央行召开打击虚拟货币交易炒作工作协调机制会议 要闻速递 2025年11月28日，中国人民银行召开打击虚拟货币交易炒作工作协调机制会议。会议要求，各单位要把 防控风险作为金融工作的永恒主题，继续坚持对虚拟货币的禁止性政策，持续打击虚拟货币相关非法金 融活动。各单位要深化协同配合，完善监管政策和法律依据，聚焦信息流、资金流等重点环节，加强信 息共享，进一步提升监测能力，严厉打击违法犯罪活动，保护人民群众财产安全，维护经济金融秩序稳 定。 《证券期货市场监督管理措施实施办法（征求意见稿）》公开征求意见 中国证监会就《证券期货市场监督管理措施实施办法（征求意见稿）》公开征求意见。《实施办法》明 确列出责令改正、监管谈话、出具警示函、责令定期报告等十四类比较常用的措施，并将"法律、行政 法规、中国证监会规章规定的其他监督管理措施"作为兜底规定。 国家航天局设立商业航天司持续推动商业航天高质量发展 国家航天局已于近期设立商业航天司，相关业务正在逐步开展，标志着我国商业航天产业迎来专职监管 机构，未来将持续推动我国商业航天高质量发展，产业链有望全线受益。近年来，我国商业航天在政策 牵引、技术突破与市场驱动下，以全产业链协同 ...

Group 1: Central Bank and Regulatory Actions - The People's Bank of China continues to enforce a prohibitive policy against virtual currencies, emphasizing that they do not hold the same legal status as fiat currencies and are associated with illegal financial activities [4] - The National Bureau of Statistics reported that the manufacturing PMI for November is at 49.2%, indicating a slight improvement, while the non-manufacturing business activity index is at 49.5%, showing a decline [5] - A new regulation has been introduced that eliminates the requirement for individuals to register the source of funds when withdrawing over 50,000 yuan, allowing banks to assess risk before questioning clients [7] Group 2: Market Trends and Predictions - Major brokerages suggest that the market is exhibiting characteristics of a slow bull market, with a need for significant changes in domestic demand to unlock market potential [10] - Analysts predict a potential upward breakout in December, driven by the upcoming Central Economic Work Conference and the possibility of favorable policy changes [14] - The market is expected to maintain a cautious optimism ahead of the Central Economic Work Conference, with a focus on technology and resource sectors [19] Group 3: Sector-Specific Insights - The precious metals market has seen significant price increases, with silver reaching historical highs, driven by expectations of a Federal Reserve rate cut and supply constraints [8] - The focus on sectors such as AI, renewable energy, and innovative pharmaceuticals is expected to provide investment opportunities as the market prepares for a potential spring rally [12][13] - The battery industry is under scrutiny for irrational competition, with the Ministry of Industry and Information Technology calling for regulatory measures to ensure sustainable development [9]

Core Viewpoint - The Chinese central bank has intensified its crackdown on virtual currencies, defining stablecoins and reiterating that virtual currencies cannot be used as legal tender in the market [1][4][10]. Regulatory Actions - The meeting emphasized that virtual currencies do not have the same legal status as fiat currencies and that activities related to virtual currencies are considered illegal financial activities [4][5]. - Since 2013, the Chinese government has progressively strengthened regulations against virtual currencies, with significant measures taken in 2021 to close domestic trading platforms and eliminate related businesses [5][11]. Stablecoin Definition and Risks - The People's Bank of China (PBOC) has defined stablecoins as a type of virtual currency, highlighting their inability to meet customer identification and anti-money laundering requirements, which poses risks for illegal activities [7][9]. - Stablecoins are not recognized as legal tender or payment instruments, and their legal classification aligns them with other virtual assets under regulatory scrutiny [8][9]. Market Dynamics - The recent rise in speculative trading of virtual currencies, particularly Bitcoin and Ethereum, has been attributed to fluctuations in international markets, leading to increased risks for ordinary investors [6][12]. - The volatility of Bitcoin has been significant, with prices reaching over $126,000 in October 2025 before plummeting to around $82,000 in November, resulting in substantial liquidations across the market [6]. Multi-Departmental Coordination - The meeting underscored the necessity for multi-departmental collaboration to effectively regulate the complex and hidden nature of virtual currency activities, enhancing monitoring capabilities and information sharing [11][12]. - The PBOC, along with various regulatory bodies, aims to maintain a strict prohibition on virtual currencies and continue to combat illegal financial activities associated with them [12][13].

Core Viewpoint - The People's Bank of China (PBOC) has reiterated that virtual currency activities are illegal financial activities, marking a new phase in the crackdown on virtual currencies and urging investors to recognize the high risks involved [3][17]. Policy Upgrade: From "Prohibition of Trading" to "Ecological Reconstruction" - The recent meeting emphasized three illegal attributes of virtual currencies: they lack legal status, all related business activities are classified as illegal financial activities, and cross-border services from foreign exchanges to domestic residents are also illegal [3][4]. - The policy now focuses on technology-driven regulation, utilizing blockchain tracking and AI behavior analysis for comprehensive monitoring of virtual currency transactions [3][4]. Risk Map: Four Major Traps of Virtual Currencies - Price manipulation and liquidation risks are prevalent due to the lack of effective regulation, with Bitcoin's annual gains retreating over 60% in 2025 and over $1 billion in liquidations occurring in a single day [5]. - Illegal fundraising and pyramid schemes are rampant, with high-yield promises and fake projects leading to significant financial losses [6]. - Virtual currencies are used for money laundering and as tools for crime, with over 70% of ransomware payments made in Bitcoin [7]. - Technical vulnerabilities and the risk of asset zeroing are highlighted, with incidents of exchanges collapsing and significant amounts being lost due to hacking [8]. Regulatory Measures: Building a "Three-in-One" Defense - Legal measures have been upgraded to include criminal prosecution for illegal fundraising and civil accountability for invalid virtual currency contracts [13]. - Enhanced technical monitoring includes real-time tracking of blockchain transactions and strict controls on bank accounts related to virtual currencies [14]. - Industry self-regulation is being promoted, with financial institutions prohibited from providing services related to virtual currencies and internet platforms required to shut down related activities [15]. Investor Self-Rescue Guide: Five Key Rules to Avoid Virtual Currencies - Investors are advised to be cautious of high-return promises and avoid downloading foreign apps that may be scams [16]. - Participation in pyramid schemes and the neglect of fund security are strongly discouraged [16]. - The belief in technological myths should be avoided, as compliance and regulation are essential [16].

20 25年11月2 8日，中国人民银行召开打击虚拟货币交易炒作工作协调机 制会议。会议强调，虚拟货币不具有与法定货币等同的法律地位，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。稳定币是虚拟货币的一种形式，目前无法有效满足客 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。 2025年11月28日，中国人民银行召开打击虚拟货币交易炒作工作协调机制会议。公安部、中央网信办、中央金融办、最高人民法院、最高人民检察院、国 家发展改革委、工业和信息化部、司法部、中国人民银行、国家市场监管总局、国家金融监管总局、中国证监会、国家外汇局有关负责同志出席会议。 会议指出，近年来各单位认真贯彻落实党中央、国务院决策部署，按照2021年中国人民银行等十部门联合发布的《关于进一步防范和处置虚拟货币交易炒 作风险的通知》要求，坚决打击虚拟货币交易炒作，整顿虚拟货币乱象，取得明显成效。近期，受多种因素影响，虚拟货币投机炒作有所抬头，相关违法 犯罪活动时有发生，风险防控面临新形势、新挑战。 会议强调，虚拟货币不具有与法定货币等同的法律地位，不 ...

Group 1 - The core viewpoint of the article emphasizes the stringent regulatory measures taken by the Chinese government regarding virtual currencies, particularly stablecoins, which are now classified alongside Bitcoin as high-risk assets [1][2][3] - A significant meeting led by the People's Bank of China involved thirteen ministries, marking a notable escalation in regulatory oversight compared to previous actions in 2021 [1] - The legal status of stablecoins has been clarified, categorizing them as virtual currencies and denying their status as legal tender, which impacts both private trading and institutional pilot programs [1][2] Group 2 - The article outlines three major risks associated with stablecoins: their use in financial crimes, facilitation of cross-border capital outflows, and potential threats to monetary sovereignty [1][2][3] - Financial crimes involving stablecoins have surged, with 47 reported cases in 2025 alone, amounting to 5.6 billion yuan, a 120% increase from the previous year [1] - Stablecoins are identified as a "grey channel" for cross-border capital movement, undermining foreign exchange controls and posing challenges to regulatory frameworks [2] Group 3 - The global market for stablecoins has reached a total market value of 255 billion USD, with 99% denominated in USD, indicating a concentration of risk among a few major players [3] - The potential for systemic risk is highlighted, particularly with Tether's significant holdings in U.S. Treasury bonds and gold, raising concerns about transparency and the risk of global financial market volatility [3] - The article warns that the dominance of stablecoins pegged to the USD could threaten monetary sovereignty in emerging markets, including China [3] Group 4 - Recent market movements, such as Hong Kong's suspension of stablecoin initiatives, reflect the regulatory tightening and its impact on the market [4][5] - The article notes that despite the central bank's assertion that it will not directly affect Hong Kong's stablecoin market, indirect impacts are anticipated due to increased compliance pressures [5][6] - The regulatory landscape is shifting, with a clear delineation that only central bank-sanctioned digital currencies will be permitted in the mainland market, effectively excluding other stablecoins [4][5] Group 5 - The article concludes that the priority is on risk prevention, with a clear policy boundary established to mitigate the risks associated with stablecoins [5][6] - Regulatory measures will focus on banning stablecoin trading and related services, enhancing monitoring of financial flows, and addressing misleading promotional practices [6] - The anticipated slowdown in Hong Kong's stablecoin market development is attributed to increased compliance costs and regulatory scrutiny, affecting capital inflows from mainland China [6]

Core Viewpoint - The recent joint meeting of 13 departments in China marks a significant escalation in the regulation of virtual currencies, particularly focusing on stablecoins as a form of illegal financial activity, indicating a shift from risk prevention to criminalization of such activities [2][3][8]. Regulatory Focus - The meeting signals a shift in regulatory focus from "mining and speculation risks" in 2021 to "cross-border capital flows and shadow dollars" in 2025 [5][6]. - Stablecoins, particularly USDT, are identified as a major gray channel for capital outflow, with USDT accounting for approximately 90% of OTC transactions in China [6][8]. Systemic Risks - S&P downgraded USDT's stability rating to "weak," citing an increase in high-risk assets from 17% to 24%, with Bitcoin comprising 5.6% of its reserves [9][10]. - USDT's circulation has approached $184 billion, creating a "shadow dollar pool" with systemic risks due to its high volatility and low collateralization [9][10]. Shadow Banking Concerns - Tether, the issuer of USDT, is becoming akin to a "shadow central bank," with significant holdings in gold and other commodities, raising concerns about its influence on global price chains [10][11]. - The increase in Tether's gold reserves, which reached approximately 116 tons, poses structural risks for countries pursuing "de-dollarization" [10][12]. Regulatory Evolution - The regulatory approach has evolved from defining virtual currencies as illegal to explicitly categorizing stablecoins as illegal financial activities, aiming to protect capital account management and monetary sovereignty [13][14]. - The regulatory logic remains consistent: virtual currencies are illegal, stablecoins fall under this category, and their cross-border and gray uses must be curtailed to pave the way for the digital yuan (e-CNY) [14][19]. Enforcement Mechanisms - The regulatory framework will involve enhanced collaboration among various government agencies to monitor and control information and capital flows, aiming to block illegal activities [20][21]. - Criminalization of stablecoin transactions may extend to charges related to money laundering and aiding cybercrime, increasing the legal risks for individuals and institutions involved [21][22]. Global Implications - The tightening of regulations in China is expected to raise compliance pressures for institutions and increase the risks associated with gray channels for individuals [22][23]. - The global landscape for stablecoins is entering a "second phase," with heightened awareness and regulatory responses to the risks posed by these financial instruments [22][23].

Core Viewpoint - The People's Bank of China has officially classified stablecoins as a form of virtual currency that poses risks related to money laundering and illegal financial activities, reinforcing its strict prohibition policy on virtual currencies [1][6][8]. Summary by Sections Regulatory Approach - China adopts a prohibition model to cut off the circulation of stablecoins, contrasting sharply with the regulatory frameworks being developed in Europe and the U.S. that aim to incorporate stablecoins into existing financial regulations [1][9][14]. - The Chinese government emphasizes the need to protect monetary sovereignty and prevent any form of private digital currency from undermining the central bank's authority [7][14]. Stablecoin Characteristics - Stablecoins are cryptocurrencies pegged to fiat currencies or other assets, designed to maintain price stability, and are often used for cross-border payments and asset preservation [3][4]. - The inherent anonymity of blockchain technology poses challenges for anti-money laundering efforts, making it difficult to trace transactions back to individuals [4][6]. Risks and Challenges - The use of stablecoins for illegal activities, such as money laundering and capital flight, has been highlighted by recent cases, including a significant illegal currency exchange operation involving stablecoins [5][6]. - The potential for stablecoins to create systemic risks, particularly in economies with strict capital controls, raises concerns about their impact on monetary policy and financial stability [4][6][14]. International Regulatory Landscape - The U.S. and EU are developing regulatory frameworks that balance innovation with consumer protection, while China maintains a strict ban on stablecoins [9][10][12]. - The U.S. has introduced the GENIUS Act, which provides a legal framework for stablecoin issuance and trading, while the EU's MiCA regulation establishes clear operational standards for stablecoin issuers [9][10]. Implications for Financial Innovation - China's prohibition model may hinder financial technology innovation and limit opportunities in cross-border payments and digital finance [14][16]. - The lack of a regulatory framework for stablecoins in China could push demand into unregulated areas, creating new risks [16][17]. Need for International Coordination - The cross-border nature of stablecoins necessitates international cooperation to effectively manage risks and prevent regulatory arbitrage [17]. - Establishing early warning and emergency response mechanisms at the international level is crucial to address potential systemic risks posed by stablecoins [17].

按照会议要求，央行表示，把防控风险作为金融工作的永恒主题，继续坚持对虚拟货币的禁止性政策， 持续打击虚拟货币相关非法金融活动。各单位要深化协同配合，完善监管政策和法律依据，聚焦信息 流、资金流等重点环节，加强信息共享，进一步提升监测能力，严厉打击违法犯罪活动，保护人民群众 财产安全，维护经济金融秩序稳定。 参会机构还包括，公安部、中央网信办、中央金融办、最高人民法院、最高人民检察院、国家发展改革 委、工业和信息化部、司法部、中国人民银行、国家市场监管总局、国家金融监管总局、中国证监会、 国家外汇局有关负责同志出席。 编辑：冯樱子 央行会议表示，按照2021年中国人民银行等十部门联合发布的《关于进一步防范和处置虚拟货币交易炒 作风险的通知》要求，坚决打击虚拟货币交易炒作，整顿虚拟货币乱象，取得明显成效。 值得注意的是，央行会议指出，近期，受多种因素影响，虚拟货币投机炒作有所抬头，相关违法犯罪活 动时有发生，风险防控面临新形势、新挑战。 央行会议强调，虚拟货币不具有与法定货币等同的法律地位，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。稳定币是虚拟货币的一种形式，目前无 ...

11月29日，中国人民银行官方发布文章《打击虚拟货币交易炒作工作协调机制会议召开》，对于虚拟货 币及稳定币进行了最新论述。 文章对稳定币进行了最新定调，"稳定币是虚拟货币的一种形式，目前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。" 如上述文章提到的，今年以来，打着稳定币旗号的集资诈骗案件频现。深圳、北京、苏州、浙江等地金 融监管机构曾一度密集发布风险提示，警惕以"稳定币"等新兴概念为噱头的非法金融活动。蚂蚁集团、 京东等公司也曾公开辟谣涉及其公司的稳定币诈骗事件。 近几个月来，关于稳定币的讨论和事件非常活跃，以下做了不完全梳理： 今年6月，多家互联网巨头及上市公司宣布将在港申请稳定币牌照。6月18日，中国人民银行行长潘功胜 在2025陆家嘴论坛上发表主题演讲，涉及稳定币的表述为： "区块链和分布式账本等新兴技术推动央行数字货币、稳定币蓬勃发展，实现了"支付即结 算"，从底层重塑传统支付体系，大幅缩短跨境支付链条，同时对金融监管也提出了巨大的 挑战。智能合约、去中心化金融等技术也将持续推动跨境支付体系的演进和发展。" 一位知名WEB 3行业律师向 ...