八部门严防虚拟货币风险 全链条穿透式监管升级

Core Viewpoint - The regulatory authorities in China have issued a comprehensive notification to strengthen the supervision of virtual currencies and related activities, emphasizing that virtual currencies do not hold the same legal status as fiat currencies and should not circulate as money in the market [1][2]. Regulatory Measures - The notification categorizes various virtual currency-related activities as "illegal financial activities," including exchanges between fiat and virtual currencies, exchanges between virtual currencies, and token issuance financing, all of which are strictly prohibited [1][2]. - A clear prohibition has been established against the issuance of stablecoins pegged to the Renminbi without approval, addressing potential threats to monetary sovereignty [1][2]. Comprehensive Coverage - The regulatory approach features "full-chain coverage" and "penetrating supervision," prohibiting financial institutions and non-bank payment entities from providing any services related to virtual currencies, while also restricting internet companies from offering support [2]. - The notification enhances cross-border regulatory efforts, explicitly stating that foreign entities and individuals cannot illegally provide virtual currency services to domestic subjects, and domestic entities are restricted from issuing virtual currencies abroad without approval [2]. Emerging Trends - The notification proactively includes the regulation of "Real World Asset Tokenization" (RWA) businesses, requiring domestic financial institutions and intermediaries to refrain from supporting unauthorized RWA activities [3]. - A strict approval or filing regulatory mechanism has been established for domestic entities engaging in RWA activities abroad, ensuring that all related operations fall under regulatory oversight to prevent regulatory arbitrage [3]. Industry Outlook - Experts believe that the notification reflects a necessary response to the global trend of cautious and strict regulation of virtual currencies, aiming to protect financial stability and public asset security [3]. - The implementation of the notification is expected to significantly reduce the space for illegal virtual currency activities domestically and effectively control cross-border risk channels, guiding financial resources and technological innovation to support high-quality development of the real economy [3].