PBOC Circular 237: What It Means for Crypto and Finance

When working with PBOC Circular 237, a regulatory directive from the People’s Bank of China that sets rules for digital‑asset services, anti‑money‑laundering compliance, and cross‑border payment oversight. Also known as China’s crypto regulation 2024, it guides banks, exchanges and fintech firms on how to handle crypto‑related activities while staying aligned with national monetary policy. The circular sits at the intersection of Cryptocurrency Regulation, the body of laws and guidelines that dictate how digital currencies are issued, traded and monitored, Digital Yuan, China’s state‑backed digital fiat that the PBOC is actively promoting as a payment alternative and Anti‑Money Laundering, the set of measures designed to prevent illicit financing through crypto channels. In short, the PBOC demands that every crypto‑related service prove its AML safeguards, report large transactions, and cooperate with the central bank’s digital‑currency infrastructure.

Why the Circular Matters for Traders, Exchanges and Investors

First, cryptocurrency exchanges that want to operate in China now need a formal licence from the PBOC and must integrate real‑time monitoring tools that feed transaction data back to the bank. Our guide on picking the best crypto exchange in 2025 breaks down how these new compliance costs affect fee structures and security scores. Second, the circular pushes the Digital Yuan into everyday payments – banks are required to offer QR‑code wallets that can instantly settle crypto‑to‑fiat conversions under the PBOC’s oversight. This creates a direct bridge between retail crypto holdings and the state‑run digital currency, a topic we explore in detail in the “Top Real‑World Blockchain Applications Across Industries in 2025” article. Finally, AML requirements are tightening: any wallet address that moves more than ¥10 million in a single day triggers a mandatory investigation, a rule that mirrors the anti‑money‑laundering clauses found in the North Korea crypto‑hacking report we published. For investors, the takeaway is clear – compliance risk is now a material factor in price volatility, especially for assets like Gifto (GFT) or HATCH that rely on cross‑chain bridges.

Our collection below connects the dots between policy and practice. You’ll find practical checklists for exchange compliance, deep dives into how the Digital Yuan reshapes cross‑border payments, and real‑world case studies on AML enforcement. Whether you’re a trader weighing the safety of a new DEX, a developer building on a blockchain that must report to the PBOC, or a tax specialist watching the ripple effects of China’s new rules, the articles ahead give you the tools to act confidently. Let’s jump into the detailed guides and see how PBOC Circular 237 is reshaping the crypto landscape.