# China Ranks Second in Domestic Crypto Wallet Transfers Worldwide

By Riza Dagoc

Canonical URL: https://www.tokenpost.com/news/regulation/24398
Published: 2026-09-26T10:33:04.000Z
Updated: 2026-09-26T10:33:04.000Z
Section: Regulation

> China ranked 12th overall among 117 countries despite bans on domestic virtual currency exchanges and trading. Nigeria ranked first in domestic peer-to-peer activity.

China ranked second globally for domestic peer-to-peer crypto wallet transfers in the 2026 Global Crypto Adoption Index, highlighting continued on-chain activity despite China’s ban on domestic virtual currency exchanges and trading.

China placed 12th among 117 countries overall in the index released Sept. 23. Nigeria ranked first for domestic peer-to-peer activity, followed by China and Brazil.

The measure covers transfers made directly between individual wallets within the same country, excluding exchanges and other platforms. China ranked 14th in cross-border flows, 15th in on-chain holdings and 29th in funds flowing to exchanges and other services.

The index covered activity from July 1, 2025, through June 30, 2026. Its overall ranking uses a geometric average of four category scores, so strength in one area does not erase weaker results elsewhere. Brazil ranked first overall despite not leading any category because it placed among the top four in all four measures.

Domestic wallet transfers worldwide rose from $56.8 billion to $228.7 billion during the period, a 302.9% increase. Stablecoins represented 96% of that activity. At the same time, funds flowing to exchanges, decentralized finance platforms and other services declined from $9.30 trillion to $8.90 trillion.

The report did not disclose China’s actual wallet-transfer amount. Country assignments for individual wallets were estimated from behavioral patterns, including interactions with exchanges serving only one country. Platform flows were allocated using each country’s share of website traffic.

China’s restrictions have tightened this year. The People’s Bank of China and seven other departments issued a notice Feb. 6 stating that Bitcoin (BTC), Ether (ETH) and Tether (USDT) do not have legal-tender status. The notice prohibits domestic exchanges between fiat currency and virtual currencies, as well as exchanges among virtual currencies.

The People’s Bank of China has also classified stablecoins as virtual currencies. Entities and individuals may not issue offshore stablecoins linked to the renminbi without approval from relevant authorities.

A separate rule on online marketing of financial products takes effect Sept. 30. It classifies virtual currency issuance and trading as illegal financial activities and bars institutions and individuals from providing online marketing services or facilities for them.