Tokenized US stocks in China
Short answer: we don't know of a tokenized stock app that accepts people living in China right now. Here's why, and what to keep an eye on.
US stocks: your options in China
Crypto rules in China
A February 2026 notice from the People's Bank of China and seven other regulators confirmed that crypto isn't legal tender and that crypto exchange and related businesses are illegal in mainland China.
The same notice bans tokenizing real-world assets, like shares, without approval, and bans offshore firms from offering those services to people in mainland China. Tokenized US stocks aren't a way around the rules.
Money and tax in China
Local currency: Renminbi (yuan) (CNY).
Paying and sending money abroad: SAFE guidance says the yearly personal foreign-exchange allowance of US$50,000 can't be used for overseas securities investment. Approved QDII funds, sold by mainland fund companies and banks, are the official route to US stocks.
Tax: Tax residents must report overseas income, including gains on overseas shares, and may get credit for foreign tax already paid.
What you're actually buying
A token that tracks a real US share 1:1. The issuer holds the actual shares; you hold the token. Price moves and reinvested dividends, yes. Voting rights and a seat at the shareholder meeting, no.
More on how tokenized stocks workGood to know in China
- In September 2021, the People's Bank of China and nine other agencies said crypto trading is illegal in mainland China — and that includes overseas platforms serving people there.
- Buying foreign currency as an individual is subject to SAFE's yearly allowance.
- This guide covers mainland China. Hong Kong and Macau have their own, separate rules.
- Because of China's own rules on crypto platforms, we don't list Pump.fun or any other app here.
- Gains may be taxable. A local tax adviser can tell you how.
Who regulates this
- China Securities Regulatory Commission (CSRC) — Securities regulator
- People's Bank of China — Central bank
- State Administration of Foreign Exchange (SAFE) — Foreign-exchange rules
Questions people ask
Can I use my yearly foreign-exchange allowance to open a US broker account?
No. SAFE guidance says the personal allowance can't be used for overseas securities investment. Ask your bank about approved QDII funds instead.
Are tokenized US stocks allowed in mainland China?
No. The February 2026 notice bans unapproved tokenization of real-world assets and offshore firms offering those services to people in mainland China.
Are tokenized US stocks legal in China?
Honestly, it depends on the product and on China's own rules for securities, crypto and moving money abroad. We haven't finished checking China yet, so we're not making a legal call. The regulator linked on this page is the best place to check.
Do I own the actual shares?
Usually not directly. With xStocks, the issuer holds the real shares and you hold a token that tracks them. Other products work differently — some are just contracts tracking the price. Voting rights and cash dividends are normally not included.
Can I use a VPN if an app blocks China?
Please don't. Getting around location blocks, sanctions or ID checks breaks the app's rules, can get your money frozen, and may be illegal.
Sources (12)
- 1.China Securities Regulatory Commission (CSRC)
China Securities Regulatory Commission (CSRC) · regulator
- 2.People's Bank of China
People's Bank of China · regulator
- 3.State Administration of Foreign Exchange (SAFE)
State Administration of Foreign Exchange (SAFE) · regulator
- 4.Pump.fun Help Center: Depositing funds on the mobile app
Pump.fun · platform
- 5.Pump.fun Fees page
Pump.fun · platform
- 6.Pump.fun Terms of Use (Prohibited Jurisdictions)
Pump.fun · platform
- 7.xStocks partner FAQ
xStocks · official
- 8.Notice on further preventing and handling virtual currency trading risks (2021)
State Council of the People's Republic of China · official
- 9.Notice on crypto and real-world asset tokenization (February 2026)
People's Bank of China · regulator
- 10.Guidance on reporting overseas income (July 2025)
State Taxation Administration · official
- 11.Personal foreign exchange policy FAQ
State Administration of Foreign Exchange · official
- 12.QDII investment quota approvals (June 2025)
State Administration of Foreign Exchange · official
Last updated .