八部门明确稳定币、RWA等相关业务监管红线，重申禁止虚拟货币相关业务活动

Core Viewpoint - The People's Bank of China and seven other departments issued a notification to further prevent and address risks related to virtual currencies, reiterating that virtual currencies do not have the same legal status as fiat currencies and that activities related to virtual currencies are considered illegal financial activities [1][2][10]. Group 1: Virtual Currency Regulations - The notification emphasizes that virtual currencies like Bitcoin, Ethereum, and Tether are characterized by being non-fiat, utilizing encryption and distributed ledger technology, and existing in digital form, thus lacking legal tender status [2][9]. - Activities such as exchanging fiat currency for virtual currencies, trading virtual currencies, and providing intermediary services for virtual currency transactions are strictly prohibited and will be dealt with legally [2][10]. - Any investment in virtual currencies or related financial products that contravenes public order and good morals is deemed invalid, with losses borne by the investor [2][10]. Group 2: Stablecoin Regulations - The notification prohibits any entity from issuing stablecoins pegged to the Renminbi abroad without proper authorization, highlighting the risks associated with stablecoins, including lack of central bank backing and potential for illicit use [3][11]. - Stablecoins are noted to perform some functions of fiat currencies in circulation, which raises regulatory concerns [3][11]. Group 3: Real-World Asset Tokenization - The notification explicitly bans the tokenization of real-world assets (RWA) within the country, defining it as converting ownership rights into tokens using encryption and distributed ledger technology [4][12]. - Any related activities, including providing intermediary services for RWA, are prohibited unless authorized by relevant regulatory bodies [4][12]. - Strict regulations are imposed on domestic entities engaging in RWA activities abroad, requiring compliance with the principle of "same business, same risk, same rules" [5][13]. Group 4: Mining and Financial Institutions - Continuous efforts will be made to monitor and regulate virtual currency mining activities, with a focus on managing financial, intermediary, and technical service providers [6][15]. - Financial institutions are prohibited from providing services related to virtual currencies, including account opening, fund transfers, and issuing financial products linked to virtual currencies [6][15]. Group 5: Internet and Legal Responsibilities - Internet companies are barred from providing platforms for virtual currency and RWA activities, and must report any illegal activities to authorities [7][16]. - Violations of the notification will result in penalties, and criminal liability may be pursued for those knowingly assisting foreign entities in providing illegal services related to virtual currencies [7][16].