Exchange cryptocurrency for fiat currency (like U.S. dollars), or for cryptocurrencies tied to fiat currencies. Virtual currency mining had been big business in China before May, accounting for more than half the world's crypto supply, but miners have been moving overseas. "In the history of crypto market regulation in China, this is the most direct, most comprehensive regulatory framework involving the https://www.paperscrypto.com/ largest number of ministries," said Winston Ma, NYU Law School adjunct professor. Friday's statement is the most detailed and expansive yet from the country's main regulators, underscoring Beijing's commitment to suffocating the Chinese crypto market. Outside of crypto trading, OKX lets you earn passive income on your crypto holdings. We also have an easy-to-use portal into the world of DeFi, NFTs and blockchain gaming.

A break below it will signal a shift in the market sentiment, and it’s best to get out of the trade. Crypto day trading also requires the right timing and good liquidity to make precise entries. The State Bank of Vietnam has declared that the issuance, supply, and use of Bitcoin and other cryptos are illegal as a means of payment and are subject to punishment of fines ranging from 150 million VND (€5,600) to 200 million VND (€7,445).