央行八部门升级虚拟货币等监管框架：重申虚拟货币非法，境内RWA代币化遭禁

Core Viewpoint - The regulatory pressure on the virtual currency sector in China has intensified, with a new notification issued by multiple government departments emphasizing that virtual currency-related activities are illegal financial activities [1][2][9]. Regulatory Framework - The recent notification builds upon previous regulations, particularly the "237 Document" from 2021, and aims to enhance the regulatory framework for virtual currencies and RWA tokenization [3][9]. - It establishes a collaborative mechanism among various regulatory bodies, including the People's Bank of China and the China Securities Regulatory Commission, to monitor and manage risks associated with virtual currencies and RWA activities [6][9]. Prohibition of Activities - The notification explicitly states that without approval from relevant authorities, domestic entities and their overseas counterparts are prohibited from issuing virtual currencies abroad [4][5]. - It reiterates that any activities related to RWA tokenization conducted within China are considered illegal financial activities unless specifically authorized [4][5]. Market Impact - The notification comes amid significant volatility in the virtual currency market, with Bitcoin recently dropping to around $60,000, marking a 16-month low, and over 400,000 liquidations occurring globally within 24 hours [1][2]. - The notification aims to address the rising speculative activities in virtual currencies and RWA tokenization, which pose new risks to financial stability [2][9]. Historical Context - China has maintained a strict prohibition on virtual currency activities since 2013, with various regulatory measures implemented over the years to curb speculative trading and illegal fundraising [7][8]. - The recent notification reflects a continuation of this long-standing policy, reinforcing that virtual currencies do not hold the same legal status as fiat currencies [9].