Blockchain technology, which was born in the Internet era and featured with decentralization, peer-to-peer trust, traceability and anonymity is now used in various kinds of fields from cryptocurrency to non-financial sectors. The application of this technology brings certain risks including those mattered with Criminal Law. These criminal risks mainly appear in financial industry where cryptocurrency is using, and the blockchain is found either as a tool or an objective. At present, the regulation of criminal risks in the application of blockchain technology in China mainly depends on administrative measures rather than new legislation. Although government issued provisions prohibiting cryptocurrency in order to prevent related risks, cryptocurrency remains a hidden danger. Moreover, due to the unclear definition of the legal attributes of cryptocurrencies, the corresponding regulatory systems and rules in the economic and financial fields cannot be applied and in some cases Criminal law norms cannot be applied either, which seriously hinders the regulation of certain risks. To improve status quo, the State Council should confirm cryptocurrency as a new kind of securities by establishing new administrative regulation. In this way, cryptocurrency-related activities can be governed by Securities Law and related regulations and the criminal law norms on securities crimes. In addition, trading platforms playing different roles should be seen as corresponding securities financial institutions and required to fulfill obligations such as anti-money laundering. As to the initial projects in other fields regarding application of blockchain technology, implementing a Regulatory Sandbox will be an ideal way to explore appropriate regulatory approaches to prevent possible criminal risks.