"这会直接掐断国内机构相关稳定币的违法发行源头。" 被市场称为虚拟货币领域"史上最严"的监管新规近日正式落地。 2月6日，央行联合八部门发布《关于进一步防范和处置虚拟货币等相关风险的通知》（下称《通 知》），再次重申虚拟货币相关业务活动属于非法金融活动，并首次明确任何单位和个人不得在境外发 行挂钩人民币的稳定币。 人民币稳定币境外发行被禁 2025年以来，稳定币市场热度持续攀升的同时，风险防控与合规边界也为各方所关注。伴随《稳定币条 例》在香港落地生效，香港稳定币发行人牌照发放进程备受市场瞩目。在牌照申请热潮中，部分内地科 技巨头的布局与走向成为焦点。此前，相关机构曾参与香港稳定币测试与筹备，一度被视为首批牌照的 热门候选。 此次《通知》在重申虚拟货币相关活动属于非法金融活动的基础上，首次以规范性文件形式明确核心监 管要求：挂钩法定货币的稳定币在流通中变相履行法定货币部分功能，未经相关部门依法同意，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；同时严格规范境内主体境外展业行为，境内主体 及其控制的境外主体未经批准不得在境外发行虚拟货币。 "这会直接掐断国内机构相关稳定币的违法发行源头。"博通分析金融 ...

Core Viewpoint - The joint notice issued by the People's Bank of China and other regulatory bodies aims to prevent and address risks associated with virtual currencies and the tokenization of real-world assets, emphasizing the need to maintain national security and social stability [1][2][3]. Group 1: Nature of Virtual Currencies and Tokenization - Virtual currencies do not have the same legal status as fiat currencies and should not be circulated as money in the market [1]. - Activities related to virtual currencies, such as exchanges and token issuance, are classified as illegal financial activities and are strictly prohibited [2][3]. Group 2: Regulatory Mechanisms - A collaborative mechanism among various departments, including the People's Bank of China and the China Securities Regulatory Commission, will be established to coordinate efforts in preventing and addressing risks related to virtual currencies and tokenization [4]. - Local governments are responsible for risk prevention and management within their jurisdictions, with financial management departments leading the efforts [4]. Group 3: Risk Monitoring and Management - Continuous improvement of monitoring technologies and systems is mandated to assess risks associated with virtual currencies and tokenization activities [6]. - Financial institutions are prohibited from providing services related to virtual currencies and must report any illegal activities [7]. Group 4: Advertising and Market Regulation - Market regulatory bodies will enhance the management of business registrations to prevent the use of terms related to virtual currencies in company names and advertising [8]. - Ongoing efforts will be made to regulate and shut down illegal virtual currency mining activities [8]. Group 5: Legal Responsibilities - Violations of the notice regarding virtual currencies and tokenization will result in penalties, and criminal liability may be pursued for serious offenses [13].

Core Viewpoint - The People's Bank of China and seven other departments have issued a new regulatory document that tightens the oversight of virtual currencies and stablecoins, indicating a clear stance on preventing new financial risks [1][2]. Group 1: Policy Background - China's regulatory stance on virtual currencies has been consistent since 2013, with various announcements aimed at preventing risks associated with cryptocurrencies [2]. - The 2021 "Document No. 237" marked a new phase in regulation, explicitly stating that cryptocurrencies do not have legal tender status and that related activities are illegal [2]. - In 2025, as trading activities increased, regulatory bodies reiterated their commitment to combatting virtual currency trading and related illegal activities, leading to the issuance of the new notification [2]. Group 2: Stablecoin Concept - Stablecoins are cryptocurrencies designed to maintain price stability by being pegged to fiat currencies, precious metals, or a basket of assets [3]. - They are often issued by centralized entities, with examples including USDT and USDC, which claim to be backed by equivalent reserves [3][4]. - The total market capitalization of stablecoins has surpassed $250 billion, with over 90% being dollar-pegged, and they account for 48% of daily trading volume in the cryptocurrency market [4]. Group 3: Document Structure - The new notification consists of six parts and nineteen articles, reiterating the framework established in the 2021 document [5]. - It emphasizes that virtual currencies do not have the same legal status as fiat currencies and cannot be circulated as such [5]. - The document outlines mechanisms for risk monitoring, intermediary regulation, and the prohibition of virtual currency mining activities [5]. Group 4: Regulatory Focus - The new notification includes four main revisions: enhancing regulatory requirements for virtual currencies, establishing a regulatory framework for Real World Asset (RWA) tokenization, addressing virtual currency mining, and combating illegal activities [6]. - It reaffirms the prohibition of virtual currencies and restricts the issuance of stablecoins pegged to the yuan without approval [6][7]. Group 5: Policy Interpretation and Impact - The notification reflects a heightened vigilance towards the risks associated with virtual currencies and related activities, particularly in light of recent market speculation [8]. - It signals a commitment to maintaining a strict prohibition on virtual currencies, preventing cross-border risk transmission, and safeguarding monetary sovereignty [9]. - The regulatory measures may lead to a shift of related activities outside of China, while demand may pivot towards stablecoins pegged to other fiat currencies [9].

Core Viewpoint - The People's Bank of China and eight ministries issued Document No. 42, reinforcing strict regulations on virtual currencies, including cryptocurrencies, stablecoins, and Real World Asset (RWA) tokenization, marking a significant step in establishing a regulatory framework for virtual assets in mainland China [1][2][3]. Group 1: Regulatory Framework - Document No. 42 integrates cryptocurrencies, stablecoins, and RWA into a comprehensive regulatory framework, addressing previous regulatory gaps and providing clear legal guidelines for virtual asset activities [2][5]. - The document establishes a clear distinction between different types of virtual assets, indicating a shift from a blanket prohibition to a more nuanced regulatory approach [23][26]. Group 2: Historical Context - The regulatory history includes significant milestones such as the "94 Announcement" in September 2017, which banned Initial Coin Offerings (ICOs), and the "924 Notice" in September 2021, which classified virtual currencies as illegal financial activities [4][5]. - The regulatory landscape has evolved from a patchwork of prohibitions to a more structured framework with the introduction of Document No. 42, which clarifies the status of stablecoins and RWA [5][23]. Group 3: Key Provisions of Document No. 42 - The document categorizes virtual currencies as illegal financial activities, prohibiting any form of exchange or trading within mainland China [6][7][8]. - Stablecoins are subject to a "dynamic assessment" regulatory principle, allowing for potential future issuance under strict conditions [9][10][11]. - RWA tokenization is defined and regulated, with specific guidelines for activities involving the tokenization of real-world assets, emphasizing the need for compliance with existing financial regulations [12][14][17]. Group 4: Implications for the Industry - The establishment of a regulatory framework is expected to foster innovation in the virtual asset space, particularly in the tokenization of real-world assets, while maintaining strict controls to prevent illegal financial activities [23][26]. - The regulatory approach aims to leverage blockchain technology to enhance the efficiency and cost-effectiveness of financial transactions, potentially revitalizing traditional finance and the real economy [26].

| 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 ...

央行说的虚拟货币，不是由国家货币当局发行的，它是用了加密技术，以数字形式存在的所谓"资产"， 它并没有法定货币的地位，不能像人民币一样在市场上正常流通使用，也不被国家承认。我们可能听过 像比特币、以太币、泰达币，这些就属于虚拟货币，不能作为货币在市场上流通使用。 对挂钩人民币的稳定币做出明确规定 境内主体不得在境外发行虚拟货币 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。对此，《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。 央视网消息：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》，明确虚拟货币不具有与法定货币等同的法律地位，境内对虚拟货币坚持禁止性政 策。近年来，虚拟货币等炒作交易活动变换马甲、更新套路，不断将黑手伸向百姓"钱袋子"。这次发布 的通知，八部门"攥指成拳"加强监管，合力遏制虚拟货币等风险。 通知规定：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等非法金融活动 ...

Core Viewpoint - China's top financial regulators have significantly expanded the existing crypto ban, specifically targeting stablecoin issuances and the tokenization of real-world assets, marking the most aggressive tightening of capital controls since the 2021 prohibition on Bitcoin mining and trading [1][2]. Regulatory Actions - The joint notice was released on February 6 by eight agencies, including the People's Bank of China and the China Securities Regulatory Commission [1]. - New rules prohibit foreign entities from offering stablecoin or tokenization services to Chinese residents, addressing a surge in virtual asset activities perceived as a threat to financial stability [2]. Offshore Loophole Closure - The crackdown targets the "offshore loophole" by banning domestic firms and their overseas branches from issuing digital currencies without explicit government approval [3]. - The People's Bank of China emphasized that stablecoins, especially those pegged to fiat currencies, possess attributes of sovereign money [3]. Financial Control and Compliance - Authorities argue that private digital assets undermine the state's control over the money supply and circumvent anti-money-laundering protocols [4]. - The notice specifically prohibits any entity from issuing Renminbi-pegged stablecoins abroad, seen as a defense of the e-CNY, China's official central bank digital currency [4]. Real-World Asset Tokenization - The directive also targets the $24 billion Real-World Asset (RWA) tokenization sector, reclassifying unauthorized tokenization as "illegal public security offerings" and "unauthorized futures business" [5][7]. - Activities related to RWA tokenization within China, including intermediary and IT services suspected of illegal token issuance, are prohibited [7]. Compliance and Oversight - The notice allows limited activities on government-approved financial infrastructure but requires firms pursuing tokenization abroad to meet heightened compliance standards and obtain domestic clearance [8]. - The central government plans to implement a collaborative framework for local and national oversight to enforce these measures [8].

格隆汇2月7日｜据北京商报，从境内禁令到跨境全链条管控，虚拟货币正迎来国内多部门的最强监管。 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》，除了再度明确虚拟货币相关业务活动属于非法金融活动外，也首度提到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，强调在境内开展现实世界资产(RWA)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。 这场被业内称为"史上最严"的监管升级，不仅将境内虚拟货币业务彻底"围堵"，更是将触角延伸至境外 发行环节。博通咨询首席分析师王蓬博表示，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 币的规定，会直接掐断国内机构相关稳定币的发行源头。对这类稳定币的发行、流通、交易全产业链形 成冲击，目前稳定币市场的现状是境外已有部分挂钩人民币的稳定币存在，且部分币种无合规发行资 质、资金池管理不透明，还存在借助离岸市场向境内传导的情况，需要注意的是这类稳定币可能成为违 规跨境转移资金的载体，也会对我国货币流通秩序和外汇管理形成潜在影 ...

本报记者 吴晓璐 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》（以下简称《通知》），严格监管虚拟货币、 现实世界资产（RWA）代币化相关活动。 《通知》首次明确了RWA代币化定义，并明确"境内严禁，境外严管"的监管原则，即禁止在境内开展RWA代币化活动，以 及为其提供有关服务；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开展外债形式的RWA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RWA代币化 业务。 长期以来，境内始终对虚拟货币相关业务活动保持禁止性的政策立场。2013年，中国人民银行等五部门联合印发《关于防 范比特币风险的通知》，明确比特币是一种特定的虚拟商品，不能且不应作为货币在市场上流通使用。 此外，为了维护经济金融秩序，打击虚拟货币交易炒作活动，2021年，中国人民银行等十部门联合发布了《关于进一步防 范和处置虚拟货币交易炒作风险的通知》（银发〔2021〕237号，以下称237号 ...

《通知》还有哪些内容，提出了哪些明确规定？一文解读↓ 虚拟货币相关业务活动属于非法金融活动 《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。 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。虚拟货币相关业务活动包括： 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。 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。 6日，央行、证监会等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》，明确在中 国境内，所有虚拟货币相关业务活动属于非法金融活动。 《通知》还明确了现实世界资产（RWA）代币化的概念、内涵等。 现实世界资产代币化是指使用加密技术以及分布式账本或者类似技术，将资产的所有权、收益权等转化 成为代 ...