Notice from the People's Bank of China, National Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Public Security, State Administration for Market Regulation, State Administration for Financial Regulation, China Securities Regulatory Commission, and State Administration of Foreign Exchange on Further Preventing and Dealing with Risks Related to Virtual Currency
Silver Hair [2026] No. 42

To the people's governments of all provinces, autonomous regions, and municipalities directly under the central government, and the Xinjiang Production and Construction Corps:

Recently, speculative and hype activities related to virtual currencies and tokenization of real-world assets (RWA) have occurred from time to time, disrupting economic and financial order and endangering the property safety of the people. To further prevent and handle risks related to virtual currencies and tokenization of real-world assets, and to effectively safeguard national security and social stability, in accordance with the "People's Bank of China Law of the People's Republic of China", "Commercial Bank Law of the People's Republic of China", "Securities Law of the People's Republic of China", "Securities Investment Fund Law of the People's Republic of China", "Futures and Derivatives Law of the People's Republic of China", "Cybersecurity Law of the People's Republic of China", "Regulations on the Administration of the Renminbi of the People's Republic of China", "Regulations on the Prevention and Disposal of Illegal Fundraising", "Foreign Exchange Administration Regulations of the People's Republic of China", "Telecommunications Regulations of the People's Republic of China", and other relevant laws and regulations, after reaching consensus with the Central Cyberspace Affairs Commission Office, the Supreme People's Court, and the Supreme People's Procuratorate, and with the approval of the State Council, the following notice is hereby issued:

I. Clarify the essential attributes of virtual currencies, tokenization of real-world assets, and related business activities 

(1) Virtual currencies do not have the same legal status as legal tender. Virtual currencies such as Bitcoin, Ether, and Tether have the main characteristics of not being issued by monetary authorities, using encryption technology and distributed ledgers or similar technologies, and existing in digital form. They do not have legal tender status and should not and cannot be used as currency in the market. 

Business activities related to virtual currencies are illegal financial activities. Conducting business activities such as exchanging legal tender for virtual currencies, exchanging virtual currencies among themselves, acting as a central counterparty to buy and sell virtual currencies, providing information intermediary and pricing services for virtual currency transactions, token issuance financing, and trading virtual currency-related financial products within the territory of China is suspected of illegal issuance of token tickets, unauthorized public offering of securities, illegal operation of securities and futures business, and illegal fundraising, and all are strictly prohibited and resolutely banned by law. No entity or individual from abroad may provide virtual currency-related services to domestic entities in any form illegally. 

Stablecoins pegged to legal tender perform some of the functions of legal tender in circulation and use. Without the approval of relevant departments in accordance with laws and regulations, no domestic or foreign entity or individual may issue stablecoins pegged to the RMB overseas.

The core regulatory tone for RWA: a complete ban within the country and strict cross-border penetration management

（2） Real world asset tokenization refers to the activity of using encryption technology and distributed ledger or similar technologies to convert ownership, income rights, etc. of assets into tokens (tokens) or other equity and bond certificates with token (token) characteristics, and to issue and trade them.

Engaging in real-world asset tokenization activities within the country, as well as providing intermediary and information technology services, suspected of illegal issuance of token tickets, unauthorized public issuance of securities, illegal operation of securities and futures business, illegal fundraising and other illegal financial activities, should be prohibited; Except for relevant business activities carried out relying on specific financial infrastructure with the consent of the competent department in accordance with laws and regulations. Overseas units and individuals are not allowed to illegally provide real-world asset tokenization related services to domestic entities in any form.

2、 Establish a sound working mechanism

（3） Departmental collaboration and linkage. The People's Bank of China, together with the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Public Security, the State Administration for Market Regulation, the State Administration for Financial Regulation, the China Securities Regulatory Commission, the State Administration of Foreign Exchange and other departments, has improved its working mechanism, and has strengthened coordination and formed a joint force with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate to coordinate and guide the risk prevention and disposal of illegal financial activities related to virtual currencies in various regions.

The China Securities Regulatory Commission, together with the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Public Security, the People's Bank of China, the State Administration for Market Regulation, the State Administration for Financial Regulation, the State Administration of Foreign Exchange and other departments, has improved its working mechanism, and strengthened coordination and formed a joint force with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate to coordinate and guide the risk prevention and disposal of illegal financial activities related to real-world asset tokenization in various regions.

（4） Strengthen territorial implementation. Provincial governments are responsible for overall risk prevention and disposal related to virtual currency and real-world asset tokenization within their respective administrative regions. Local financial management departments take the lead, with the participation of branch and dispatched institutions of the State Council's financial management department, as well as departments such as telecommunications, public security, and market supervision. They work in coordination with the Internet department, people's courts, and people's procuratorates to improve the normalization of work mechanisms and effectively connect with relevant work mechanisms of central departments, forming a work pattern of central local coordination and integration of departments, actively preventing and properly handling risks related to virtual currency and real-world asset tokenization, and maintaining economic and financial order and social stability.

3、 Strengthen risk monitoring, prevention, and disposal

（5） Strengthen risk monitoring. The People's Bank of China, China Securities Regulatory Commission, National Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Public Security, State Administration of Foreign Exchange, and Cyberspace Administration continue to improve monitoring technology and system support, strengthen cross departmental data comprehensive analysis and sharing, establish and improve information sharing and cross validation mechanisms, and timely grasp the risk situation of virtual currency and real-world asset tokenization related activities. Provincial governments at all levels should fully leverage the role of local monitoring and early warning mechanisms. Local financial management departments, in conjunction with branches and dispatched agencies of the State Council's financial management department, as well as departments such as cyberspace and public security, should effectively connect online monitoring, offline investigation, and fund monitoring, efficiently and accurately identify activities related to virtual currencies and real-world asset tokenization, timely share risk information, and improve the rapid response mechanism for early warning information transmission, verification, and disposal.

（6） Strengthen the management of financial, intermediary, technology and other service institutions. Financial institutions (including non bank payment institutions) shall not provide services such as account opening, fund transfer, and clearing settlement for virtual currency related business activities, shall not issue and sell virtual currency related financial products, shall not include virtual currency and related financial products in the scope of collateral, shall not engage in insurance business related to virtual currency or include virtual currency in the scope of insurance liability, and shall strengthen risk monitoring. Any clues of illegal or irregular issues shall be reported to relevant departments in a timely manner. Financial institutions (including non bank payment institutions) shall not provide custody, clearing and settlement services for real-world asset tokenization related businesses and related financial products without consent. Intermediary agencies and information technology service agencies are not allowed to provide intermediary, technical, or other services for real-world asset tokenization related businesses and related financial products without consent.

（7） Strengthen Internet information content and access management. Internet enterprises are not allowed to provide online business sites, business exhibitions, marketing publicity, payment diversion and other services for virtual currency and real world asset token related business activities. When finding clues to violations, they should report to relevant departments in a timely manner, and provide technical support and assistance for relevant investigations and investigations. According to the problem clues transferred by the financial management department, the cyberspace and telecommunications authorities, as well as the public security departments, shall promptly close and dispose of websites, mobile applications (including mini programs), and public accounts that carry out virtual currency and real-world asset tokenization related business activities in accordance with the law.

（8） Strengthen the registration of business entities and advertising management. The market supervision department shall strengthen the registration and management of business entities. The registered names and business scope of enterprises and individual businesses shall not contain words or content such as "virtual currency", "virtual assets", "cryptocurrency", "encrypted assets", "stablecoins", "real-world asset tokenization", "RWA", etc. The market supervision department, together with the financial management department, shall strengthen the supervision of advertisements related to virtual currency and real-world asset tokenization in accordance with the law, and promptly investigate and deal with relevant illegal advertisements.

（9） Continuously rectify the "mining" activities of virtual currencies. The National Development and Reform Commission, together with relevant departments, strictly controls virtual currency "mining" activities and continues to promote the rectification of virtual currency "mining" activities. Provincial governments are responsible for the overall rectification of "mining" activities within their administrative regions. In accordance with the requirements of the "Notice on Rectifying Virtual Currency" Mining "Activities" (NDRC [2021] No. 1283) issued by the National Development and Reform Commission and other departments, as well as the "Guiding Catalogue for Industrial Structure Adjustment (2024 edition)", they will comprehensively sort out, investigate and shut down existing virtual currency "mining" projects, strictly prohibit the addition of "mining" projects, and prohibit "mining machine" production enterprises from providing various services such as "mining machine" sales within the country.

（10） Strictly crack down on related illegal financial activities. After discovering clues about illegal financial activities related to virtual currency and real-world asset tokenization, local financial management departments, branches and dispatched agencies of the State Council's financial management departments, and other relevant departments shall investigate, identify, and properly handle them in a timely manner in accordance with the law, and seriously investigate the legal responsibilities of relevant units and individuals. Those suspected of crimes shall be transferred to judicial organs for handling in accordance with the law.

（11） Strictly crack down on related illegal and criminal activities. The Ministry of Public Security, the People's Bank of China, the State Administration for Market Regulation, the State Administration for Financial Regulation, the China Securities Regulatory Commission, and other departments, as well as judicial and prosecutorial organs, shall strictly crack down on illegal and criminal activities related to virtual currency and real-world asset tokenization, such as fraud, money laundering, illegal operation, distribution, and illegal fundraising, as well as related illegal and criminal activities carried out with virtual currency and real-world asset tokenization as gimmicks in accordance with their respective responsibilities and laws.

（12） Strengthen industry self-discipline management. Relevant industry associations should strengthen member management and policy promotion, based on their own responsibilities, advocate and urge member units to resist illegal financial activities related to virtual currency and real-world asset tokenization, and punish member units that violate regulatory policies and industry self-discipline rules in accordance with relevant self-discipline management regulations. Based on various industry infrastructure, carry out risk monitoring related to virtual currency and real-world asset tokenization, and promptly transfer problem clues to relevant departments.

4、 Strictly supervise domestic entities conducting related business overseas

（13） Without the consent of relevant departments in accordance with laws and regulations, domestic entities and their controlled overseas entities are not allowed to issue virtual currencies overseas.

（14） Domestic entities that directly or indirectly engage in real world asset tokenization business in the form of foreign debt overseas, or engage in asset securitization and real world asset tokenization business with equity nature based on domestic asset ownership, income rights, etc. (hereinafter referred to as domestic equity) overseas, should be strictly supervised by relevant departments such as the National Development and Reform Commission, China Securities Regulatory Commission, and State Administration of Foreign Exchange in accordance with the principle of "same business, same risk, same rules" according to their respective responsibilities and in accordance with laws and regulations. For other forms of real-world asset tokenization businesses conducted by domestic entities based on domestic rights and interests overseas, the China Securities Regulatory Commission, in conjunction with relevant departments, shall supervise them according to their respective responsibilities. Without the consent and filing of relevant departments, no unit or individual may engage in the above-mentioned business.

（15） Overseas subsidiaries and branches of domestic financial institutions providing real-world asset tokenization related services overseas must be legally stable and cautious, equipped with professional personnel and systems, effectively prevent business risks, strictly implement customer access, suitability management, anti money laundering and other requirements, and be included in the compliance risk management system of domestic financial institutions. Intermediary institutions and information technology service providers who directly or indirectly engage in real world asset tokenization business in the form of foreign debt for domestic entities, or provide services for real world asset tokenization related business based on domestic equity overseas, shall strictly comply with laws and regulations, establish and improve relevant compliance and internal control systems in accordance with relevant regulatory requirements, strengthen business and risk control, and report the relevant business development to relevant management departments for approval or filing.

5、 Strengthen organizational implementation

（16） Strengthen organizational leadership and overall coordination. All departments and regions should attach great importance to the risk prevention work related to virtual currency and real-world asset tokenization, strengthen organizational leadership, clarify work responsibilities, form a long-term working mechanism of central coordination, local implementation, and joint responsibility, maintain a high-pressure situation, dynamically monitor risks, effectively prevent and resolve risks in an orderly manner, protect the property safety of the people in accordance with the law, and make every effort to maintain economic and financial order and social stability.

（17） Widely carry out publicity and education. All departments, regions, and industry associations should make full use of various media and communication channels to promote the illegality, harmfulness, and manifestations of virtual currency and real-world asset tokenization related businesses through legal policy interpretation, typical case analysis, investment risk education, and other methods. They should fully alert potential risks and improve public awareness and identification ability of risk prevention.

6、 Legal responsibility

（18） Those who violate the provisions of this notice by engaging in illegal financial activities related to virtual currency and real-world asset tokenization, as well as providing services for virtual currency and real-world asset tokenization related businesses, shall be punished in accordance with relevant regulations; Those who commit crimes shall be held criminally responsible in accordance with the law. For domestic units and individuals who knowingly or should have known that overseas entities illegally provide virtual currency and real-world asset tokenization related services to China, and still provide assistance to them, relevant responsibilities shall be pursued in accordance with the law; Those who commit crimes shall be held criminally responsible in accordance with the law.

（19） Any unit or individual who invests in virtual currencies, real-world asset tokens, and related financial products that violate public order and good customs shall have their relevant civil legal acts invalid, and shall bear the losses incurred by themselves; Those suspected of disrupting financial order and endangering financial security shall be investigated and dealt with by relevant departments in accordance with the law.

This notice shall come into effect from the date of publication. The Notice on Further Preventing and Dealing with the Risks of Virtual Currency Trading Speculation (Yinfa [2021] No. 237) issued by the People's Bank of China and ten other departments is hereby abolished.

People's Bank of China

National Development and Reform Commission

Ministry of Industry and Information Technology

Ministry of Public Security

the State Administration for Market Regulation

State Administration for Financial Regulation

China Securities Regulatory Commission (CSRC)

State Administration of Foreign Exchange

February 6, 2026