China's crypto regulatory framework has expanded since 2021, with the addition of the Ministry of Justice, the Central Financial Affairs Commission, and the State Financial Regulatory Commission.

According to Mars Finance, and based on analysis by Zhongke LianAn, the People's Bank of China, together with thirteen other departments including the Ministry of Public Security and the Cyberspace Administration of China, held a coordination meeting on November 28th to combat speculation and trading in virtual currencies. The lineup at this meeting was noteworthy. Compared to the ten ministries and commissions in the "924 Notice" of 2021, the addition of the Central Financial Affairs Commission, the State Financial Regulatory Commission, and the Ministry of Justice signifies a comprehensive upgrade in China's regulation of virtual currencies from sectoral collaboration to systemic governance. Analysis indicates that this change will reshape the regulatory landscape on three levels: Upgraded coordination: The involvement of the Central Financial Affairs Commission will promote regulation from inter-departmental collaboration to a higher level of cross-sectoral coordination, forming a synergy of policies and resources. Deepened regulatory framework: The addition of the State Financial Regulatory Commission means that regulation will shift from basic monitoring of fund flows to the precise identification and professional investigation of illegal financial activities. Improved legal framework: The inclusion of the Ministry of Justice will promote regulation from being primarily driven by administrative documents to having stronger legal support for the application of law and the connection between administrative and criminal law, consolidating law enforcement authority. Furthermore, the meeting explicitly identified "stablecoins" as the core target of this round of crackdowns, emphasizing a focus on "information flow and capital flow" to build a technology-driven, full-chain monitoring system. This demonstrates the regulators' determination and increasingly sophisticated methods to combat cryptocurrency-related crimes. Previously, the People's Bank of China convened a meeting of its coordination mechanism for combating cryptocurrency trading and speculation.