China (Mainland)
Comprehensively prohibited. There is no licensing path, and this entry exists so nobody wastes time looking for one.
Who regulates this
People's Bank of China and ten other agenciesPBoC
The September 2021 joint notice declaring virtual currency related business activity illegal financial activity, building on the 2017 prohibition on token offerings.
Licences and permissions
None available
No category of licence permits operating a virtual asset exchange in mainland China.
The 2021 notice extends to offshore exchanges providing services to residents of mainland China, and to employees of such platforms.
What it takes
Capital
Not applicable.
Timeline
Not applicable.
Substance
Not applicable.
Where a software vendor sits
Do not serve this market and do not configure an instance to accept mainland Chinese users. Geofencing is a product requirement here, not a preference. Note that Hong Kong is a separate jurisdiction with its own licensing regime — see the Hong Kong entry — and a Hong Kong licence confers nothing on the mainland.
What catches people out
Offshore platforms are expressly within scope of the prohibition where they serve mainland residents. Being incorporated elsewhere is not a defence, and this has been enforced.
Verify this yourself
We would rather you checked. These are the primary and authoritative secondary sources behind the summary above.