央行等八部门《关于进一步防范和处置虚拟货币等相关风险的通知》全文

Core Viewpoint - The People's Bank of China and seven other departments issued a notification to further prevent and address risks associated with virtual currencies and related activities, emphasizing the need for stricter regulations and enforcement to maintain national security and social stability [2][3]. Background of the Notification - The notification was prompted by the resurgence of speculative activities related to virtual currencies and tokenization of real-world assets, which disrupt economic and financial order and threaten public property safety. Previous efforts in 2021 to curb such activities had shown significant results, but new challenges have emerged [3]. Definition of Virtual Currencies and Tokenization - Virtual currencies, including Bitcoin and stablecoins, are reaffirmed as not having the same legal status as fiat currencies and are deemed illegal financial activities within China. The notification reiterates the prohibition of any related business activities [4][10]. - Real-world asset tokenization involves converting ownership and income rights into tokens using encryption and distributed ledger technology. Such activities are also prohibited unless specifically authorized by regulatory bodies [5][11]. Regulatory Requirements for Virtual Currencies - The notification outlines that virtual currencies cannot meet customer identification and anti-money laundering requirements, posing risks for illegal activities. All related business activities are strictly prohibited [6]. - It emphasizes that stablecoins linked to fiat currencies cannot be issued abroad without regulatory approval, as they may undermine monetary sovereignty [6][10]. Requirements for Domestic Entities Engaging in Overseas Activities - Domestic entities must adhere to strict regulations when engaging in overseas tokenization activities, ensuring compliance with local laws and regulations. Any unauthorized activities are prohibited [7][17]. - Financial institutions must manage their overseas subsidiaries in compliance with domestic regulations, ensuring proper risk management and customer due diligence [18]. Specific Measures Proposed in the Notification - A collaborative framework between central and local authorities is established to enhance risk prevention and management related to virtual currencies and asset tokenization [8][19]. - The notification calls for improved risk monitoring and management, including cross-departmental data sharing and local government involvement in identifying and addressing risks [13][19]. - Continuous efforts to regulate virtual currency mining activities and combat illegal financial activities are emphasized, with local governments held accountable for enforcement [15][20]. Legal Responsibilities - Violations of the notification's provisions will result in penalties, and criminal liability may be pursued for serious offenses. Any financial activities involving virtual currencies that contravene public order will be deemed invalid, with associated losses borne by the investors [20].