新华社权威快报|8部门联合发文进一步防范和处置虚拟货币等相关风险 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。 根据8部门发布的《关于进一步防范和处置虚拟货币等相关风险的通知》，在境内开展现实世界资产代币化活动，以及提供有关中介信息、信 息技术服务等，应予以禁止；境外单位和个人不得以任何形式非法向境内主体提供现实世界资产代币化相关服务。未经相关部门同意、备案 等，任何单位和个人不得赴境外开展现实世界资产代币化业务。 （新华社） ...

智通财经APP获悉，2月6日，央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。通 知指出，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，不 应且不能作为货币在市场上流通使用。虚拟货币相关业务活动属于非法金融活动。在境内开展法定货币 与虚拟货币兑换业务、虚拟货币之间的兑换业务、作为中央对手方买卖虚拟货币、为虚拟货币交易提供 信息中介和定价服务、代币发行融资以及虚拟货币相关金融产品交易等虚拟货币相关业务活动，涉嫌非 法发售代币票券、擅自公开发行证券、非法经营证券期货业务、非法集资等非法金融活动，一律严格禁 止，坚决依法取缔。 境外单位和个人不得以任何形式非法向境内主体提供虚拟货币相关服务。挂钩法定货币的稳定币在流通 使用中变相履行了法定货币的部分功能。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。 通知指出，持续整治虚拟货币"挖矿"活动。国家发展改革委会同相关部门严格管控虚拟货币"挖矿"活 动，持续推进虚拟货币"挖矿"活动整治工作。各省级人 ...

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、明确虚拟货币、现实世界资产代币化和相关业务活动本质属性 （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 ...

在境内开展现实世界资产代币化活动，以及提供有关中介、信息技术服务等，涉嫌非法发售代币票券、擅自公开发行证券、非法经营证券期货业 务、非法集资等非法金融活动，应予以禁止；经业务主管部门依法依规同意，依托特定金融基础设施开展的相关业务活动除外。境外单位和个人不 得以任何形式非法向境内主体提供现实世界资产代币化相关服务。 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 ...

央行等八部门发布进一步防范和处置虚拟货币等相关风险的通知。其中指出，加强互联网信息内容和接 入管理。互联网企业不得为虚拟货币、现实世界资产代币化相关业务活动提供网络经营场所、商业展 示、营销宣传、付费导流等服务，发现违法违规问题线索应及时向相关部门报告，并为相关调查、侦查 工作提供技术支持和协助。网信、电信主管和公安部门根据金融管理部门移送的问题线索，及时依法关 闭和处置开展虚拟货币、现实世界资产代币化相关业务活动的网站、移动应用程序（含小程序）以及公 众账号等。 (本文来自第一财经) ...

新华社权威快报 8部门联合发文 讲 步防范和处置 虚拟货币等相关风险 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 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 新华社国内部出品 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。 根据8部门发布的《关于进一步防范和处置虚拟货币等相关风险的通知》，在境内开展现实世界资 产代币化活动，以及提供有关中介信息、信息技术服务等，应予以禁止；境外单位和个人不得以任何形 式非法向境内主体提供现实世界资产代币化相关服务。未经相关部门同意、备案等，任何单位和个人不 得赴境外开展现实世界资产代币化业务。 记者：吴雨、刘慧 海报制作：任军 新华社国内部出品 【纠错】 【责任编辑:施歌】 禁止在境内开展现实世界资产代币化活动 ...

新华社权威快报 8部门联合发文 讲 步防范和处置 虚拟货币等相关风险 未经相关部门依法依规同意 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 禁止在境内开展现实世界资产代币化活动 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。 根据8部门发布的《关于进一步防范和处置虚拟货币等相关风险的通知》，在境内开展现实世界资产代币化活动，以及提供有关中介信息、信息技术服 务等，应予以禁止；境外单位和个人不得以任何形式非法向境内主体提供现实世界资产代币化相关服务。未经相关部门同意、备案等，任何单位和个 人不得赴境外开展现实世界资产代币化业务。 记者：吴雨、刘慧 海报制作：任军 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 新华社国内部出品 ...

Group 1 - The core issue is that Chinese debtors are using cryptocurrencies to hide assets overseas, complicating the recovery process for creditors [1][6] - Cryptocurrency forensic technology is rapidly evolving and has become a key tool for tracking and freezing hidden digital assets, particularly in the context of increasing cryptocurrency-related crimes [1][6] - The U.S. government is institutionalizing victim compensation mechanisms for cryptocurrency-related crimes, significantly increasing the demand for cryptocurrency forensic tools [3][5] Group 2 - In 2025, the U.S. will establish a strategic Bitcoin reserve, prioritizing the use of seized Bitcoin for victim compensation, which reflects a commitment to justice and stimulates demand for cryptocurrency analysis [3][5] - State-level initiatives, such as Arizona's establishment of a Bitcoin and digital asset reserve fund, are amplifying the demand for advanced cryptocurrency analysis tools [4] - The cryptocurrency technology market is expected to grow exponentially, from $32.99 billion in 2025 to $393.45 billion by 2030, driven by the tokenization of real-world assets [5] Group 3 - The adoption of cryptocurrency technology among Fortune 500 companies is at 80%, indicating mainstream integration [6] - Chinese creditors are advised to engage international cryptocurrency forensic experts when pursuing asset recovery, especially in jurisdictions that support cryptocurrency enforcement [6] - The increasing regulatory clarity in the U.S. is driving growth in the demand for compliance verification and reserve audit analysis tools [5]

Group 1 - The cryptocurrency industry has entered a new phase of deep integration with the real world since 2021, driven by macroeconomic factors and institutional participation [1] - Cryptocurrencies have evolved from high-risk alternative assets to a recognized macro asset class, leading to large-scale allocations within compliance frameworks [2][3] - Strategic corporate allocations of cryptocurrencies began in 2020, with companies like MicroStrategy and Tesla leading the way, significantly influencing market sentiment and acceptance [3][4] Group 2 - The approval of spot Bitcoin ETFs marks a historic turning point, facilitating institutional investment and attracting significant capital inflows, which has driven Bitcoin prices to new highs [5][6] - Major financial institutions are developing compliance infrastructure to support the growing demand for cryptocurrency investments, including custodial and auditing services [6] - Over 70% of large institutional investors have incorporated cryptocurrencies into their portfolios or are evaluating allocation paths by mid-2025 [6] Group 3 - The functionalization of cryptocurrencies in payments has been driven by real-world demand, with major payment platforms integrating cryptocurrency services [7][8] - Stablecoins have gained traction in high-inflation countries, becoming essential tools for daily transactions and savings, with significant adoption in countries like Argentina and Turkey [8] Group 4 - The tokenization of real-world assets (RWA) has accelerated since 2021, enhancing liquidity and providing new mechanisms for asset ownership and trading [9][10] - The cultural and entertainment sectors have led the way in RWA tokenization, particularly through NFTs, which have gained mainstream attention and facilitated new economic relationships [9][10] Group 5 - Financial asset tokenization is becoming a core strategy for traditional financial institutions, with significant developments in the issuance and management of tokenized funds [12][13] - Real estate tokenization is emerging as a new investment tool, allowing broader participation in the real estate market and enhancing liquidity through digital tokens [13][14] Group 6 - Developing countries are experimenting with the legalization of cryptocurrencies as legal tender, seeking financial autonomy from the dollar-dominated system [18][19] - The U.S. is shifting its cryptocurrency policy under the new administration, promoting private stablecoin development and considering Bitcoin for national reserves [20][21] Group 7 - The geopolitical implications of cryptocurrencies are becoming evident, with their use in international fundraising and transactions during conflicts, such as the Ukraine crisis [23][24] - The integration of cryptocurrencies into national financial strategies is reshaping the global financial landscape, with countries actively participating in the governance and regulation of digital assets [24][25]

Core Insights - The cryptocurrency market is experiencing a significant downturn, leading to reduced retail activity and negative sentiment towards crypto exchanges [1][4] - Despite slashing price targets for major crypto platforms like Coinbase, Robinhood, E Toro, and Gemini, the firm maintains buy ratings on these stocks [1] - The sentiment in the crypto market has reached its lowest level since October 2024, indicating a period of extreme disinterest [2][3] Market Sentiment - Current sentiment is characterized by extreme disinterest, which may indicate a potential bottom for crypto prices [3][4] - The negative sentiment has resulted in decreased retail trading activity, which may take up to two quarters to recover even with rising crypto prices [4][5] Future Catalysts - Potential growth for crypto platforms may come from the tokenization of real-world assets and increased adoption of stablecoins, which do not typically experience price volatility [6] - Diversification away from traditional crypto offerings, such as prediction markets, may also benefit platforms in the future [7] Company Performance - Robinhood has emerged as a leading performer in the market, with a 215% increase year-to-date, attributed to its success as a super app offering a variety of products [8][9] - The company's strategy of not focusing solely on one asset but providing a wide range of services has set a benchmark for other crypto platforms [10] - Robinhood's acquisition of Bitstamp has helped mitigate the impact of declining crypto volumes, as Bitstamp caters more to institutional clients [11]