Core Viewpoint - The recent notification 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][9]. Group 1: Virtual Currency Regulations - Virtual currencies do not have the same legal status as fiat currencies and should not be circulated in the market [1][2]. - The notification prohibits any domestic entity or individual from issuing stablecoins pegged to the Renminbi without approval from relevant authorities [1][9]. - Financial institutions are barred from providing services related to virtual currencies, including account opening, fund transfers, and the issuance of financial products [6][9]. Group 2: RWA Tokenization Regulations - The notification defines RWA tokenization and states that conducting RWA-related activities domestically is considered illegal financial activity [4][5]. - Any intermediary or technical services related to RWA tokenization without approval are also deemed illegal [5][6]. - The notification emphasizes that foreign entities must not provide RWA tokenization services to domestic subjects [5][9]. Group 3: Enforcement and Compliance - The notification outlines strict measures to shut down existing virtual currency mining projects and prohibits the establishment of new ones [1][5]. - It highlights the need for cross-departmental collaboration to monitor and manage risks associated with virtual currencies and RWAs [5][10]. - Violations of the notification will result in penalties, and criminal liability may be pursued for serious offenses [9][10]. Group 4: Public Awareness and Education - The notification calls for increased public education on the risks associated with virtual currencies and RWA tokenization [10]. - It encourages various departments and industry associations to raise awareness through legal interpretations and case studies [10].

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 People's Bank of China and seven other regulatory bodies have issued a notification reinforcing the prohibition of virtual currency-related activities, emphasizing the risks associated with virtual currencies and stablecoins linked to fiat currencies [1][2]. Summary by Sections Regulatory Framework - Virtual currency-related activities are classified as illegal financial activities, and foreign entities are prohibited from providing such services to domestic subjects [2]. - The notification explicitly states that no entity or individual may issue stablecoins pegged to the Renminbi abroad without regulatory approval [2][5]. - Activities related to the tokenization of real-world assets (RWA) are also deemed illegal unless conducted under specific regulatory approvals [2][6]. Enforcement Measures - Internet companies are barred from providing services related to virtual currencies and RWA tokenization, including marketing and payment facilitation [2][5]. - Businesses and individual entrepreneurs are prohibited from using terms like "virtual currency," "stablecoin," and "RWA" in their registered names and business scopes [2][5]. - The notification mandates a crackdown on virtual currency mining activities, requiring the closure of existing mining projects and a ban on new ones [2][6]. Risk Monitoring and Accountability - The notification emphasizes the need for enhanced risk monitoring and the sharing of data across departments to combat illegal activities related to virtual currencies and RWA tokenization [7]. - Individuals and entities that knowingly assist foreign parties in providing illegal services related to virtual currencies will face legal consequences, including criminal charges if applicable [3][7]. Historical Context and International Perspective - The notification builds on previous regulations from 2021, reiterating the long-standing prohibition of virtual currency activities in China [4][8]. - Despite the growth of virtual currencies and stablecoins internationally, regulatory bodies remain cautious about their risks, as highlighted by the Bank for International Settlements [9].

Core Viewpoint - The People's Bank of China and other regulatory bodies have issued a notification to further prevent and address risks associated with virtual currencies and Real World Assets (RWA) tokenization, emphasizing the illegal nature of such activities within the country [1][2]. Group 1: Regulatory Stance - The central bank and the China Securities Regulatory Commission reaffirm a long-standing prohibitive policy stance on virtual currency-related activities, stating that virtual currencies do not hold the same legal status as fiat currencies and any related activities are illegal [2]. - The notification reiterates that any issuance of stablecoins pegged to the Renminbi without approval from relevant authorities is prohibited [2]. Group 2: RWA Tokenization - The notification defines RWA tokenization as the process of converting ownership and income rights of assets into tokens using encryption and distributed ledger technology [3]. - Activities related to RWA tokenization within the country are prohibited unless approved by relevant authorities, and foreign entities are also barred from providing such services to domestic subjects [3][4]. Group 3: Compliance and Management - Domestic financial institutions' overseas subsidiaries must adhere to compliance and risk management frameworks when providing RWA tokenization services abroad [5]. - Intermediary and technology service providers involved in RWA tokenization must establish robust compliance systems and report their business activities as required [5]. Group 4: Virtual Currency Mining - The notification emphasizes the ongoing crackdown on virtual currency mining activities, with local governments responsible for identifying and shutting down existing mining projects and prohibiting new ones [7]. - The National Development and Reform Commission will work with relevant departments to strictly control mining activities and ensure compliance with regulations [7]. Group 5: Risk Monitoring - Financial institutions are prohibited from providing services related to virtual currencies, including account opening, fund transfers, and the issuance of financial products linked to virtual currencies [7]. - Continuous monitoring and reporting of illegal activities related to virtual currencies and RWA are mandated to maintain a high-pressure stance against violations [8].

2月6日晚间，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》。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。 《通知》重申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。 根据《通知》，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。 这也延续了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。 《通知》还指出，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。 ...

Core Viewpoint - The People's Bank of China and other regulatory bodies have issued a notification aimed at further preventing and addressing risks associated with virtual currencies and Real World Assets (RWA) tokenization, highlighting the rise of illegal activities in these markets since last year [1][2]. Regulatory Stance - The central bank and the China Securities Regulatory Commission (CSRC) maintain a prohibitive policy stance on virtual currency-related activities, reiterating that virtual currencies do not hold the same legal status as fiat currencies and that any related business activities within the country are illegal [2][4]. - The notification emphasizes that stablecoins pegged to fiat currencies are also subject to regulation, and any issuance of stablecoins linked to the Renminbi (RMB) without approval is prohibited [2][3]. RWA Tokenization - The notification defines RWA tokenization as the process of converting ownership and income rights of assets into tokens using cryptographic and distributed ledger technologies [3]. - Activities related to RWA tokenization within the country are deemed illegal unless approved by relevant authorities, and foreign entities are prohibited from providing related services to domestic subjects [3][4]. Cross-Border Regulations - Strict regulations are imposed on domestic entities engaging in RWA tokenization activities abroad, with oversight from various regulatory bodies to ensure compliance with domestic laws [4][5]. - Financial institutions' overseas subsidiaries must adhere to compliance and risk management frameworks established by their domestic counterparts when providing RWA tokenization services [5][6]. Risk Monitoring and Management - Financial institutions are prohibited from facilitating virtual currency-related activities, including account opening and fund transfers, and must report any illegal activities [6][7]. - Continuous efforts are being made to regulate and eliminate virtual currency mining activities, with local governments responsible for identifying and shutting down existing operations [6][7].

通知明确，虚拟货币不具有法偿性，不应且不能作为货币在市场上流通使用。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。 根据通知，在境内开展现实世界资产代币化活动，以及提供有关中介、信息技术服务等，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。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。 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。 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 ...

● 本报记者 欧阳剑环 彭扬 中国人民银行2月6日消息，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、国家外汇局印发《关于进一步防范和处置虚拟货币等相关风险的通 知》。 权威专家表示，去年以来，虚拟货币、现实世界资产（RWA）相关市场炒作风气抬头，一些不法分子 借机浑水摸鱼，打着虚拟货币、RWA、"挖矿"等幌子开展非法集资、传销诈骗等非法活动，或利用虚 拟货币转移违法所得，严重侵害了社会公众的财产安全，扰乱经济金融正常秩序。通知旨在进一步防范 和处置虚拟货币、RWA代币化相关风险。 始终保持禁止性政策立场 央行、证监会有关负责人表示，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。 "通知延续了近年来的政策立场，重申虚拟货币不具有与法定货币等同的法律地位，在境内开展虚拟货 币相关业务活动属于非法金融活动，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。"上述负责人表示。 在稳定币方面，通知明确，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 ...

最后，《通知》明确提出，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。 记者获悉，虚拟货币依托区块链技术，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，国际金融组织和中央银行等金融管理部门对此普遍持审慎态度。 其次，《通知》强调，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。 "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，事关货币主权。"权威专家表 示。 （上接1版） 虚拟货币相关业务，均被定性为非法金融活动。《通知》具体提出，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，一律严格禁止，坚决 依法取缔。 ...

《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 ...