China is bracing to potentially add cryptocurrency mining to its newly readied “Negative List for Market Access.” Doing so would render the cryptocurrency mining industry inaccessible to investors.
The Chinese government and the Central Bank are actively looking to tame cryptocurrencies altogether now. So, the 2021 draft “Negative List for Market Access (NLMA),” per China’s National Development and Reform Commission (NDRC), includes cryptocurrency mining.
Released together by the NDRC and the Ministry of Commerce (MOFCOM), on the NLMA, the State Council states:
The negative list for market access outlines sectors, fields, and businesses off-limits for investors. Industries, fields, and businesses not on the list are open for investment to all market players.
Altogether, 123 industries make up the said NLMA list, as of 2020. In the present variant of the NLMA list, 117 industries are enlisted. The NDRC is inviting public opinions in reference to the NLMA, as a part of its public comment period (October 8th to 14th, 2021).
Industries excluded from the said NLMA list can avail investments even without any approvals. Financial Times’ Opinion Instant Insight reports China’s national regulators are considering the “overseas facilities offering services inside China illegal.”