CBSR · 证据资料库
中国内地稳定币监管证据 | CBSR 历史快照
浏览 12 条中国内地稳定币监管记录，核对发行路径、储备、收益边界、来源定位、效力与复核状态；数据为 CBSR 2026 年 8 月 20 日历史快照。
本法域应如何阅读
中国内地档案记录的是禁止框架，而非发行牌照清单；分别讨论境内虚拟货币活动、未经许可的境外人民币稳定币发行、境内控制的境外主体，以及跨境分析涉及的数据和资本流动约束。香港牌照不能消除目的地禁止。
覆盖与未完成复核
四个监管问题与对应证据
发行准入路径
cn-prc-issuer_pathway-001
历史记录未列境内稳定币发行路径，并将银发〔2026〕42号与 2017 年公告作为来源。关于香港申请行为的叙述属于不同层面的历史运营观察。
快照记录原文 · 不是法条逐字引文
There is no domestic stablecoin issuance pathway. The 2017 ICO Notice (94公告) policy continues, and the 2026 Notice (银发〔2026〕42号, which repealed the 2021 Notice) treats token issuance and virtual-currency business activity as prohibited, upgrading the banned act from token-offering financing to issuing virtual currency. The live regulatory questions for PRC-connected groups therefore concern the indirect pathway through Hong Kong and the cross-border data, capital, and disclosure constraints that condition it, not a domestic licence. The behavioural boundary observed in 2025 tracks a private/state distinction: private internet groups (Ant, JD) applied for HK licences and then withdrew in October 2025; state-linked banks expressed interest and paused; and no PRC-affiliated applicant received a licence in the April 2026 first round.储备与资产支持
cn-prc-reserve_backing-001
记录把境内发行的储备问题标为禁止背景下不适用；对于间接香港路径，相关储备要求作用于香港持牌实体，不能据此创设内地发行许可。
快照记录原文 · 不是法条逐字引文
Reserve requirements are not applicable to domestic issuance, which is prohibited. On the indirect pathway through Hong Kong, HKMA reserve requirements apply to the HK-licensed entity; the PRC-connected parent holds no reserve obligation directly under PRC law but faces consolidation treatment under A-share listing rules.允许活动与收益边界
cn-prc-permitted_activity_yield-001
在记录所述境内发行禁止背景下，不存在可适用收益规则的获准境内发行人；此项没有取得可用来源链接，时效继续为 unknown。
快照记录原文 · 不是法条逐字引文
Because private token issuance and related fundraising are prohibited, there is no lawful domestic issuer that could pay yield; the yield question does not arise within a permitted perimeter.货币主权与跨境准入
cn-prc-monetary_sovereignty-001
该记录引用银发〔2026〕42号，涉及未经许可境外发行人民币参考稳定币、境内控制实体境外发行虚拟货币及 RWA 代币化限制。来源检查日期未记录，不宣称已完成现行法复核。
快照记录原文 · 不是法条逐字引文
Mainland China occupies the prohibitive pole of the monetary-sovereignty constraint. The eight-ministry Notice 银发〔2026〕42号 (in force 6 Feb 2026) reaffirms that virtual currencies have no legal-tender status and adds an explicit WRITTEN prohibition on overseas issuance of RMB-pegged stablecoins without lawful approval (未经许可，境内外任何主体不得在境外发行挂钩人民币的稳定币), plus an extraterritorial ban on PRC-controlled entities issuing virtual currencies abroad and restrictions on RWA tokenisation.完整记录清单
| 记录 / 维度 | 来源定位原文 | 效力状态 | 复核时效 | 来源检查日 |
|---|---|---|---|---|
| 反洗钱与客户识别 | AML — PRC AML Law; PBOC AML/CFT; crypto AML scrutiny under 94 公告 | 已制定并生效（快照标签） · in_force_enacted | 复核时效未知 · unknown | 无已记录证据 |
| 银行及非银行路由 | Absence of a compliant issuance/routing architecture | 禁止 · prohibition | 复核时效未知 · unknown | 无已记录证据 |
| 资本要求 | Capital — N/A domestically; indirect HK HK$25m + SAFE registration + consolidation | 禁止 · prohibition | 复核时效未知 · unknown | 无已记录证据 |
| 跨境数据 | PIPL three-gate outbound transfer; DSL important-data review; March 2024 threshold relief; FTZ negative lists | 已制定并生效（快照标签） · in_force_enacted | 复核时效未知 · unknown | 无已记录证据 |
| 分销 | Domestic distribution prohibited; three indirect-pathway constraint layers (A-share / SAFE / PBOC-CAC) | 禁止 · prohibition | 复核时效未知 · unknown | 无已记录证据 |
| 实施状态 | Implementation timeline — stable prohibition; 2017-2026 milestones | 尚无相应制度 · no_regime | 复核时效未知 · unknown | 无已记录证据 |
| 发行准入路径 | 银发〔2026〕42号 (virtual-currency-related business activities in the PRC are illegal financial activities, strictly prohibited; the prohibited act is upgraded from '代币发行融资' (token-offering financing, 2021) to '发行虚拟货币' (issuing virtual currency), now reaching non-fundraising / airdrop / utility issuance) | 禁止 · prohibition | 复核时效未知 · unknown | 无已记录证据 |
| 货币主权与跨境准入 | 银发〔2026〕42号 — 未经许可，境内外任何主体不得在境外发行挂钩人民币的稳定币 (no entity, domestic or overseas, may issue RMB-pegged stablecoins overseas without approval); 境内主体及其控制的境外主体不得在境外发行虚拟货币 (PRC-controlled entities may not issue virtual currencies abroad); RWA tokenisation restrictions | 禁止 · prohibition | 复核时效未知 · unknown | 无已记录证据 |
| 允许活动与收益边界 | Prohibition context — no permitted issuer to which a yield rule could attach | 禁止 · prohibition | 复核时效未知 · unknown | 无已记录证据 |
| 监管机构 | 银发〔2026〕42号 (a coordinated multi-agency prohibition perimeter; eight ministries plus the cyberspace administration and the two supreme judicial organs) | 禁止 · prohibition | 复核时效未知 · unknown | 无已记录证据 |
| 储备与资产支持 | Reserve — N/A domestically; indirect HK pathway + A-share consolidation | 禁止 · prohibition | 复核时效未知 · unknown | 无已记录证据 |
| 证券属性认定 | 银发〔2026〕42号 (token issuance treated as illegal public fundraising / illegal financial activity); CSRC 公告〔2026〕1号 (RWA asset-backed-securities-token guidance: filing system + negative list for onshore-asset offshore ABS-token issuance) | 禁止 · prohibition | 复核时效未知 · unknown | 无已记录证据 |