"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 ...

Group 1 - The core viewpoint suggests that A-shares should follow the rebound of external markets at the beginning of the week and further reduce positions [1] - The main board is recommended to maintain a medium-low position, while the small and medium-sized market segment should adopt a low position [1] - The overall market sentiment is described as balanced, with the Shanghai Composite Index and CSI 300 Index experiencing declines of -1.27% and -1.33% respectively, while the CSI 500 Index fell by -2.68% [1] Group 2 - The U.S. economic data shows increasing divergence, with the ISM manufacturing PMI unexpectedly rising to 52.6, driven by new orders, while job vacancies continue to decline [2] - Global asset prices experienced significant fluctuations, particularly in dollar-denominated assets, influenced by expectations regarding the new Federal Reserve Chairman Kevin Warsh [2] - The domestic A-share market showed relative resilience despite external pressures, with the national team refraining from large-scale sell-offs during the recent downturn [2][3] Group 3 - The main board's market focus has shifted downwards, but the overall decline was limited due to a rebound in certain consumer and value sectors [3] - The small and medium-sized market segment demonstrated unexpected resilience, suggesting a cautious approach to participation in the anticipated rebound [3] - The recommendation is to maintain a low position after the short-term rebound, while closely monitoring the potential for a second round of declines in small-cap stocks [3]

Core Viewpoint - The recent regulatory crackdown on the cryptocurrency market in China has led to significant losses for investors, with over 432,000 people liquidated and a total loss of approximately 14.4 billion yuan, highlighting the severe impact of the government's actions on the industry [1][2]. Regulatory Actions - On February 6, the People's Bank of China, along with seven other departments, issued a statement categorizing virtual currency-related activities as illegal financial activities, leading to a comprehensive ban [1][2]. - The regulatory measures include prohibiting the exchange of legal currency for virtual currencies, banning all trading activities, and halting mining operations, effectively cutting off the financial lifeline of the cryptocurrency sector [1][2][3]. - The issuance of stablecoins linked to the yuan without approval is also banned, impacting those who previously viewed stablecoins as a safe haven [3][4]. Misunderstandings about RWA - There was a misconception that Real World Assets (RWA) would be exempt from the regulations, but the policy clearly states that RWA tokenization activities are also prohibited unless they are compliant and backed by specific financial infrastructure [3][4]. - The regulatory framework aims to differentiate between legitimate financial innovation and speculative activities, emphasizing the need for compliance and proper registration [4][6]. Market Risks and Implications - The cryptocurrency market is characterized by high risks, including its use in money laundering and fraud, necessitating stringent regulatory oversight to protect investors [4][6]. - The volatility of cryptocurrencies, exemplified by Bitcoin's drop from $120,000 to below $70,000, underscores the urgency of regulatory measures to prevent further investor losses [4][6]. Future Outlook - The regulatory environment is expected to become increasingly stringent, with ongoing efforts to combat fraud and illegal activities within the cryptocurrency space [6]. - The crackdown is not aimed at stifling financial innovation but rather at rectifying the chaotic state of the cryptocurrency market to safeguard the interests of ordinary investors [6].

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].

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 ...

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 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].

新华社北京2月6日电 题：8部门"攥指成拳"强监管 合力遏制虚拟货币等风险 新华社"新华视点"记者吴雨、刘慧 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"，朋友圈看到"资产代 币化能躺着赚钱"……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"。 2月6日，中国人民银行等8部门联合发文，明确在境内虚拟货币相关业务活动属于非法金融活动，禁止 境内开展现实世界资产（RWA）代币化活动，进一步防范和处置虚拟货币等相关风险，合力保障人民 群众财产安全。 明确风险属性 监管力度只紧不松 如今，虚拟货币市场"过山车"行情已呈常态：2025年10月创出每枚超12万美元价格高点的比特币，2026 年2月已跌破每枚7万美元，部分"空气币"更是单日波动幅度超20%。这期间引发多次大规模杠杆交易爆 仓，数百亿美元在一夜间"灰飞烟灭"。 此次8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》强调：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。虚拟货币相关业务活动属于非法金融活动。在此前，中 国互联网金融协会等7家协会发布风险提示称，有关机构不得 ...

Group 1 - The nomination of Waller by Trump for the next Federal Reserve Chair has caused significant market fluctuations, leading to a sharp decline in gold and silver prices, a sell-off in Hong Kong and A-shares, and a strengthening of the US dollar [2] - The silver market has experienced extreme volatility, primarily driven by the ProShares Ultra Silver ETF's significant sell-off, which accelerated the price drop due to its daily leverage reset mechanism [2] - The Ministry of Industry and Information Technology is promoting the construction of a national computing power interconnection system to enhance the efficiency and service level of public computing resources, which is expected to benefit the related industry chain [3] Group 2 - Multiple companies are facing regulatory scrutiny for information disclosure violations, with Rongbai Technology and Yahui Long being warned and fined, indicating a tightening of market regulations to protect investor rights [3] - Kuaishou Technology has been fined for content-related issues, highlighting the regulatory push for platforms to comply with network security and information management standards [3] - Bitcoin prices have been under pressure due to macroeconomic factors and reduced capital inflow into spot Bitcoin ETFs, indicating a challenging market environment for cryptocurrencies [4] Group 3 - The State Council is focusing on policies to promote effective investment and economic stability, emphasizing the importance of innovative policies and the role of state-owned and private investments [5] - Eight departments, including the People's Bank of China, have reinforced regulations against virtual currencies, classifying related activities as illegal financial operations to mitigate financial risks [5] - The tense situation between the US and Iran is impacting market stability, with significant price fluctuations in gold and US stocks, necessitating close monitoring of geopolitical developments [5]