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].

中国人民银行网站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》。 权威专家介绍，2025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。 要点速览： 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 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 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 严格监管赴境外开展RWA代币化相关业务活动 持续整治虚拟货币"挖矿"活动 全面梳理排查并关停存量虚拟货币"挖矿"项目 严禁新增"挖矿"项目 严禁"矿机"生产企业在境内提供"矿机"销售等各类服务 《通知》明确，虚拟货币不具有与法定货币 ...

Core Viewpoint - The People's Bank of China and seven other departments issued a notification to further prevent and address risks related to virtual currencies, reiterating 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 [1][2][10]. Group 1: Virtual Currency Regulations - The notification emphasizes that virtual currencies like Bitcoin, Ethereum, and Tether are characterized by being non-fiat, utilizing encryption and distributed ledger technology, and existing in digital form, thus lacking legal tender status [2][9]. - Activities such as exchanging fiat currency for virtual currencies, trading virtual currencies, and providing intermediary services for virtual currency transactions are strictly prohibited and will be dealt with legally [2][10]. - Any investment in virtual currencies or related financial products that contravenes public order and good morals is deemed invalid, with losses borne by the investor [2][10]. Group 2: Stablecoin Regulations - The notification prohibits any entity from issuing stablecoins pegged to the Renminbi abroad without proper authorization, highlighting the risks associated with stablecoins, including lack of central bank backing and potential for illicit use [3][11]. - Stablecoins are noted to perform some functions of fiat currencies in circulation, which raises regulatory concerns [3][11]. Group 3: Real-World Asset Tokenization - The notification explicitly bans the tokenization of real-world assets (RWA) within the country, defining it as converting ownership rights into tokens using encryption and distributed ledger technology [4][12]. - Any related activities, including providing intermediary services for RWA, are prohibited unless authorized by relevant regulatory bodies [4][12]. - Strict regulations are imposed on domestic entities engaging in RWA activities abroad, requiring compliance with the principle of "same business, same risk, same rules" [5][13]. Group 4: Mining and Financial Institutions - Continuous efforts will be made to monitor and regulate virtual currency mining activities, with a focus on managing financial, intermediary, and technical service providers [6][15]. - Financial institutions are prohibited from providing services related to virtual currencies, including account opening, fund transfers, and issuing financial products linked to virtual currencies [6][15]. Group 5: Internet and Legal Responsibilities - Internet companies are barred from providing platforms for virtual currency and RWA activities, and must report any illegal activities to authorities [7][16]. - Violations of the notification will result in penalties, and criminal liability may be pursued for those knowingly assisting foreign entities in providing illegal services related to virtual currencies [7][16].