Core Viewpoint - The recent notice issued by the People's Bank of China and eight other departments emphasizes that virtual currency and the tokenization of real-world assets (RWA) are illegal financial activities, aiming to prevent risks and maintain social stability [1][2][8]. Group 1: Virtual Currency Regulations - Virtual currencies do not have the same legal status as fiat currencies and should not be circulated as money in the market [1][2]. - The notice prohibits any domestic entity or individual from issuing stablecoins linked to the RMB without approval from relevant authorities [1][8]. - Financial institutions are barred from providing services related to virtual currencies, including account opening, fund transfers, and the issuance of related financial products [5][8]. Group 2: RWA Tokenization Regulations - The notice defines RWA tokenization as the conversion of ownership and income rights of assets into tokens using encryption and distributed ledger technology [4]. - Engaging in RWA tokenization activities within the country is considered illegal financial activity, including providing intermediary and technical services [4][5]. - Any foreign entity or individual is prohibited from providing RWA tokenization services to domestic subjects [4][5]. Group 3: Enforcement and Compliance - The notice emphasizes a high-pressure regulatory stance against illegal activities related to virtual currencies and RWA, with a focus on cross-departmental collaboration [5][9]. - Market supervision departments are tasked with managing the registration of business entities, ensuring that names and business scopes do not include terms related to virtual currencies or RWA [6]. - Violations of the notice will result in penalties, and criminal liability may be pursued for serious offenses [9].

Core Viewpoint - The recent joint notification by the People's Bank of China and other regulatory bodies emphasizes the prohibition of virtual currency activities and the tokenization of real-world assets (RWA) within China, aiming to mitigate risks associated with these activities [1][2][3]. Regulatory Framework - The notification categorizes virtual currency-related business activities as illegal financial activities within China, reiterating a long-standing policy stance against such practices [2]. - It outlines specific requirements for risk monitoring, intermediary institution regulation, internet content management, and the prohibition of virtual currency mining [1][4]. Virtual Currency and RWA Tokenization - The notification prohibits domestic entities from issuing virtual currencies abroad without regulatory approval, highlighting concerns over monetary sovereignty, especially regarding stablecoins pegged to the Chinese yuan [3]. - It bans the tokenization of real-world assets and related services, classifying them as illegal financial activities unless conducted under specific financial infrastructure with regulatory consent [4]. Enforcement and Public Awareness - The notification calls for enhanced inter-departmental collaboration and strict regulation of financial, intermediary, and information technology service institutions involved in virtual currency and RWA activities [5]. - It emphasizes the need for public education to improve awareness and risk identification capabilities among the populace regarding illegal activities associated with virtual currencies and RWA [5].

Core Viewpoint - The People's Bank of China and other regulatory bodies have issued a notice to further prevent and address risks associated with virtual currencies and Real World Assets (RWA), emphasizing the illegal nature of virtual currency activities within the country [1][2]. Regulatory Stance - The notice reiterates a long-standing prohibitive policy stance against virtual currency activities, stating that virtual currencies do not hold the same legal status as fiat currencies and that any related activities within the country are illegal [1][2]. - It is specified that no domestic or foreign entities are allowed to provide virtual currency-related services to domestic subjects without proper authorization [2][3]. Stablecoins Regulation - The notice clarifies that stablecoins pegged to fiat currencies are effectively performing some functions of legal tender, and any issuance of stablecoins linked to the Renminbi outside of China requires approval from relevant authorities [2]. - It highlights the cross-border risk transmission associated with virtual currencies, necessitating strict regulations on the issuance of virtual currencies by domestic entities abroad [2][3]. RWA Tokenization - The concept of RWA tokenization is defined as the conversion of ownership and income rights of assets into tokens using encryption and distributed ledger technology [2]. - Activities related to RWA tokenization within the country are prohibited unless authorized by regulatory bodies, as they may involve illegal fundraising or securities issuance [2][3]. Cross-Border Business Regulations - Strict regulations are imposed on domestic entities engaging in RWA tokenization activities abroad, with oversight from various regulatory bodies to ensure compliance with existing laws [3][4]. - Any unauthorized business activities related to RWA tokenization are prohibited, and entities must seek approval before proceeding [3][4]. Financial Institutions Management - Financial institutions and intermediaries are required to manage their overseas operations in compliance with domestic regulations, including customer due diligence and anti-money laundering measures [4][5]. - Financial institutions are prohibited from providing services related to unauthorized RWA tokenization activities and must report any illegal activities to the relevant authorities [5][6]. Virtual Currency Mining Regulation - The notice emphasizes the ongoing crackdown on virtual currency mining activities, with local governments held accountable for identifying and shutting down existing mining projects [6]. - New mining projects are strictly prohibited, and companies involved in the production of mining equipment are not allowed to offer sales or services within the country [6].

《通知》明确，RWA代币化是指利用分布式账本等技术，将资产的所有权、收益权转化为代币进行发 行交易。文件表示，在境内开展此类活动及相关中介、技术服务，涉嫌非法公开发行证券、非法集资等 违法活动，原则上予以禁止。 其中提到，强化属地落实。各省级人民政府统筹负责本行政区域内虚拟货币、现实世界资产代币化相关 风险防范和处置工作，具体由地方金融管理部门牵头，国务院金融管理部门分支机构、派出机构以及电 信主管、公安、市场监管等部门参加，与网信部门、人民法院、人民检察院联动配合，健全常态化工作 机制，并与中央部门相关工作机制有效衔接，形成央地协同、条块结合的工作格局，积极预防、妥善处 理虚拟货币、现实世界资产代币化相关风险问题，维护经济金融秩序和社会稳定。 对于风险监测强化方面，中国人民银行、中国证监会、国家发展改革委、工业和信息化部、公安部、国 家外汇局和网信等部门将持续完善监测技术手段和系统支撑，加强跨部门数据综合研判和共享，建立健 全信息共享和交叉验证机制，及时掌握虚拟货币、现实世界资产代币化相关活动风险态势。各省级人民 政府充分发挥地方监测预警机制作用，地方金融管理部门会同国务院金融管理部门分支机构、派出机构 以 ...

21世纪经济报道记者 唐婧 2月6日，中国人民银行、中国证监会等八部门联合发布《关于进一步防范和处置虚拟货币等相关风险的 通知》，其中明确了现实世界资产（RWA）代币化的概念、内涵，并强调在境内开展RWA业务以及提 供有关中介、信息技术服务等，均涉嫌非法金融活动。 一是严格监管赴境外开展相关业务活动。按照"相同业务、相同风险、相同规则"的监管原则，境内主体 直接或间接赴境外开展外债形式的现实世界资产代币化业务，或者以境内资产所有权、收益权等（以下 统称境内权益）为基础在境外开展类资产证券化、具有股权性质的现实世界资产代币化业务，由国家发 展改革委、中国证监会、国家外汇局等相关部门按照职责分工，依法依规进行严格监管。对于境内主体 以境内权益为基础在境外开展的其他形式的现实世界资产代币化业务，由中国证监会会同相关部门按职 责分工监管。未经相关部门同意、备案等，任何单位和个人不得开展上述业务。 二是加强对金融、中介、信息技术服务机构的管理。境内金融机构的境外子公司及分支机构在境外提供 现实世界资产代币化相关服务的，应纳入境内金融机构的合规风控管理体系，并严格落实客户准入、适 当性管理、反洗钱等方面要求。此外，为境内 ...

Core Viewpoint - The recent notice issued by the People's Bank of China and eight other departments emphasizes that virtual currency and tokenization of real-world assets (RWA) are illegal financial activities, aiming to prevent risks and maintain national security and social stability [1][2][7]. Group 1: Virtual Currency Regulations - Virtual currencies do not have the same legal status as fiat currencies and cannot be used for circulation in the market [1][2]. - The notice prohibits any domestic entity or individual from issuing stablecoins pegged to the Renminbi abroad without approval from relevant authorities [1][7]. - Financial institutions are barred from providing services related to virtual currencies, including account opening, fund transfers, and issuing financial products linked to virtual currencies [5][6]. Group 2: RWA Tokenization Regulations - The notice defines RWA tokenization and states that conducting RWA-related activities domestically is considered illegal financial activity [4]. - Any intermediary or technical service related to RWA tokenization without approval is also deemed illegal [6]. - Entities are prohibited from providing services related to RWA tokenization unless authorized by relevant regulatory bodies [4][6]. Group 3: Enforcement and Compliance Measures - The notice highlights the need for cross-departmental collaboration to strengthen monitoring and enforcement against illegal activities related to virtual currencies and RWAs [5][8]. - There will be strict management of financial, intermediary, and technical service providers to prevent them from engaging in unauthorized activities [5][6]. - The notice establishes a framework for accountability, stating that individuals or entities assisting in illegal activities will face legal consequences [8].

央行等八部门印发通知进一步防范和处置虚拟货币交易炒作风险 2月6日晚间，中国人民银行等八部门发布关于进一步防范和处置虚拟货币等相关风险的通知。 | | | 中国人民纪行 | | | 条法司 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | THE PEOPLE'S BANK OF CHINA | | | Legal Affairs Department | | | | | | | 信息公开 | 新闻发布 | 法律法规 | 货币政策 | 宏观审慎 | 信贷政策 | 金融市场 | 金融稳定 | 调查统计 | 银行会计 | 支付体系 | | | 金融科技 | 人民币 | 经理国库 | 国际交往 | 人员招录 | 学术交流 | 征信管理 | 反洗钱 | 覚建工作 | | | 服务互动 | 政务公开 | 政策解读 | 公告信息 | 图文直播 | 央行研究 | 音频视频 | 市场动态 | 网上展厅 | 报告下载 | 报刊年鉴 | | | 网送文告 | 办事大厅 | 在线申报 | 下载中心 | 网上调查 ...

近期，虚拟货币、现实世界资产（RWA）代币化相关投机炒作活动时有发生，扰乱经济金融秩序，危 害人民群众财产安全。 由于虚拟货币依托区块链的技术，支持点对点交易，突破物理上的"国境"概念，相关风险极易跨境传 导。《通知》首次明确，未经相关部门依法依规同意，境内主体及其控制的境外主体不得在境外发行虚 拟货币。 在境内开展RWA业务涉嫌非法金融活动 此次，《通知》还明确了现实世界资产（RWA）代币化的概念、内涵，并强调在境内开展RWA业务以 及提供有关中介、信息技术服务等，均涉嫌非法金融活动。 今天，中国人民银行、中国证监会等八部门联合发布《关于进一步防范和处置虚拟货币等相关风险的通 知》，通知有哪些重点内容？与2021年央行等十部门联合发布的《关于进一步防范和处置虚拟货币交易 炒作风险的通知》，也就是237号文相比，此次《通知》有哪些修订以及首次提出的明确规定？一文解 读。 境内外任何单位和个人不得在境外发行挂钩人民币的稳定币 《通知》提到，虚拟货币不具有与法定货币等同的法律地位。比特币、以太币、泰达币等虚拟货币都不 具有法偿性，不应且不能作为货币在市场上流通使用。 对于近期较热的稳定币，《通知》也首次做了规定： ...

新华社北京2月6日电（记者吴雨、刘慧）记者2月6日从中国人民银行、中国证监会了解到，中国人民银 行等8部门当日联合发文，明确虚拟货币相关业务活动属于非法金融活动，境内一律严格禁止。未经相 关部门依法依规同意，境内外任何单位和个人不得在境外发行挂钩人民币的稳定币，境内主体及其控制 的境外主体不得在境外发行虚拟货币。 通知强调，企业、个体工商户注册名称和经营范围中不得含有"虚拟货币""虚拟资产""加密货币""加密 资产""稳定币""现实世界资产代币化""RWA"等字样或内容。 近期，虚拟货币、现实世界资产（RWA）代币化相关投机炒作活动时有发生，扰乱经济金融秩序，危 害人民群众财产安全。 通知提出，持续整治虚拟货币"挖矿"活动。依法严厉打击虚拟货币、现实世界资产代币化相关诈骗、洗 钱、非法经营、传销、非法集资等违法犯罪活动，以及以虚拟货币、现实世界资产代币化等为噱头开展 的相关违法犯罪活动。 为此，中国人民银行、国家发展改革委、工业和信息化部、公安部、市场监管总局、金融监管总局、中 国证监会、国家外汇局等8部门联合发布《关于进一步防范和处置虚拟货币等相关风险的通知》。 通知明确，虚拟货币不具有法偿性，不应且不能作 ...

围绕虚拟货币，监管再出新规。 2月6日，中国人民银行、国家发展改革委、工业和信息化部、公安部、市场监管总局、金融监管总局、 中国证监会、国家外汇局联合印发《关于进一步防范和处置虚拟货币等相关风险的通知》(以下简称 《通知》)。 该《通知》是对2021年十部门联合发布的《关于进一步防范和处置虚拟货币交易炒作风险的通知》(以 下简称"237号文")的进一步延续和完善。本次《通知》再次强调，虚拟货币不具有与法定货币等同的法 律地位，虚拟货币相关业务活动属于非法金融活动。 "近期，虚拟货币、现实世界资产(RWA)代币化相关投机炒作活动时有发生，扰乱经济金融秩序，危害 人民群众财产安全。"业内人士表示，本次新规正是为了进一步完善监管政策，进一步防范和处置虚拟 货币、RWA代币化相关风险，切实维护国家安全和社会稳定。 《金融时报》记者对主要内容梳理如下： 《通知》总体延续237号文的框架内容，共分为六个部分、十九条。 一是明确虚拟货币、RWA和相关业务活动的本质属性。 三是明确风险监测、防范与处置相关要求，包括风险监测、中介机构监管、互联网信息内容管理、经营 主体登记和广告管理、整治虚拟货币"挖矿"、打击相关违法犯罪活动 ...