【新华解读】“境内严禁、境外严管” 监管重申防范和处置虚拟货币、现实世界资产代币化等风险

Core Viewpoint - The joint notification issued by eight Chinese regulatory bodies emphasizes that virtual currencies do not hold the same legal status as fiat currencies and that activities related to virtual currencies are illegal financial activities within China [1][2][4]. Group 1: Virtual Currency Regulation - The notification reiterates the prohibition of virtual currency activities in China, stating that they are illegal financial activities [2][4]. - It specifies that stablecoins linked to fiat currencies, particularly the Chinese yuan, cannot be issued abroad without approval from relevant authorities [4]. - The notification highlights the risks associated with virtual currencies, including cross-border transmission of risks and the potential for illegal fundraising and securities trading [4][7]. Group 2: Real-World Asset Tokenization - The notification defines real-world asset (RWA) tokenization and establishes a regulatory framework that prohibits RWA tokenization activities within China while imposing strict regulations on overseas activities [1][5]. - It emphasizes that any RWA tokenization activities must comply with the principle of "same business, same risk, same rules" and require approval from relevant regulatory bodies [5][6]. - The notification aims to combat illegal financial activities and protect national security and social stability by strictly regulating RWA tokenization [5][7]. Group 3: Enforcement and Compliance - The notification outlines the responsibilities of provincial governments in managing and controlling virtual currency mining activities, reinforcing the ban on such operations [8]. - It calls for strict enforcement against illegal financial activities related to virtual currencies and RWA tokenization, with legal consequences for violations [7][8]. - The notification encourages research into the technological foundations of virtual currencies, such as blockchain, while promoting controlled exploration of digital currency applications in cross-border payments [8].