ChainSec: China's crypto regulatory lineup has expanded compared to 2021, including the Ministry of Justice, the Central Financial Affairs Commission, and the State Administration of Finance.

The People's Bank of China, together with 13 other departments, has upgraded the regulation of virtual currencies, adding departments such as the Central Financial Affairs Office. The focus has shifted from collaborative regulation to systemic governance, and stablecoins have been identified as a core target for crackdown.