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。 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：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。 虚拟货币相关业务活动属于非法金融活动 中国人民银行表示，虚拟货币现阶段无法有效满足客户身份识别、反洗钱等方面的要求，存在 被用于洗钱、集资诈骗、违规跨境转移资金等非法活动的风险。《通知》明确，境内对虚拟货 币坚持禁止性政策，虚拟货币相关业务活动属于非法金融活动，一律严格禁止，坚决依法取 缔。 虚 ...

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 汇局关于进一步防范和处置虚拟货币等相关风险的通知（银发〔2026〕42号） 各省、自治区、直辖市人民政府，新疆生产建设兵团： 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。为进一步防范和处置虚拟货币、现实世界资产代币化相关风险，切实维护国家安 全和社会稳定，依据《中华人民共和国中国人民银行法》、《中华人民共和国商业银行法》、《中华人 民共和国证券法》、《中华人民共和国证券投资基金法》、《中华人民共和国期货和衍生品法》、《中 华人民共和国网络安全法》、《中华人民共和国人民币管理条例》、《防范和处置非法集资条例》、 《中华人民共和国外汇管理条例》、《中华人民共和国电信条例》等规定，经与中央网信办、最高人民 法院、最高人民检察院达成一致，并经国务院同意，现就有关事项通知如下： （一）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、泰达币等虚拟货币具有非货币当 局发行、使用加密技术及分布式账本或类似技术、以数字化形式存在等主要特点，不具有法偿性 ...

Core Viewpoint - The recent joint notice issued by the People's Bank of China and other regulatory bodies aims to further prevent and address risks associated with virtual currencies and the tokenization of real-world assets (RWA), highlighting the illegal nature of related financial activities and the need for strict regulatory measures [1][8]. Group 1: Virtual Currency Regulations - Virtual currencies do not have the same legal status as fiat currencies and should not be used as a medium of exchange in the market [2]. - Any entity or individual is prohibited from issuing stablecoins pegged to the Renminbi abroad without approval from relevant authorities [3]. - Virtual currency-related business activities are classified as illegal financial activities and are strictly prohibited, including exchanges between fiat and virtual currencies, trading of virtual currencies, and token issuance [3][4]. Group 2: RWA Tokenization Regulations - The notice defines the concept of RWA tokenization and emphasizes that conducting RWA-related activities within the country is considered illegal financial activity [5]. - Activities such as issuing tokens representing ownership or rights to real-world assets using blockchain technology are prohibited unless approved by regulatory authorities [5]. - Foreign entities are also barred from providing RWA tokenization services to domestic subjects in any form [5]. Group 3: Mining Activities - The notice mandates strict control over virtual currency mining activities, including the closure of existing mining projects and a ban on new mining operations [6]. - Companies involved in the production and sale of mining equipment are prohibited from offering services within the country [6]. Group 4: Enforcement and Monitoring - The notice emphasizes the need for enhanced inter-departmental collaboration to monitor and address illegal activities related to virtual currencies and RWA, maintaining a high-pressure stance against such activities [7][8]. - The rise in speculative activities surrounding virtual currencies and RWAs has led to increased illegal fundraising and fraud, necessitating stronger regulatory measures [8].

以太坊财库公司 ETHZilla 在出售至少 1.145 亿美元 ETH 后，近日通过新成立的航空子公司以 1220 万 美元购入两台 CFM56-7B24 喷气发动机，并将其出租给大型航空公司。该交易被视为其向现实世界资 产（RWA）代币化转型的一部分。此前 ETHZilla 已出售 ETH 用于回购股票和偿还债务，股价自去年 8 月高点下跌约 97%。公司正与合规券商 Liquidity.io 合作，计划将航空资产、汽车贷款和房屋贷款等带 来链上，并预计 2026 年第一季度推出首批代币化资产。（CoinDesk） （来源：吴说） ...

Core Viewpoint - The cryptocurrency market is undergoing structural adjustments, with a noticeable divergence among mainstream tokens. Ethereum is showing long-term potential to surpass Bitcoin due to its strong foundation in decentralized applications, despite short-term price fluctuations [1][2]. Industry Dynamics - Ethereum's competitive advantage is widening, maintaining its dominance in stablecoins, real-world asset (RWA) tokenization, and DeFi, unaffected by market volatility. Large enterprises, exemplified by Bitmine Immersion, continue to accumulate Ethereum despite a slowdown in overall spot ETF inflows [3]. - The Ethereum mainnet's expansion plan is expected to increase throughput tenfold, which is widely regarded as a key driver for achieving a future target price of $4,000 [3]. Macro and Regulatory Environment - Improvements in the macro and regulatory environment are instilling confidence in the market. The U.S. Congress is working on the CLARITY Act and related regulatory frameworks, which are expected to lower the barriers for institutional investors entering the DeFi space [4]. - The clarity in policy is seen as a "golden key" to unlocking Ethereum's value. While Bitcoin is consolidating between $9,000 and $9,300, Ethereum is steadily progressing towards its long-term growth objectives through technological iterations and ecosystem development [4]. - The narrative in the crypto market is shifting from merely being a store of value to a multifunctional application platform. Although Bitcoin's performance will continue to dominate market sentiment in the short term, Ethereum's structural advantages provide greater investment flexibility in the long run [4].

Core Viewpoint - HashKey Holdings Limited has passed the main board listing hearing, aiming to become the "first virtual asset stock in Hong Kong" with an IPO plan to raise approximately $500 million (around HKD 3.9 billion) [1] Group 1: Regulatory Compliance and Market Position - HashKey is one of the first virtual asset trading platforms (VATP) approved by the Hong Kong Securities and Futures Commission to provide services to both professional and retail investors [4] - The company holds multiple licenses covering securities trading, investment consulting, automated trading services, and asset management, establishing a comprehensive compliance framework [4] - As of September 30, 2025, HashKey supports trading of 80 digital asset tokens and is the largest onshore digital asset trading platform in Asia, with over 75% market share in Hong Kong based on 2024 trading volume [4] Group 2: Business Structure and Revenue Sources - HashKey's revenue primarily comes from three segments: trading facilitation services, on-chain services, and asset management services, with trading facilitation being the core revenue source [5] - In 2024, the revenue from trading facilitation services was HKD 721 million, and for the first half of 2025, it was HKD 284 million [5] - The concentration of clients has significantly decreased, with the top five clients' revenue contribution dropping from 79.6% in 2022 to 22.8% in the first half of 2025 [5] - As of September 30, 2025, HashKey's staked asset scale reached HKD 29 billion, and its self-developed HashKey Chain has achieved tokenization of real-world assets (RWA) valued at HKD 1.7 billion [5] - The assets under management reached HKD 7.8 billion, with the HashKey Blockchain Investment Fund's historical return rate approximately double the industry average [5] Group 3: Financial Performance and Challenges - HashKey is currently in an expansion phase, recording net losses of HKD 585 million, HKD 580 million, and HKD 1.19 billion for the years 2022 to 2024, with a net loss of HKD 507 million in the first half of 2025 [7] - The gross margin has decreased from 97.2% in 2022 to 65.0% in the first half of 2025, indicating rising operational costs due to business scale expansion [7] - As of August 31, 2025, the company held cash and cash equivalents of HKD 1.657 billion and digital assets worth HKD 592 million, with 84% being mainstream tokens, indicating a solid cash reserve [7] - The regulatory environment poses significant considerations, as the People's Bank of China has reiterated a strict stance against virtual currency trading, potentially limiting HashKey's expansion in mainland markets [7]

Market Overview - US stock market opened with collective gains, with Dow Jones up 1.08%, Nasdaq up 2.19%, and S&P 500 up 1.6% [3] - The US Labor Department reported an unexpected increase of 119,000 in non-farm employment for September, significantly above the market expectation of 50,000 [3] Company Performance - Nvidia's Q3 revenue reached $57 billion, a year-on-year increase of 62%, with Q4 revenue expected to be around $65 billion, surpassing market expectations of $62 billion [4][7] - Google's market capitalization reached $3.65 trillion, slightly exceeding Microsoft, placing it among the top three in the US stock market [4] - AMD, Intel, and TSMC stocks rose over 3%, with Broadcom increasing by over 4% and Micron Technology up by 1% [6][7] Semiconductor Industry - Nvidia's data center business revenue surpassed $50 billion for the first time in a single quarter [7] - The US Commerce Minister Wang Wentao discussed semiconductor supply chain issues with UK Trade Minister Peter Kyle, emphasizing the need for responsible actions to stabilize the global semiconductor supply chain [7] AI Developments - Reports indicate that President Trump plans to sign an executive order to launch the "Genesis Plan" aimed at enhancing AI development in the US [8]

Core Insights - The crypto industry is maturing, with 2025 marking a significant transition as it goes mainstream, moving beyond speculative narratives to become an integral part of the modern economy [2][4][5] Market Overview - The total market capitalization of crypto is projected to exceed $4 trillion in 2025, with the number of crypto wallet users reaching a historic high, increasing by 20% year-over-year [5] - Approximately 40 to 70 million active crypto users have engaged in transactions over the past year, representing a small fraction of the total 716 million crypto holders globally [9] - The transaction volume of stablecoins reached $46 trillion in the past year, indicating a significant rise in their adoption and use [31] Institutional Adoption - Major financial institutions, including Visa, BlackRock, and JPMorgan, are actively launching or planning to offer crypto products, signaling a shift towards mainstream acceptance [6][24] - The speed of institutional adoption is accelerating, with traditional firms now providing crypto services akin to trading stocks and ETFs [24][30] - The introduction of regulatory frameworks, such as the GENIUS Act, has fostered a more supportive environment for crypto innovation [44] Stablecoins - Stablecoins have transitioned from speculative tools to mainstream financial instruments, facilitating rapid and cost-effective dollar transfers globally [31] - The total supply of stablecoins has surpassed $300 billion, with USDT and USDC dominating the market [36] - Stablecoins are becoming a significant macroeconomic force, with over 1% of US dollars now existing in tokenized forms on public blockchains [39] Regulatory Environment - The regulatory landscape in the US has shifted from hostility to support, with new legislation providing clarity and encouraging innovation in the crypto space [44][47] - The establishment of a comprehensive regulatory framework is expected to enhance the legitimacy and growth of the crypto industry [44] Blockchain Infrastructure - The throughput of major blockchain networks has increased significantly, with current capabilities matching those of traditional financial systems [62] - Solana has emerged as a high-performance blockchain, while Ethereum continues to expand its Layer 2 solutions, enhancing transaction efficiency [65][68] Intersection with AI - The rise of AI technologies presents new opportunities for the crypto sector, with blockchain potentially addressing challenges related to intellectual property and decentralized identity verification [82][85] - The integration of AI and crypto is expected to create new economic models and enhance the functionality of decentralized applications [82][87]

Market Performance - US stock markets opened higher, with the Nasdaq increasing by 1%, the Dow Jones up by 0.56%, and the S&P 500 rising by 0.73% [1] - Chinese concept stocks also saw a collective rise, with the Nasdaq China Golden Dragon Index up over 0.5%, and individual stocks like Youdao rising nearly 8% and Zeekr increasing by almost 4% [2] Gold and Bitcoin Surge - Spot gold experienced a sudden surge, breaking the $4,300 mark and reaching a high of approximately $4,334, after previously dipping to around $4,220 [4] - COMEX gold rose over 2.7%, peaking at about $4,344 [4] - Bitcoin also saw a strong increase, rising by 1.8%, with over 100,000 liquidations in the cryptocurrency market within the last 24 hours [6] Economic Factors Influencing Market Movements - The upcoming Federal Reserve meeting on October 28-29 is anticipated to result in a 25 basis point cut in the benchmark interest rate to a range of 3.75%-4.00% [8] - The US government is currently in a "shutdown" state, causing delays in the release of several economic data points, which has increased market uncertainty. The Consumer Price Index (CPI) for September is expected to show a year-on-year increase of 3.1%, raising concerns among some decision-makers about the potential inflationary effects of further rate cuts [8] - On October 21, the Federal Reserve will hold a payment innovation conference to discuss stablecoins, artificial intelligence, and tokenization, which is seen as a significant development for real-world asset tokenization [9] - Federal Reserve Governor Waller emphasized that innovation in the payment sector is crucial for meeting the evolving needs of consumers and businesses, and the conference is expected to provide important policy signals for the future of the payment system [9]

Market Overview - The cryptocurrency market is experiencing a significant rally, with Bitcoin rising by 1.58% to $108,695.5 [1] - Ethereum has increased by 2.79%, while Dogecoin has risen by 3.36% [2] Cryptocurrency Performance - Ethereum's market cap is $44.88 billion, reflecting a 6.1% increase [3] - Dogecoin's market cap stands at $1.83 billion, with a notable 9.2% rise [3] - SUI and ENA coins have shown strong performance, increasing by 4.15% and 5.25% respectively [2][3] Liquidation Data - Over the past 24 hours, more than 100,000 traders have been liquidated, totaling $268 million in liquidations [4] - The largest single liquidation occurred on Hyperliquid-BTC, valued at $11.86 million [4] Federal Reserve Developments - The Federal Reserve is set to hold a payment innovation conference on October 21, focusing on stablecoins, AI, and tokenization of real-world assets [6] - Market expectations indicate a 99% probability of a 25 basis point rate cut by the Federal Reserve in October [7]