has maintained its strict regulatory stance on cryptocurrencies, with a blanket ban in place since 2021. However, despite these regulations, underground crypto trading remains active, especially through over-the-counter (OTC) platforms, VPNs, and decentralized exchanges. In the second quarter of 2024, the volume of crypto trading via OTC desks surged to $23.7 billion, highlighting the growing interest in crypto despite the ban. #MemeCoinTrending
Additionally, Chinese courts have begun recognizing virtual assets like Bitcoin as legal property, protected under the law, which signals a potential softening of attitudes towards digital assets. This shift suggests that, although formal regulations remain strict, the legal system may gradually offer more protection to crypto holders. #ChinaCrypto
There has been no indication of a major change in China's official policy, though developments like Hong Kong's pro-crypto regulations and the court rulings could hint at future reconsideration.
