新华视点｜8部门“攥指成拳”强监管 合力遏制虚拟货币等风险

Core Viewpoint - The joint announcement by eight departments, including the People's Bank of China, emphasizes the illegality of virtual currency activities in China and aims to strengthen regulations to protect public financial security [1][2]. Regulatory Measures - The notification clearly states that virtual currencies do not have legal tender status and should not circulate as currency in the market [2]. - All activities related to virtual currencies and the issuance of tokens are strictly prohibited, with a focus on halting various token issuance and financing activities [2][5]. - The notification reiterates previous policies aimed at preventing and addressing risks associated with virtual currency trading and speculation [2][5]. Market Conditions - The virtual currency market has experienced extreme volatility, with Bitcoin reaching over $120,000 in October 2025 and dropping below $70,000 by February 2026, leading to significant financial losses [1]. - Stablecoins, which were previously considered stable, have also shown significant price fluctuations, raising concerns about their reliability [2][3]. RWA Tokenization - The notification provides a clear definition of Real World Asset (RWA) tokenization, which involves converting ownership and income rights of assets into tokens using cryptographic technology [3][4]. - Currently, there are no companies in China capable of legally conducting RWA transactions, with many institutions engaging in speculative activities under the guise of RWA [4]. Multi-Department Collaboration - The approach to managing risks associated with virtual currencies requires collaboration across multiple departments, establishing a long-term mechanism for risk prevention and resolution [5][6]. - Various departments will enhance their regulatory efforts, including monitoring advertisements related to virtual currencies and conducting crackdowns on illegal activities such as fraud and money laundering [5][6]. Cross-Border Regulations - The notification specifies that domestic entities and their overseas counterparts are prohibited from issuing virtual currencies abroad without proper authorization [6]. - Strict regulations are in place for any RWA tokenization activities conducted outside of China, requiring prior approval and compliance with relevant laws [6].