Group 1: Digital Asset Market Overview - The digital asset market experienced a significant downturn in Q4 2025, with a total market capitalization of approximately $2.93 trillion as of January 31, 2026, reflecting a decline of about 27.1% from the end of Q3 2025 [3][4] - Bitcoin's closing price was $84,100, down approximately 26.4%, while Ethereum fell to around $2,702, a decrease of about 35.9% [3][4] - The market adjustment was influenced by changes in liquidity expectations, delays in key regulatory legislation in the U.S., and a shift in market sentiment towards caution [3][4] Group 2: Stablecoin Market Dynamics - The stablecoin market showed a significant slowdown in growth, with a total market capitalization of $293.29 billion as of January 31, 2026, representing a mere 2.3% increase from the previous quarter [5] - The dominance of USD stablecoins remains strong, with USDT and USDC maintaining a duopoly, accounting for approximately 59.7% and 22.8% of the market, respectively [5] Group 3: Regulatory Developments - The U.S. regulatory landscape for digital assets is characterized by a dual focus on institutional integration and risk prevention, with the legislative process for the "CLARITY Act" stalled due to industry conflicts [2][8] - The People's Bank of China has initiated a new generation of the digital RMB system, marking a transition towards a more systematic development phase [2][13] - The U.S. Office of the Comptroller of the Currency (OCC) has granted temporary national bank charters to several stablecoin issuers, integrating them into the federal banking regulatory framework [7] Group 4: Real World Assets (RWA) Growth - The market capitalization of Real World Assets (RWA) grew by 41.1% from the end of Q3 2025 to approximately $23.7 billion as of January 31, 2026, with U.S. Treasury RWA accounting for 40% of this total [15][16] - Traditional financial institutions are actively promoting the tokenization of compliant products, indicating a shift towards integrating RWA into blockchain ecosystems [16] Group 5: Future Regulatory Scenarios - The ongoing negotiations surrounding the "CLARITY Act" may lead to three potential outcomes: a conservative version favoring banking interests, a middle-ground version facilitating compliance for crypto-native platforms, or a complete failure of the act, resulting in continued regulatory uncertainty [11][12] - The Chinese regulatory framework has clarified the definition and stance on RWA, emphasizing compliance and the need for regulatory approval for tokenization activities [17][18]

Core Viewpoint - The recent release of the regulatory guidelines for the issuance of asset-backed security tokens for domestic assets abroad marks a significant step in establishing a regulatory framework for the tokenization of real-world assets (RWA) in China, distinguishing it from speculative virtual currencies while providing compliant financing channels for domestic enterprises [1][3]. Group 1: Regulatory Framework - The guidelines clarify that the issuance of asset-backed security tokens abroad is based on cash flows generated from domestic assets, utilizing distributed ledger technology [2]. - The regulatory framework aims to separate RWA from speculative virtual currencies, emphasizing that tokenization serves as a trading tool without altering the legal and asset attributes of the underlying real-world assets [3]. - The guidelines establish strict entry barriers, prohibiting RWA activities if the underlying assets have significant ownership disputes or pose national security risks [4]. Group 2: Compliance and Integrity - The guidelines link the issuance of RWA abroad to a negative list of domestic asset securitization, preventing companies from circumventing domestic macro-control policies [4]. - Issuers with a history of economic crimes such as bribery or embezzlement in the past three years are excluded from participating in RWA activities [4]. - The regulatory stance on intermediary institutions has tightened, requiring them to fulfill their responsibilities diligently [4]. Group 3: Market Dynamics and Risks - The guidelines highlight the need to distinguish between compliant and non-compliant RWA, as illegal activities under the guise of RWA have been reported [5]. - The document notes that there are currently only three companies in China that have successfully issued compliant RWA using blockchain technology in overseas markets [6]. - The guidelines reiterate a strict regulatory attitude towards illegal financial activities related to virtual currencies and RWA, emphasizing the need for law enforcement against fraud, money laundering, and illegal fundraising [6]. Group 4: Future Outlook - The guidelines provide a framework for the development of compliant RWA models while balancing financial innovation and regulatory oversight [7]. - There is a growing concern about illegal fundraising activities disguised as RWA, with examples of fraudulent projects that misrepresent asset values [7]. - The guidelines serve as a warning to ordinary investors about the risks associated with virtual currencies and speculative activities, urging caution to avoid financial losses [7].

【山证电新】 架，重点推荐 本次新政对待数字资产不再一刀切，对境内资产境外发行RWA留有入口，是顶层对待万亿美元数字世界态度的重 大转变。 RWA是使用加密技术及分布式账本或类似技术，将资产的所有权、收益权等转化为代币（通证）或具有代币特性 的其他权益、债权凭证，并进行发行和交易的活动。 监管原则遵循境内严禁、境外严管，明确了RWA的合法性。 目前在中国境内严禁开展任何形式的RWA代币化发行、交易及相关服务。 益开展类资产证券化等RWA业务须事先向中国证监会备案并接受严格监管。 中国证监会配套发布 币的监管指引》，明确以境内权益为基础在境外开展类资产证券化RWA业务前，控制基础资 产的境内企业应向证监会备案，并遵守相关规定。 2026年2月6日，中国人民银行等八部门联合发布的《关于进一步防范和处置虚拟货币等相关风险的通知》，首 次在顶层制度文件中明确了现实世界资产（RWA）代币化的定义和监管框架。 RWA是使用加密技术及分布式账本或类似技术，将资产的所有权、收益权等转化为代币（通证）或具有代币特性 的其他权益、债权凭证，并进行发行和交易的活动。 【山证电新】 架，重点推荐 2026年2月6日，中国人民银行等八 ...

"境内严禁、境外严管"，现实世界资产（RWA）代币化活动的监管导向得以最新明确。 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》（以下简称《通知》），对虚拟货币、现实世界资产（RWA）代币化活动亮明监管态度。 《通知》清晰划定了RWA代币化的监管红线，其中三大内容值得特别关注：境内市场严禁任何形式的 发行、交易及相关服务；境内主体跨境开展相关业务，须严格遵循"相同业务、相同风险、相同规则"原 则，由国家发展改革委、中国证监会、国家外汇局等相关部门按照职责分工，依法依规进行严格监管。 未经相关部门同意、备案等，任何单位和个人不得开展上述业务。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。 对于金融机构，监管部门给出两大特别提醒：一方面，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；另一方面，境外子公司及分支机构在境外提供RWA代币化相关服务要依法稳慎，做 好风险管理。 在业内人士看来，此举旨在从源头上遏制以"金融创新"为名的投机炒作与非法金融活动，坚决维护金融 安全与社会稳定，标志着我国在应对数字化跨境金融风险方面 ...

Core Viewpoint - The recent notice issued by eight Chinese regulatory bodies emphasizes that all virtual currency-related activities are illegal financial activities within China, reinforcing a strict prohibition on such operations [1][3]. Group 1: Virtual Currency Regulations - Virtual currencies do not have the same legal status as fiat currencies and cannot be used for market circulation [1]. - All activities related to virtual currencies, including exchanges between fiat and virtual currencies, trading services, and token issuance, are strictly prohibited [1][3]. - The notice specifies that any issuance of virtual currencies by domestic entities or their controlled foreign entities without approval is illegal [3]. Group 2: Real World Asset (RWA) Tokenization - The concept of RWA tokenization is defined as converting ownership and income rights of assets into tokens using encryption and distributed ledger technology [3][5]. - Activities related to RWA tokenization, including providing intermediary and technical services, are considered illegal financial activities unless approved by regulatory authorities [5]. - The notice warns against the speculative nature of RWA tokenization, highlighting risks associated with low-threshold investments [3]. Group 3: Mining Activities - The notice mandates strict control over virtual currency mining activities, including the closure of existing projects and prohibition of new ones [5]. - Companies involved in the production and sale of mining machines are also prohibited from providing services within China [5].

长江商报消息 ●长江商报记者 徐靓丽 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》（下称 《通知》），进一步完善对虚拟货币相关监管要求，重申境内对虚拟货币坚持禁止性政策，再度明确虚 拟货币相关业务活动属于非法金融活动，并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。 完善对虚拟货币相关监管要求 刷短视频弹出"投资稳定币保本保息"的诱人广告，亲友群里转发"海外理财捷径"……近年来虚拟货币等 炒作交易活动不断更新套路。 《通知》首次对RWA代币化给出明确定义：使用加密技术及分布式账本或类似技术，将资产的所有 权、收益权等转化为代币（通证）或者具有代币（通证）特性的其他权益、债券凭证，并进行发行和交 易的活动。而实际上，境内没有能对RWA进行资产合法合规登记确权的机构，也没有可供资产"上 链"交易的金融基础设施，交易的安全性和可靠性无从保障。 《通知》 ...

Core Viewpoint - The regulatory stance on Real World Asset (RWA) tokenization activities in China has been clearly defined, emphasizing a complete ban on domestic activities and strict regulation on cross-border operations [1][4][3]. Regulatory Framework - The recent notice from the People's Bank of China and other departments outlines three main regulatory points regarding RWA tokenization: 1. A total prohibition on any form of issuance, trading, and related services within the domestic market [1][4]. 2. Domestic entities engaging in cross-border RWA activities must adhere to the principle of "same business, same risk, same rules," with strict oversight from relevant authorities [1][5]. 3. Foreign entities and individuals are prohibited from providing RWA-related services to domestic subjects in any form [2][7]. Financial Institutions Guidelines - Financial institutions are reminded not to provide services for unauthorized RWA tokenization activities and related financial products. Additionally, foreign subsidiaries must manage risks prudently when offering RWA services abroad [2][6]. Definition and Scope of RWA Tokenization - RWA tokenization is defined as the use of encryption technology and distributed ledger technology to convert ownership and income rights of assets into tokens or similar rights for issuance and trading. The notice categorically bans any such activities within China [4][5]. Cross-Border Regulation - Cross-border RWA activities involving domestic entities will be strictly regulated, ensuring that any business with underlying assets in China complies with domestic financial regulations, regardless of where the activity occurs [5][6]. Compliance Requirements - The notice imposes stringent compliance requirements on various service providers, including financial, intermediary, and technology firms, prohibiting them from supporting unauthorized RWA tokenization activities [5][6]. Virtual Currency Stance - The notice reiterates a strict prohibition on all virtual currency activities within China, including trading and exchange services, categorizing them as illegal financial activities [9][10]. Risk Management Mechanism - A comprehensive risk prevention and management mechanism has been established, covering both domestic and international operations, and emphasizing the principle of "same business, same risk, same rules" [11][12]. Collaborative Governance - The notice establishes a collaborative governance framework involving multiple departments at both central and local levels to enhance policy implementation and risk response capabilities [13].

Core Viewpoint - The People's Bank of China and eight other departments have reiterated a strict prohibition on virtual currency activities, classifying them as illegal financial activities, and emphasizing the risks associated with such investments [1][3]. Group 1: Regulatory Stance - The recent notification reinforces a long-standing policy against virtual currencies, stating that they do not hold the same legal status as fiat currencies and are illegal to operate within the country [3]. - Previous regulations from 2013 and 2021 have consistently defined virtual currencies like Bitcoin and stablecoins as non-currencies, reiterating their prohibition in domestic markets [3]. Group 2: Market Impact - Following the announcement, Bitcoin's price fell below $70,000 for the first time since November 2024, with a maximum drop of 9.74% within 24 hours, leading to significant losses for many investors [1]. - Other cryptocurrencies, including Ethereum, Solana, Binance Coin, and Dogecoin, also experienced substantial declines, resulting in severe financial repercussions for investors [1]. Group 3: Investor Guidance - Investors are advised to avoid falling for myths of quick wealth in the cryptocurrency market and to develop a proper investment mindset, enhancing their risk awareness and ability to identify potential dangers [4].

Core Viewpoint - The People's Bank of China and eight other departments have reiterated a strict prohibition on virtual currency-related activities, classifying them as illegal financial activities [1][3]. Group 1: Regulatory Stance - The recent notice emphasizes that virtual currencies do not have the same legal status as fiat currencies and that all related activities are strictly prohibited within the country [3][4]. - This regulatory stance has been consistent since 2013, with previous notices reinforcing the illegality of virtual currency transactions and their classification as illegal financial activities [3][4]. Group 2: Market Impact - Following the announcement, Bitcoin's price fell below $70,000 for the first time since November 2024, with a maximum drop of 9.74% in 24 hours, leading to significant losses for investors [1]. - Other cryptocurrencies, including Ethereum, Solana, Binance Coin, and Dogecoin, also experienced substantial declines, resulting in many investors facing severe financial repercussions [1]. Group 3: Investor Caution - Investors are warned against believing in myths of quick wealth in the cryptocurrency market and are encouraged to adopt a correct investment mindset and enhance their risk awareness [4].

《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 ...