Core Viewpoint - The People's Bank of China and several regulatory bodies issued a notification to further prevent and address risks associated with virtual currencies and real-world asset (RWA) tokenization, reiterating that activities related to virtual currencies are illegal financial activities [1][2]. Group 1: Notification Structure and Content - The notification consists of six parts and nineteen articles, focusing on the nature of virtual currencies, RWA, and related business activities, as well as establishing a collaborative working mechanism [2]. - It emphasizes risk monitoring, prevention, and management requirements, including the regulation of intermediary institutions, internet content management, and the registration of business entities [2][3]. - The notification aims to strengthen the regulatory framework for domestic entities and their overseas operations concerning virtual currencies and RWAs [2][3]. Group 2: Key Revisions Compared to Previous Regulations - The notification reaffirms the prohibition of virtual currencies in China, clarifying that they do not hold legal currency status and that related business activities are illegal [3]. - It specifies that stablecoins linked to legal currencies cannot be issued abroad without approval from relevant authorities, emphasizing the importance of currency sovereignty [3]. - The notification outlines a clear definition of RWA and stresses that conducting RWA business domestically or providing related intermediary services is considered illegal financial activity [3]. Group 3: Measures Against Virtual Currency Mining - The notification reiterates the ban on virtual currency mining in China, with the National Development and Reform Commission leading the strict control of mining activities [4]. - Provincial governments are held responsible for the oversight and rectification of mining activities within their jurisdictions, following existing regulations [4]. - It emphasizes the need for inter-departmental collaboration to maintain a high-pressure stance against illegal activities related to virtual currencies and RWAs [4].
【金融街发布】人民银行等八部门联合印发通知 重申虚拟货币相关业务活动属于非法金融活动