China's cryptocurrency regulatory lineup has added the Ministry of Justice, the Central Financial Office, and the National Financial Regulatory Administration compared to 2021

According to an analysis by Zhongke Lian'an, the People's Bank of China held a coordination meeting on combating virtual currency trading speculation on November 28, in conjunction with the Ministry of Public Security, the Central Cyberspace Administration, and a total of thirteen departments.

The lineup of this meeting is noteworthy. Compared to the ten ministries involved in the "924 Notice" of 2021, the addition of the Central Financial Office, the National Financial Regulatory Administration, and the Ministry of Justice signifies that China's regulation of virtual currencies is transitioning from sectoral collaboration to systematic governance.

Analysis indicates that this change will reshape the regulatory landscape on three levels: Upgraded Coordination Framework: The involvement of the Central Financial Office will promote regulation from departmental linkage to a higher-level cross-sector coordination, forming a synergy of policies and resources. Deepened Regulatory Framework: The inclusion of the National Financial Regulatory Administration means that regulation will shift from basic monitoring of capital flows to precise identification and professional investigation of illegal financial activities. Improved Legal Framework: The addition of the Ministry of Justice will promote regulation from being dominated by administrative documents to having stronger legal support for legal application and enforcement, thereby strengthening the authority of law enforcement.

In addition, the meeting clearly identified "stablecoins" as the core target of this round of crackdown and emphasized a focus on "information flow and capital flow," aiming to build a technology-driven full-chain monitoring system, demonstrating the regulatory body's determination and means to comprehensively upgrade the crackdown on illegal activities related to virtual currencies.

Earlier news reported that the People's Bank of China held a coordination mechanism meeting to combat virtual currency trading speculation.