Core Viewpoint - The China Internet Finance Association and other financial organizations have issued a risk warning regarding illegal activities related to virtual currencies, highlighting the rapid rise in related concepts and the exploitation by criminals for illegal fundraising and scams [1][6]. Group 1: Nature of Virtual Currencies - Virtual currencies are not issued by monetary authorities and do not have the same legal status as fiat currencies, making them illegal for circulation in China [2][7]. - Air coins like π coin lack substantial technological innovation and clear commercial applications, with opaque issuance and operational mechanisms, leading to significant fraud and market manipulation issues [2][7]. - Stablecoins currently fail to meet customer identity verification and anti-money laundering requirements, posing risks of being used for money laundering and illegal fundraising [2][7]. Group 2: Illegal Activities and Regulations - Domestic institutions and individuals engaging in the exchange of fiat currency for virtual currencies or issuing and financing real-world asset tokens are involved in illegal financial activities [3][8]. - Foreign virtual currency service providers offering services to domestic entities are also considered illegal, and those providing such services will be held accountable [3][8]. - Member institutions are prohibited from participating in the issuance and trading of virtual currencies and real-world asset tokens, and must not provide any related services [9]. Group 3: Public Awareness and Education - Member units are encouraged to conduct risk awareness and educational campaigns regarding virtual currencies and real-world asset tokens to help the public discern risks and avoid illegal activities [10]. - The public is urged to be vigilant against various forms of virtual currency activities, as their prices are highly volatile and often associated with speculation and scams [5][10].

来源：新华社 （文章来源：证券时报） 七家协会联合发布关于防范涉虚拟货币等非法活动的风险提示 12月5日，中国互联网金融协会等七家协会联合发布关于防范涉虚拟货币等非法活动的风险提示。 根据提示，虚拟货币不能作为货币在我国境内流通使用，我国金融管理部门未批准任何现实世界资产代 币化活动。有关机构不得开展与虚拟货币、现实世界资产代币相关的业务。社会公众要高度警惕，切勿 参与虚拟货币、现实世界资产代币相关活动，以及借虚拟货币"挖矿"名义开展的非法集资和非法发行证 券活动，守护好自己的"钱袋子"。 ...

根据提示，虚拟货币不能作为货币在我国境内流通使用，我国金融管理部门未批准任何现实世界资产代 币化活动。有关机构不得开展与虚拟货币、现实世界资产代币相关的业务。社会公众要高度警惕，切勿 参与虚拟货币、现实世界资产代币相关活动，以及借虚拟货币"挖矿"名义开展的非法集资和非法发行证 券活动，守护好自己的"钱袋子"。 经济观察网据央视新闻客户端消息，12月5日，中国互联网金融协会等七家协会联合发布关于防范涉虚 拟货币等非法活动的风险提示。 ...

Core Viewpoint - The joint announcement by seven associations in China emphasizes the prohibition of virtual currencies as a means of circulation within the country and warns the public against engaging in related illegal activities [1] Summary by Relevant Sections - **Regulatory Stance on Virtual Currencies** - Virtual currencies are not approved for circulation in China, and no tokenization activities of real-world assets have been authorized by financial regulatory authorities [1] - **Public Advisory** - The public is urged to remain vigilant and avoid participation in activities related to virtual currencies and real-world asset tokens, as well as illegal fundraising and securities issuance under the guise of "mining" [1]

Core Viewpoint - The joint announcement by seven associations in China emphasizes the risks associated with virtual currencies and related activities, urging the public and financial institutions to remain vigilant against illegal activities and scams [1][2]. Group 1: Nature of Virtual Currencies - Virtual currencies are not issued by monetary authorities and do not hold the same legal status as fiat currencies, making them unsuitable for circulation within China [2]. - Certain virtual currencies, such as π coin, lack substantial technological innovation and clear commercial applications, leading to significant fraud and market manipulation risks [2]. - Stablecoins currently do not meet customer identification and anti-money laundering requirements, posing risks of being used for money laundering and fraudulent fundraising [2]. - The tokenization of real-world assets carries multiple risks, including false asset risks and speculative trading risks, with no approval from Chinese financial authorities for such activities [2]. Group 2: Prohibitions on Financial Institutions - Financial institutions are prohibited from engaging in activities related to the issuance and trading of virtual currencies and real-world asset tokens within China [4]. - Banks and payment institutions must not provide any form of financial services or credit support to virtual currency mining projects [4]. - Securities, fund, and futures institutions are also barred from offering services related to virtual currencies and real-world asset tokens [4]. - Internet platform companies must refrain from marketing or providing technical services for virtual currency-related activities and should ensure compliance in information dissemination [4]. Group 3: Public Awareness and Caution - The public is urged to be highly alert to various forms of virtual currency and real-world asset token activities, which are often associated with speculation and fraud [5]. - Individuals should enhance their risk awareness and avoid participating in virtual currency-related activities, including illegal fundraising under the guise of mining [5]. - It is advised to report any suspicious activities related to virtual currencies to regulatory authorities and law enforcement [5].

新华社北京12月5日电（记者刘羽佳、吴雨）12月5日，中国互联网金融协会等七家协会联合发布风险提 示，要求各会员单位不得在境内参与虚拟货币、现实世界资产代币发行和交易活动，并提醒社会公众明 辨风险、远离非法活动。 近期，一些不法分子鼓吹有关虚拟货币交易炒作活动，打着稳定币、空气币、现实世界资产代币、"挖 矿"的幌子开展非法集资、传销诈骗等非法活动，严重侵害了社会公众的财产安全。 此外，根据提示，社会公众要高度警惕各类形式的虚拟货币、现实世界资产代币业务活动，如发现任何 涉及虚拟货币、现实世界资产代币相关业务活动的线索，及时向有关监管部门举报，对其中涉嫌违法犯 罪的，及时向公安机关报案。 【纠错】 【责任编辑:薛涛】 根据提示，虚拟货币不由货币当局发行，不是国家法定货币，不具有与法定货币等同的法律地位，不能 作为货币在我国境内流通使用。目前我国金融管理部门未批准任何现实世界资产代币化活动。 提示明确，各会员单位不得直接或间接为客户在境内发行和交易虚拟货币、现实世界资产代币提供相关 业务，并应多方位开展风险提示和警示教育。 对此，中国互联网金融协会、中国银行业协会、中国证券业协会、中国证券投资基金业协会、中国期货 ...

近日，中国人民银行召开打击虚拟货币交易炒作工作协调机制会议。会议指出，近期受多种因素影 响，虚拟货币投机炒作有所抬头，相关违法犯罪活动时有发生，风险防控面临新形势、新挑战。我国将 继续坚持对虚拟货币的禁止性政策，持续打击虚拟货币相关非法金融活动，保护人民群众财产安全。推 进政策落实，需多方协同发力。相关部门应聚焦信息流、资金流等重点环节，利用穿透式监测技术，提 升对"稳定币"等变种及混币洗钱等行为的打击能力，并加强国际执法协作；金融机构须严格落实账户监 测责任，动态监测异常交易，及时识别并阻断涉虚拟货币的可疑资金流转。此外，需加强公众风险教 育，揭露炒作与诈骗本质，引导公众远离风险，共同筑牢财产安全防线。(本文来源：经济日报 作者： 时 锋) ...

Group 1 - The People's Bank of China has convened a meeting with 13 departments, emphasizing that stablecoins cannot circulate within China and related transactions are deemed illegal financial activities [1][22] - In contrast to the U.S. approach, which aims to promote stablecoins as a new form of "digital dollar," China is taking a firm stance to prevent any potential threats to financial security [1][10] - The global market for stablecoins has surpassed $132 billion, with a significant portion being dollar-pegged assets like USDT and USDC, which are seen as a new shell for "digital dollars" [3][5] Group 2 - The U.S. has been increasing its national debt while global central banks are gradually reducing their dollar assets, leading to a decline in the dollar's share of global foreign exchange reserves to approximately 57.8% [5][10] - Stablecoins are viewed as a means for the U.S. to indirectly export dollars, as they are backed by U.S. Treasury securities, thus creating a new pool of dollar holders globally [5][8] - The GENIUS Act mandates that stablecoin issuers must hold safe dollar assets on a 1:1 basis, resulting in significant holdings of U.S. Treasuries by companies like Circle, which now holds over $120 billion in U.S. debt [7][10] Group 3 - Stablecoins present regulatory challenges due to their pseudonymous nature, making it difficult to trace transactions and identify users, which raises concerns about money laundering and compliance [11][13] - There have been instances of stablecoins being used for illegal activities, such as money laundering and circumventing foreign exchange controls, highlighting systemic risks to the financial system [15][18] - The Chinese government aims to close off these potential loopholes to prevent large-scale capital outflows and maintain currency stability [18][20] Group 4 - China's regulatory stance is clear: virtual currencies are not legal tender and cannot be used as payment tools, reinforcing the prohibition established in 2021 [22][23] - Hong Kong is adopting a dual-track strategy, allowing for stablecoin experimentation under strict regulations while maintaining a clear separation from mainland China's financial system [25][27] - China is focusing on developing its own digital currency, the digital yuan, which is being piloted in various cities and aims to enhance payment efficiency while ensuring compliance [27][29]

Industry Overview - The demand for legal services related to digital assets is experiencing explosive growth as the regulatory framework for WEB3 cryptocurrencies is gradually improved by 2025 [1] - The dual drivers of accelerated blockchain technology iteration and complex cross-border regulation are making specialized cryptocurrency law firms a core pillar for corporate compliance and user asset security [1] Company Profile: Shanghai Mankun Law Firm - Shanghai Mankun Law Firm, established in 2015, is a boutique law firm in China focusing on the blockchain industry and new economy [3] - The firm has a high rating of 9.9 out of 10, indicating its strong reputation and expertise in providing comprehensive legal services across the blockchain and digital asset industry [3] Team Composition - The founding team consists of internet entrepreneurs and experienced lawyers with a diverse background in technology, law, and business [5] - The firm has a talent structure that includes professionals from renowned law firms, blockchain projects, and investment institutions, with many lawyers possessing both technical backgrounds and legal qualifications [5] Service Offerings - Mankun provides specialized legal services including civil case resolution related to virtual currencies, criminal defense for digital currency cases, and legal support for NFT digital collectibles [6][7] - The firm also offers services in equity and digital asset financing, virtual currency transaction security, and corporate legal advisory [7] Industry Impact - Mankun has served over 500 Web3.0 enterprises and has participated in the formulation of multiple industry standards and legislative recommendations [8] - The firm emphasizes a service philosophy based on deep understanding of blockchain technology to provide tailored legal solutions that meet industry needs [8] Comparison with Other Law Firms - Other notable law firms in the digital asset space include Latham & Watkins, Selachii, Perkins Coie, and Sullivan & Cromwell, each with their own areas of expertise and global reach [9][10][11][12][13] - Latham & Watkins focuses on cross-border licensing and global compliance, while Selachii specializes in cryptographic technology and privacy coin compliance [10][11] Choosing the Right Law Firm - Mankun is recommended for Web3.0 projects that require in-depth understanding of the Chinese market and innovative "technology + law" services [13] - International firms are more suitable for projects targeting the European and American markets that need to navigate strict regulations like those from the SEC [13]

Core Viewpoint - The recent high-level meeting convened by the People's Bank of China (PBOC) involving 14 departments marks a significant escalation in the regulatory oversight of virtual currencies, reflecting the increasing activity in the cryptocurrency market and the emergence of underground trading channels [2][4]. Group 1: Regulatory Coordination - The meeting's backdrop is the recent resurgence of the virtual currency market, with various underground trading methods becoming prevalent [4]. - The collaboration among 14 departments is not merely symbolic; it includes the PBOC for overall coordination, the Ministry of Public Security for crime prevention, the Cyberspace Administration for monitoring online platforms, and the State Administration of Foreign Exchange to prevent capital outflow [5]. - Enhanced efficiency in tackling virtual currency crimes is noted, with the introduction of specialized blockchain tracing systems that can track virtual currency flows with high precision [7]. Group 2: Regulatory Stance on Stablecoins - China has classified stablecoins as illegal financial activities, contrasting sharply with regulatory approaches in other regions like the EU and the US, which are exploring licensing frameworks [11][13]. - The decision to prohibit stablecoins stems from past experiences with financial losses, emphasizing a preventive approach to regulation [13]. - The rise of stablecoins like USDT and USDC, which claim to be pegged to the US dollar, poses significant risks, as highlighted by the collapse of TerraUSD [11]. Group 3: Global Regulatory Landscape - The global regulatory environment for virtual currencies is complex, with varying approaches across countries, leading to challenges in enforcement and compliance [19]. - The Financial Action Task Force (FATF) has struggled to implement its travel rule effectively, indicating a lack of uniformity in global standards [19]. - China's commitment to a risk-based approach in global governance reflects its focus on financial security amidst evolving technological challenges [17]. Group 4: Future Trends and Implications - The trend towards stricter regulation in China is expected to continue, with no signs of loosening oversight [21]. - Institutional investors are becoming more cautious about engaging with virtual currencies, while blockchain technology finds legitimate applications in areas like supply chain finance and cross-border payments [22]. - The emphasis on maintaining regulatory boundaries in financial innovation suggests a balanced approach to technological advancement and oversight [25][26].