China is jacking up its regulation of the trade and cryptocurrencies, such as bitcoin, with plans to block access to Chinese and offshore platforms that allow centralized trading.

According to a report by Bloomberg today, sources close to Chinese policymakers said that the country intends to clamp down on both online exchanges and mobile apps that offer exchangelike services.

Bloomberg’s sources also mentioned that authorities intend to target individuals and businesses that provide market-making, settlement and clearing services for centralized trading. However, small peer-to-peer and person-to-person trading is not being targeted.

The market for bitcoins and other cryptocurrencies has been trending down since reaching a peak in mid-December of nearly $20,000 per bitcoin.

In the past, rumors of crackdowns and regulation in China has followed depressions in the bitcoin market, which hit $14,481 on Jan. 13 and fell to $13,960 today.

A report that China planned to ban bitcoin mining surfaced on Jan. 8. Bitcoin mining is a process by which bitcoins are earned by “miners” who run computers to solve complex mathematical problems and also secure the bitcoin network.

That report, and reports like it, follow a long history of rumors and hard-to-follow regulatory decisions all the way back to 2013. More recently the bitcoin market fell after China banned bitcoin exchanges in September and then rebounded on rumors that ban could be rescinded in October.

Last year, Chinese regulators banned initial coin offerings, a way for companies that produce new cryptocurrencies to raise money through crowd sales. It didn’t take long for South Korea to follow suit.

“Increasing value and legitimacy of cryptocurrencies is not only good for investors, but also brings attention from regulators and policymakers,” said Daniele Bianchi of Warwick Business School, assistant professor of finance and a cryptocurrency researcher.

Bianchi told SiliconANGLE that the increasing popularity of bitcoin and other cryptocurrencies is driving regulatory interest and fears of illegal activity.

“The situation is not the same across countries, however,” she said. “While the South Korean and the Chinese governments are planning to take decisive steps in monitoring and limiting trading in cryptos, the Russian government has drafted a new bill for the legalization of cryptos trading in authorized platforms.”

Russia also banned access to cryptocurrency exchanges in October and then a report surfaced with plans to develop its own cryptocurrency coin earlier this month. The bill to provide a formalized legal framework for bitcoin trading in Russia is expected to reach a draft in March.

And, for its crackdown on bitcoin trading in late December, South Korea’s government has been in a tumult of policy debate about the nature and authority of said crackdown.

This regulatory mishmash is causing more than just uncertainty in the bitcoin market. It’s also creating a choppy atmosphere for businesses seeking to develop blockchains, the technology that underlies cryptocurrencies, including bitcoin.

In an attempt to quell the fears of blockchain developers, South Korea Minister of Science and Information Technology Yoo Young-min told reporters that the ministry will continue to support the fostering of blockchain technology.

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