Core Viewpoint - The recent 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 that these activities disrupt economic order and threaten public financial security [3][4][5]. 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 [3][4]. - Activities related to virtual currencies and the tokenization of real-world assets are classified as illegal financial activities, including exchanges between fiat and virtual currencies, and the issuance of tokens without approval [4][5]. Group 2: Regulatory Framework and Coordination - A collaborative mechanism among various government departments, including the People's Bank of China, is established to oversee and manage risks associated with virtual currencies and tokenization [6][13]. - Local governments are responsible for risk prevention and management within their jurisdictions, working in coordination with financial regulatory bodies and law enforcement [6][13]. Group 3: Risk Monitoring and Management - Financial institutions are prohibited from providing services related to virtual currencies, including account opening and transaction facilitation [7][8]. - Internet companies are not allowed to support virtual currency activities through marketing or operational services, and must report any illegal activities [8][9]. Group 4: Enforcement and Legal Responsibility - Strict penalties will be imposed on entities engaging in illegal financial activities related to virtual currencies and tokenization, with criminal charges applicable for severe violations [14]. - Individuals and organizations that assist foreign entities in providing virtual currency services within China will also face legal consequences [14].

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 （三）部门协同联动。中国人民银行会同国家发展改革委、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、国家外汇局等部门健 全工作机制，并与中央网信办、最高人民法院、最高人民检察院加强协调、形成合力，统筹指导各地区开展虚拟货币相关非法金融活动风险防范和处置工 作。 中国证监会会同国家发展改革委、工业和信息化部、公安部、中国人民银行、市场监管总局、金融监管总局、国家外汇局等部门健全工作机制，并与中央 网信办、最高人民法院、最高人民检察院加强协调、形成合力，统筹指导各地区开展现实世界资产代币化相关非法金融活动风险防范和处置工作。 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》 ...

Group 1 - The core viewpoint of the news is the intensified regulatory measures on virtual currencies, emphasizing that virtual currencies are illegal financial activities and reiterating the prohibition of issuing RMB-pegged stablecoins abroad without approval [1][2][3] - The central bank and financial regulatory authorities have issued a notification to prevent and address risks associated with virtual currencies, highlighting that stablecoins linked to fiat currencies perform functions similar to legal tender [1][2] - The notification mandates a comprehensive review and shutdown of existing virtual currency mining projects, prohibiting the establishment of new mining projects and the sale of mining machines within the country [1][4][5] Group 2 - The notification reiterates that virtual currencies do not hold the same legal status as fiat currencies, and any related business activities within the country are deemed illegal [2][3] - Market regulatory authorities are enhancing the management of business registrations, prohibiting the use of terms related to virtual currencies in business names and scopes [3] - The notification also addresses the regulation of Real World Asset (RWA) tokenization, stating that such activities are illegal unless approved by relevant authorities [7][8] Group 3 - Financial institutions are prohibited from providing services related to unauthorized RWA tokenization activities, including custody and settlement services [7][8] - The notification outlines strict regulations for domestic entities engaging in RWA tokenization abroad, ensuring compliance with domestic regulatory frameworks [8][9] - Analysts predict that the virtual currency market will undergo a cleansing phase, with domestic speculative activities being curtailed and risks from overseas operations being mitigated [9]

这份通知绝非旧调重弹，它用最直白的语言进行了定性：在中国境内，一切与虚拟货币相关的业务活动，均属于非法金融活动。 这意味着，无论是买卖比 特币、以太坊，还是运营交易平台，甚至是为其提供宣传推广、技术支持和信息中介服务，都已踩踏法律红线。 监管的围栏正在被扎紧到前所未有的密 度，金融机构被严禁为相关活动提供账户开立、资金划转服务；互联网企业不得提供网络经营场所或营销导流；连公司注册名称中含有"虚拟货币"、"数字 货币"等字样都已被明令禁止。 市场不禁要问，当美国等地正在尝试将比特币现货ETF纳入主流金融体系，部分州甚至探索其支付属性时，为何中国的态度如此决绝，甚至显得"格格不 入"？ 这背后并非简单的政策对立，而是源于对虚拟货币本质截然不同的认知与风险判断。 美国的态度更像是一种"有条件收编"的实验。 他们批准比特币 现货ETF，允许传统资本通过合规渠道入场，其深层战略意图在于构建一个"美元—稳定币—加密资产"的新循环，试图将这一新兴领域的定价权和规则制定 权牢牢掌控在手中，从而巩固美元在全球金融体系中的核心霸权。 这一过程伴随着巨大的市场波动和风险外溢，普通投资者成为了资本博弈中最脆弱的环 节。 一场席卷全球 ...

Core Viewpoint - The release of Document No. 42 marks a significant regulatory shift in China's approach to digital assets, particularly focusing on the systematic regulation of Real World Asset (RWA) tokenization, coinciding with the launch of interest-bearing digital RMB 2.0 [1][2][3] Regulatory Framework - Document No. 42 clearly defines RWA tokenization as the conversion of asset ownership and income rights into tokens using cryptographic and distributed ledger technologies, expanding regulatory oversight from virtual currency speculation to the entire asset tokenization chain [2][3] - The document prohibits illegal financial activities related to RWA tokenization unless approved by relevant authorities, emphasizing the need for compliance with specific financial infrastructure [3][4] Comparison of Regulatory Approaches - In contrast to mainland China's "principle of prohibition," Hong Kong is accelerating RWA tokenization, with the government encouraging the tokenization of public assets and establishing a regulatory framework for stablecoins [4][5] - The regulatory strategies in mainland China and Hong Kong represent a "dual-track experiment," where mainland focuses on maintaining financial safety while Hong Kong aims to connect with global capital markets through compliance [4][5][6] Market Dynamics and Opportunities - The market is reassessing the viability of RWA tokenization from three dimensions: asset category selection, geographical strategy, and deeper monetary competition logic [7][8] - Standardized financial assets like money market funds and bonds are becoming the mainstream in global tokenization, while non-standard assets face liquidity challenges [7][8] - The regulatory environment is creating a competitive landscape where licensed institutions dominate, leading to a "survivor game" among players who can navigate both mainland and Hong Kong regulations [13][26] Compliance and Risk Management - The regulatory framework emphasizes the importance of compliance with asset ownership, information disclosure, and cross-border accountability, with specific guidelines for the issuance of RWA [19][26] - Key risks include the potential for illegal service provision to mainland entities from abroad, highlighting the need for strict adherence to regulatory requirements [25][26] Conclusion - Document No. 42 establishes clear regulatory boundaries, indicating that while technology can be utilized, it cannot be leveraged for activities resembling currency, securities, or cross-border channels without proper oversight [9][23]

国家金融与发展实验室特聘高级研究员庞溟介绍，RWA代币化通过发行代币（通证）或具有代币（通 证）特性的其他权益、债券凭证进行融资和交易活动，存在多重风险，包括虚假资产风险、经营失败风 险、投机炒作风险等。同时，擅自开展RWA代币活动，往往会涉及非法集资、诈骗、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等非法金融活动和违法犯罪活动。《通知》明确，严厉 打击相关非法金融活动和违法犯罪活动，一经发现，将被依法追究责任。 近年来，RWA代币化发展较快，相关国家和地区纷纷通过加强立法、健全规则等多种方式强化监管。 《通知》强调，在境内开展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；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。 具体来看，一方面，金融机构、中介机构、信息技术服务机构等各类境内机构不得为未经同意的RWA 代币化业务以及相关金融产品提供服务；互联网企业不得为RWA代币化业务提供网络经 ...

Core Viewpoint - The recent policies issued by the People's Bank of China and other departments aim to prevent and manage risks associated with virtual currencies and the tokenization of real-world assets (RWA), continuing the regulatory framework established in 2021 [1][2]. Summary by Sections Virtual Currency Regulations - Domestic virtual currencies are classified as illegal activities, with a strict prohibition on all related business activities, including stablecoins [2] - For overseas activities, it is specified that domestic entities and their controlled overseas entities are not allowed to issue virtual currencies abroad without proper authorization [2]. RWA Business Regulations - RWA activities are prohibited within the domestic market, except for those approved by relevant authorities and conducted through specific financial infrastructures [2] - The guidelines clarify that overseas RWA business will be regulated by various authorities, including the National Development and Reform Commission and the China Securities Regulatory Commission, depending on the nature of the RWA [2][3]. Compliance and Risk Management - The issuance of RWA tokens is expected to develop in a compliant manner, with detailed requirements for domestic enterprises engaging in RWA activities both domestically and internationally [3] - Domestic institutions are not allowed to service unauthorized RWA activities, but their overseas subsidiaries can provide RWA-related services abroad, indicating a higher acceptance of overseas RWA business under regulatory compliance [3]. Investment Recommendations - Comprehensive and internationally oriented brokerage firms are likely to benefit more from these regulatory changes [4].

近日，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》），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。 中国人民银行、中国证监会有关负责人表示，长期以来，中国境 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。2021年印发的《关于进一步防范和处置虚拟货币交易炒作风 险的通知》进一步明确，比特币、以太币，以及泰达币等稳定币，均 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，一律严格禁止。此次《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。 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 ...

据介绍，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，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。 虚拟货币依托区块链技术，支持点对点交易，突破了物理上的"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。为切实防范风险，《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。 本报北京2月8日电(记者徐佩玉)近日，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》)，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。 中国人民银行、中国证监会有关负责人表示，长期以来，中国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 ...

Core Viewpoint - The joint notice issued by eight Chinese regulatory bodies aims to further prevent and address risks associated with virtual currencies and tokenization of real-world assets, emphasizing that such activities are illegal financial activities and do not hold the same legal status as fiat currencies [1][2]. Group 1: Regulatory Framework - The notice reiterates that virtual currencies do not have the same legal status as fiat currencies and that any related business activities are considered illegal financial activities [1]. - It prohibits foreign entities and individuals from providing virtual currency-related services to domestic entities in any form [1]. - The notice emphasizes that tokenization of real-world assets is also illegal unless approved by relevant authorities, and foreign entities cannot provide related services to domestic entities [1]. Group 2: Specific Measures - Three specific measures are outlined: 1. Establishing a collaborative work structure between central and local governments to enhance risk prevention and management [3]. 2. Strengthening risk prevention and response through cross-departmental cooperation, including monitoring risks, managing funds and information flows, and regulating virtual currency mining [3]. 3. Enhancing organizational implementation by clarifying responsibilities among departments and regions, and promoting public awareness of risks associated with virtual currencies and tokenization [4]. Group 3: Importance of the Notice - The notice is significant for maintaining national financial sovereignty and ecological stability by enforcing strict regulations and combating illegal cross-border arbitrage [4]. - It aims to protect investor rights by implementing thorough regulatory measures to eliminate illegal financial bubbles [4]. - The notice also seeks to define the boundaries of financial innovation, discouraging fraudulent innovations while supporting compliant development of blockchain technology and data assets [4].