严格禁止境内虚拟货币兑换交易等业务

Core Viewpoint - The People's Bank of China and seven other departments have jointly issued a notification to further prevent and address risks related to virtual currencies and related activities, responding to the resurgence of speculative activities in the virtual currency market and the need for enhanced regulatory measures [1][2]. Group 1: Background and Context - The notification was prompted by the resurgence of speculative activities in virtual currencies, which had previously disrupted the financial order and endangered public property safety [2]. - The notification aims to refine the regulatory policy framework to address new challenges in risk prevention and ensure national security and social stability [2]. Group 2: Definitions and Regulations - The notification reiterates that virtual currencies do not have legal currency status in China, and activities such as virtual currency exchange, trading, and token issuance are illegal [3][4]. - It introduces a definition for "real-world asset tokenization," which involves converting asset ownership and rights into tokens using encryption and distributed ledger technology [4]. Group 3: Regulatory Measures - Three key regulatory measures are outlined: 1. Maintaining a strict prohibition on virtual currency activities within China [5]. 2. Closing cross-border regulatory loopholes to prevent illegal issuance of virtual currencies abroad [5]. 3. Safeguarding monetary sovereignty by prohibiting the issuance of stablecoins linked to the Chinese yuan without approval [5]. Group 4: Compliance and Oversight - The notification emphasizes strict regulation of overseas operations related to real-world asset tokenization, requiring approval from relevant authorities for such activities [6][7]. - It mandates that financial institutions' overseas subsidiaries adhere to compliance and risk management standards set by their domestic parent companies [7]. Group 5: Implementation and Coordination - To ensure effective policy implementation, a collaborative framework between central and local authorities is proposed, with local governments responsible for coordinating related efforts [8]. - The notification calls for a multi-faceted approach to risk prevention, including monitoring, governance of funds and information flows, and public education to enhance awareness of investment risks [8].