According to Xinhua News Agency, on February 6, reporters learned from the People's Bank of China and the China Securities Regulatory Commission that the People's Bank of China and eight other departments jointly issued a document that clearly states that activities related to virtual currencies are considered illegal financial activities and are strictly prohibited within the country. Without the legal approval of relevant departments, no domestic or foreign entities or individuals may issue stablecoins pegged to the Renminbi abroad, and domestic entities and their controlled foreign entities are prohibited from issuing virtual currencies abroad.
Recently, there have been frequent speculative activities related to virtual currencies and the tokenization of real-world assets (RWA), disrupting the economic and financial order and endangering the property safety of the public.
In response, the People's Bank of China, 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 Financial Regulatory Bureau, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange jointly issued a notice on further preventing and addressing risks related to virtual currencies.
The notice clarifies that virtual currencies do not have legal tender status and should not and cannot be circulated as currency in the market. Activities related to virtual currencies, such as conducting exchange services between legal currencies and virtual currencies, exchanges between virtual currencies, trading virtual currencies as a central counterparty, providing information intermediary and pricing services for virtual currency transactions, token issuance financing, and trading of financial products related to virtual currencies, are suspected of being illegal financial activities and are strictly prohibited and resolutely banned by law. Foreign entities and individuals are not allowed to provide virtual currency-related services to domestic entities in any form illegally.
According to the notice, activities related to the tokenization of real-world assets conducted within the country, as well as the provision of related intermediary and information technology services, should be prohibited; this excludes activities that are conducted based on specific financial infrastructure with the approval of the competent business authorities. Foreign entities and individuals are not allowed to provide services related to the tokenization of real-world assets to domestic entities in any form illegally. Without the consent or filing with relevant departments, no entity or individual may engage in the tokenization of real-world assets abroad.
The notice emphasizes that the registered names and business scopes of enterprises and individual businesses must not contain terms or content such as "virtual currency," "virtual assets," "cryptocurrency," "crypto assets," "stablecoins," "tokenization of real-world assets," or "RWA."
The notice proposes to continue rectifying virtual currency "mining" activities. It calls for a severe crackdown on illegal activities related to virtual currencies, the tokenization of real-world assets, including fraud, money laundering, illegal operations, pyramid schemes, and illegal fundraising, as well as related illegal activities that use virtual currencies and the tokenization of real-world assets as a gimmick.
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, Financial Regulatory Bureau, China Securities Regulatory Commission, and State Administration of Foreign Exchange on Further Preventing and Addressing Risks Related to Virtual Currencies
(Document No. Yinfai [2026] 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, there have been frequent speculative activities related to virtual currencies and the tokenization of real-world assets (RWA), disrupting the economic and financial order and endangering the property safety of the public. To further prevent and address risks related to virtual currencies and the tokenization of real-world assets, and to effectively maintain 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 Preventing and Addressing Illegal Fundraising," "Foreign Exchange Administration Law of the People's Republic of China," "Telecommunications Regulations of the People's Republic of China," and other provisions, and after reaching consensus with the Central Cyberspace Administration, the Supreme People's Court, and the Supreme People's Procuratorate, and with the approval of the State Council, the following matters are hereby notified:
1. Clarify the essential attributes of virtual currencies, the tokenization of real-world assets, and related business activities
(1) Virtual currencies do not have the same legal status as legal tender. Bitcoin, Ethereum, Tether, and other virtual currencies are characterized by being issued by non-monetary authorities, using cryptographic technology and distributed ledger or similar technology, and existing in digital form. They do not have legal tender status and should not and cannot be circulated as currency in the market.
Activities related to virtual currencies are considered illegal financial activities. Conducting exchange services between legal currencies and virtual currencies, exchanges between virtual currencies, trading virtual currencies as a central counterparty, providing information intermediary and pricing services for virtual currency transactions, token issuance financing, and trading of financial products related to virtual currencies are suspected of illegal activities such as illegal issuance of token vouchers, unauthorized public issuance of securities, illegal operation of securities and futures businesses, and illegal fundraising, and are strictly prohibited and resolutely banned by law. Foreign entities and individuals are not allowed to provide virtual currency-related services to domestic entities in any form illegally.
Stablecoins pegged to legal currencies perform some functions of legal tender in circulation. Without the legal approval of relevant departments, no domestic or foreign entities or individuals may issue stablecoins pegged to the Renminbi abroad.
(2) The tokenization of real-world assets refers to the use of cryptographic technology and distributed ledger or similar technology to convert ownership rights, income rights, and other rights of assets into tokens (certificates) or other rights and bond certificates with token (certificate) characteristics, and to issue and trade them.
Conducting activities related to the tokenization of real-world assets within the country, as well as providing related intermediary and information technology services, is suspected of illegal activities such as illegal issuance of token vouchers, unauthorized public issuance of securities, illegal operation of securities and futures businesses, and illegal fundraising, and should be prohibited; this excludes activities that are conducted based on specific financial infrastructure with the approval of the competent business authorities. Foreign entities and individuals are not allowed to provide services related to the tokenization of real-world assets to domestic entities in any form illegally.
2. Improve the working mechanism
(3) Departmental collaboration and coordination. 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 Financial Regulatory Bureau, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange, will improve the working mechanism and strengthen coordination with the Central Cyberspace Administration, the Supreme People's Court, and the Supreme People's Procuratorate to form a joint effort, guiding various regions in preventing and addressing risks related to illegal financial activities involving virtual currencies.
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 Financial Regulatory Bureau, and the State Administration of Foreign Exchange, will improve the working mechanism and strengthen coordination with the Central Cyberspace Administration, the Supreme People's Court, and the Supreme People's Procuratorate to form a joint effort, guiding various regions in preventing and addressing risks related to illegal financial activities involving the tokenization of real-world assets.
(4) Strengthen local implementation. Provincial-level people's governments are responsible for the prevention and handling of risks related to virtual currencies and the tokenization of real-world assets within their administrative regions, led by local financial management departments, with participation from branches and dispatched agencies of the State Council's financial management departments, telecommunications authorities, public security, market regulation, and other departments, coordinating with cyberspace departments, people's courts, and people's procuratorates to establish a normalized working mechanism, effectively connecting with the relevant working mechanisms of central departments, forming a collaborative work pattern between central and local authorities, and actively preventing and properly handling risks related to virtual currencies and the tokenization of real-world assets, maintaining economic and financial order and social stability.
3. Strengthen risk monitoring, prevention, and handling
(5) Enhance risk monitoring. The People's Bank of China, the China Securities Regulatory Commission, the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Public Security, the State Administration of Foreign Exchange, and cyberspace departments will continuously improve monitoring technologies and system support, strengthen cross-departmental data analysis and sharing, establish and improve information sharing and cross-verification mechanisms, and timely grasp the risk situation of activities related to virtual currencies and the tokenization of real-world assets. Provincial-level people's governments should fully utilize local monitoring and early warning mechanisms, and local financial management departments, together with branches and dispatched agencies of the State Council's financial management departments, as well as cyberspace, public security, and other departments, should effectively connect online monitoring, offline investigations, and fund monitoring, efficiently and accurately identify activities related to virtual currencies and the tokenization of real-world assets, timely share risk information, and improve the rapid response mechanism for warning information transmission, verification, and handling.
(6) Strengthen the management of financial, intermediary, and technical service institutions. Financial institutions (including non-bank payment institutions) must not provide account opening, fund transfer, and clearing and settlement services for activities related to virtual currencies, must not issue and sell financial products related to virtual currencies, must not include virtual currencies and related financial products in the scope of collateral, must not engage in insurance business related to virtual currencies or include virtual currencies in the scope of insurance liability, and must strengthen risk monitoring, reporting any illegal or non-compliant issues to relevant departments in a timely manner. Financial institutions (including non-bank payment institutions) must not provide custody, clearing, and settlement services for unauthorized activities related to the tokenization of real-world assets and related financial products. Relevant intermediary institutions and information technology service institutions must not provide intermediary, technical, and other services for unauthorized activities related to the tokenization of real-world assets and related financial products.
(7) Strengthen the management of internet information content and access. Internet enterprises must not provide online operating venues, commercial displays, marketing promotions, paid traffic diversion, and other services for activities related to virtual currencies and the tokenization of real-world assets, and must report any illegal or non-compliant issues to relevant departments in a timely manner, providing technical support and assistance for related investigations and inquiries. Cyberspace, telecommunications authorities, and public security departments should promptly close and handle websites, mobile applications (including mini-programs), and public accounts engaged in activities related to virtual currencies and the tokenization of real-world assets based on clues provided by financial management departments.
(8) Strengthen the registration and advertising management of operating entities. Market regulation departments should strengthen the management of the registration of operating entities, and the registered names and business scopes of enterprises and individual businesses must not contain terms or content such as "virtual currency," "virtual assets," "cryptocurrency," "crypto assets," "stablecoins," "tokenization of real-world assets," or "RWA." Market regulation departments, together with financial management departments, should strengthen the regulation of advertisements related to virtual currencies and the tokenization of real-world assets, promptly investigating and handling related illegal advertisements.
(9) Continue to rectify virtual currency "mining" activities. The National Development and Reform Commission, together with relevant departments, will strictly control virtual currency "mining" activities and continue to promote the rectification of virtual currency "mining" activities. Provincial-level people's governments are fully responsible for the rectification of "mining" activities within their administrative regions, in accordance with the requirements of the National Development and Reform Commission and other departments' notice on rectifying virtual currency "mining" activities (Document No. Fagai Yunxing [2021] 1283) and the provisions of the "Guiding Catalogue for Industrial Structure Adjustment (2024 Edition)," comprehensively sorting out and shutting down existing virtual currency "mining" projects, prohibiting the establishment of new "mining" projects, and prohibiting "mining machine" manufacturers from providing various services such as "mining machine" sales within the country.
(10) Severely crack down on related illegal financial activities. Upon discovering clues related to illegal financial activities involving virtual currencies and the tokenization of real-world assets, local financial management departments, branches and dispatched agencies of the State Council's financial management departments, and other relevant departments should promptly investigate, identify, and properly handle the issues in accordance with the law, and seriously hold relevant units and individuals legally accountable, transferring cases suspected of criminal activity to judicial authorities for handling.
(11) Severely crack down on related illegal activities. The Ministry of Public Security, the People's Bank of China, the State Administration for Market Regulation, the Financial Regulatory Bureau, the China Securities Regulatory Commission, and other departments, as well as judicial and prosecutorial authorities, shall, according to their responsibilities, severely combat illegal activities related to virtual currencies and the tokenization of real-world assets, including fraud, money laundering, illegal operations, pyramid schemes, illegal fundraising, and other related illegal activities that use virtual currencies and the tokenization of real-world assets as a gimmick.
(12) Strengthen industry self-regulation. Relevant industry associations should enhance member management and policy promotion, advocate and urge member units to resist illegal financial activities related to virtual currencies and the tokenization of real-world assets, and impose penalties on member units that violate regulatory policies and industry self-regulation rules in accordance with relevant self-regulatory management regulations. They should conduct risk monitoring related to virtual currencies and the tokenization of real-world assets based on various industry infrastructures and promptly report issues to relevant departments.
IV. Strict supervision of domestic entities conducting related businesses abroad
(13) Without the legal approval of relevant departments, domestic entities and their controlled foreign entities are prohibited from issuing virtual currencies abroad.
(14) Domestic entities conducting real-world asset tokenization businesses abroad in the form of foreign debt, or conducting asset securitization or equity-like real-world asset tokenization businesses abroad based on domestic asset ownership, income rights, etc. (hereinafter collectively referred to as domestic rights), shall be strictly regulated by the National Development and Reform Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and other relevant departments according to their responsibilities, following the principle of "same business, same risk, same rules." For other forms of real-world asset tokenization businesses conducted abroad by domestic entities based on domestic rights, the China Securities Regulatory Commission will supervise them in conjunction with relevant departments according to their responsibilities. Without the consent or filing with relevant departments, no entity or individual may engage in the aforementioned businesses.
(15) The overseas subsidiaries and branches of domestic financial institutions providing real-world asset tokenization-related services abroad must do so cautiously and in accordance with the law, equipping themselves with professional personnel and systems to effectively prevent business risks, strictly implementing customer access, suitability management, anti-money laundering, and other requirements, and integrating these into the compliance risk management system of domestic financial institutions. Intermediary institutions and information technology service institutions providing services for domestic entities conducting real-world asset tokenization businesses abroad in the form of foreign debt, or conducting real-world asset tokenization-related businesses abroad based on domestic rights, must strictly comply with legal regulations, establish and improve relevant compliance internal control systems according to relevant normative requirements, strengthen business and risk management, and report or file the status of relevant business activities with the relevant management departments.
V. 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 currencies and the tokenization of real-world assets, strengthen organizational leadership, clarify work responsibilities, and form a long-term working mechanism of central coordination and local implementation with shared responsibility, maintaining a high-pressure stance, dynamically monitoring risks, effectively and orderly preventing and resolving risks, legally protecting the property safety of the public, and fully maintaining economic and financial order and social stability.
(17) Widely carry out publicity and education. All departments, regions, and industry associations should fully utilize various media and communication channels to promote the illegality, harmfulness, and manifestations of virtual currencies and real-world asset tokenization-related businesses through legal policy interpretation, analysis of typical cases, and investment risk education, fully alerting the public to potential risks and enhancing their risk prevention awareness and identification capabilities.
VI. Legal responsibilities
(18) Engaging in illegal financial activities related to virtual currencies and the tokenization of real-world assets in violation of the provisions of this notice, as well as providing services for virtual currencies and real-world asset tokenization-related businesses, shall be punished according to relevant regulations; if a crime is constituted, criminal responsibility shall be pursued according to the law. Domestic entities and individuals who knowingly or should have known that foreign entities are illegally providing virtual currency and real-world asset tokenization-related services to domestic entities and still assist them shall be held legally accountable; if a crime is constituted, criminal responsibility shall be pursued according to the law.
(19) Any entity or individual investing in virtual currencies, real-world asset tokens, and related financial products that violate public order and good morals shall have their relevant civil legal actions invalidated, and any resulting losses shall be borne by themselves; those suspected of disrupting financial order and endangering financial security shall be investigated and dealt with by relevant departments according to the law.
This notice shall take effect from the date of issuance. The notice from the People's Bank of China and ten other departments on further preventing and addressing the risks of virtual currency trading speculation (Document No. Yinfai [2021] 237) is hereby abolished.
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
Financial Regulatory Bureau
China Securities Regulatory Commission
State Administration of Foreign Exchange
February 6, 2026
Officials from the People's Bank of China and the China Securities Regulatory Commission answer reporters' questions regarding the "Notice on Further Preventing and Addressing Risks Related to Virtual Currencies"
Recently, the People's Bank of China, 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 Financial Regulatory Bureau, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange jointly issued the "Notice on Further Preventing and Addressing Risks Related to Virtual Currencies" (hereinafter referred to as the "Notice"). Recently, officials from the People's Bank of China and the China Securities Regulatory Commission answered reporters' questions regarding the "Notice."
1. What is the background for the issuance of the "Notice"?
In 2021, speculative activities related to virtual currency trading were rampant, disrupting the economic and financial order and endangering the property safety of the public. In accordance with the decisions and deployments of the Central Committee of the Communist Party of China and the State Council, the People's Bank of China, in conjunction with relevant departments, issued the "Notice on Further Preventing and Addressing Risks Related to Virtual Currency Trading Speculation," resolutely cracking down on virtual currency trading speculation and rectifying the chaos surrounding virtual currencies, achieving significant results.
Recently, influenced by various factors, speculative activities related to virtual currencies and the tokenization of real-world assets have occurred from time to time, posing new challenges and situations for risk prevention and control. To further improve regulatory policies, prevent and address risks related to virtual currencies and the tokenization of real-world assets, and effectively maintain national security and social stability, the People's Bank of China, 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 Financial Regulatory Bureau, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange, along with the Central Cyberspace Administration, the Supreme People's Court, and the Supreme People's Procuratorate, revised the original document based on the summary of previous work experiences and the new risk situation, forming the "Notice."
2. How does the "Notice" characterize virtual currencies, the tokenization of real-world assets, and related business activities?
Regarding virtual currencies, there has long been a prohibitive policy stance on virtual currency-related business activities within the country. In 2013, the People's Bank of China and five other departments jointly issued the "Notice on Preventing Bitcoin Risks," clearly stating that Bitcoin is a specific virtual commodity and cannot and should not be circulated as currency in the market. The "Notice on Further Preventing and Addressing Risks Related to Virtual Currency Trading Speculation" issued in 2021 further clarified that Bitcoin, Ethereum, and stablecoins such as Tether do not have the same legal status as legal tender, and engaging in virtual currency-related business activities within the country is considered illegal financial activity and is strictly prohibited. The "Notice" continues the policy stance of recent years, reiterating that virtual currencies do not have the same legal status as legal tender, and engaging in virtual currency-related business activities within the country is illegal financial activity, with foreign entities and individuals prohibited from providing virtual currency-related services to domestic entities in any form illegally.
Regarding the tokenization of real-world assets, this area has developed rapidly in recent years, with relevant countries and regions strengthening regulation through various means such as enhancing legislation and improving rules. The "Notice" clarifies that the tokenization of real-world assets mainly refers to the use of cryptographic technology and distributed ledger or similar technology to convert ownership rights, income rights, and other rights of assets into tokens (certificates) or other rights and bond certificates with token (certificate) characteristics, and to issue and trade them. The "Notice" emphasizes that conducting activities related to the tokenization of real-world assets within the country, as well as providing related intermediary and information technology services, is suspected of illegal activities such as illegal issuance of token vouchers, unauthorized public issuance of securities, illegal operation of securities and futures businesses, and illegal fundraising, and should be prohibited; this excludes activities that are conducted based on specific financial infrastructure with the approval of the competent business authorities. Foreign entities and individuals are prohibited from providing real-world asset tokenization-related services to domestic entities in any form illegally.
3. What regulatory requirements does the "Notice" impose on virtual currencies?
First, virtual currencies currently cannot effectively meet customer identity verification, anti-money laundering, and other requirements, posing risks of being used for illegal activities such as money laundering, fundraising fraud, and illegal cross-border fund transfers. The "Notice" clearly states that virtual currencies are subject to a prohibitive policy within the country, and related business activities are considered illegal financial activities and are strictly prohibited and resolutely banned by law.
Second, virtual currencies rely on blockchain technology, supporting peer-to-peer transactions, which break through the physical concept of "national borders," making related risks easily transmissible across borders. International financial organizations and central banks generally hold a cautious attitude towards this. To effectively prevent risks, the "Notice" explicitly states that without the legal approval of relevant departments, domestic entities and their controlled foreign entities are prohibited from issuing virtual currencies abroad.
Third, stablecoins pegged to legal currencies perform some functions of legal tender in circulation, which concerns monetary sovereignty. The "Notice" emphasizes that without the legal approval of relevant departments, no domestic or foreign entities or individuals may issue stablecoins pegged to the Renminbi abroad.
4. What requirements does the "Notice" propose for domestic entities conducting real-world asset tokenization-related businesses abroad?
First, strict supervision of related business activities conducted abroad. According to the regulatory principle of "same business, same risk, same rules," domestic entities conducting real-world asset tokenization businesses abroad in the form of foreign debt, or conducting asset securitization or equity-like real-world asset tokenization businesses abroad based on domestic asset ownership, income rights, etc. (hereinafter collectively referred to as domestic rights), shall be strictly regulated by the National Development and Reform Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and other relevant departments according to their responsibilities. For other forms of real-world asset tokenization businesses conducted abroad by domestic entities based on domestic rights, the China Securities Regulatory Commission will supervise them in conjunction with relevant departments according to their responsibilities. Without the consent or filing with relevant departments, no entity or individual may engage in the aforementioned businesses.
Second, strengthen the management of financial, intermediary, and information technology service institutions. The overseas subsidiaries and branches of domestic financial institutions providing real-world asset tokenization-related services abroad must be integrated into the compliance risk management system of domestic financial institutions and strictly implement customer access, suitability management, anti-money laundering, and other requirements. Additionally, intermediary institutions and information technology service institutions providing services for domestic entities conducting real-world asset tokenization businesses abroad in the form of foreign debt, or conducting real-world asset tokenization-related businesses abroad based on domestic rights, must establish and improve relevant compliance internal control systems, strengthen business and risk management, and report or file the status of relevant business activities according to relevant requirements.
5. What specific work measures does the "Notice" propose?
First, form a collaborative work pattern between central and local authorities. At the central department level, the People's Bank of China and the China Securities Regulatory Commission, in conjunction with relevant departments, will improve the working mechanism for preventing and addressing risks related to virtual currencies and the tokenization of real-world assets; at the local level, provincial-level people's governments will be responsible for the prevention and handling of risks related to virtual currencies and the tokenization of real-world assets within their administrative regions, led by local financial management departments, establishing a normalized working mechanism and effectively connecting with the relevant working mechanisms of central departments to strengthen local implementation.
Second, strengthen risk prevention and handling. Gather cross-departmental regulatory efforts, implementing comprehensive measures from risk monitoring, fund flow and information flow governance, market entity registration and advertising management, rectifying virtual currency "mining," cracking down on illegal activities, and strictly regulating domestic entities' outbound business activities. Relevant industry associations should strengthen industry self-regulation, building a robust risk defense line from multiple dimensions and perspectives.
Third, strengthen organizational implementation. Enhance organizational leadership and overall coordination, clarify the work responsibilities of various departments and regions, and form a long-term working mechanism of central coordination and local implementation with shared responsibility, effectively and orderly preventing and addressing risks related to virtual currencies and the tokenization of real-world assets. At the same time, widely carry out publicity and education, with various departments, regions, and industry associations using legal policy interpretation, analysis of typical cases, and investment risk education to fully alert the public to potential risks associated with virtual currencies and the tokenization of real-world assets, enhancing public risk prevention awareness and identification capabilities.
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