八部门发文 进一步防范处置虚拟货币等相关风险

Core Viewpoint - The People's Bank of China and other regulatory bodies have issued a notification aimed at further preventing and addressing risks associated with virtual currencies and Real World Assets (RWA) tokenization, highlighting the rise of illegal activities in these markets since last year [1][2]. Regulatory Stance - The central bank and the China Securities Regulatory Commission (CSRC) maintain a prohibitive policy stance on virtual currency-related activities, reiterating that virtual currencies do not hold the same legal status as fiat currencies and that any related business activities within the country are illegal [2][4]. - The notification emphasizes that stablecoins pegged to fiat currencies are also subject to regulation, and any issuance of stablecoins linked to the Renminbi (RMB) without approval is prohibited [2][3]. RWA Tokenization - The notification defines RWA tokenization as the process of converting ownership and income rights of assets into tokens using cryptographic and distributed ledger technologies [3]. - Activities related to RWA tokenization within the country are deemed illegal unless approved by relevant authorities, and foreign entities are prohibited from providing related services to domestic subjects [3][4]. Cross-Border Regulations - Strict regulations are imposed on domestic entities engaging in RWA tokenization activities abroad, with oversight from various regulatory bodies to ensure compliance with domestic laws [4][5]. - Financial institutions' overseas subsidiaries must adhere to compliance and risk management frameworks established by their domestic counterparts when providing RWA tokenization services [5][6]. Risk Monitoring and Management - Financial institutions are prohibited from facilitating virtual currency-related activities, including account opening and fund transfers, and must report any illegal activities [6][7]. - Continuous efforts are being made to regulate and eliminate virtual currency mining activities, with local governments responsible for identifying and shutting down existing operations [6][7].