The China Finance 40 Research Institute acknowledged the evolution of crypto, citing how it spawned three categories: store of value, utility tokens, and stablecoins.

As of December 28, 2024, crypto had a market value of around $3.43tr, equivalent to 5% of the U.S. and 35% of the Chinese stock markets.

China's strict anti-crypto stance was solidified in April 2017, amid the ICO bubble, when it ordered all types of token issuances to be halted.