来源：中国人民银行
Original title: Notice of 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 State Administration of Financial Supervision, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange on further preventing and handling virtual currency and other related risks (Yinfa [2026] No. 42)

People's governments of all provinces, autonomous regions and municipalities directly under the Central Government, Xinjiang Production and Construction Corps:

 Recently, speculative activities related to the tokenization of virtual currencies and real world assets (RWA) have occurred from time to time, disrupting the economic and financial order and endangering people's property security. In order to further prevent and deal with risks related to the tokenization of virtual currencies and real-world assets, and effectively maintain national security and social stability, in accordance with the "Law of the People's Republic of China on the People's Bank of China", "Law of the People's Republic of China on Commercial Banks", "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", " The Cybersecurity Law of the People's Republic of China, the Regulations of the People's Republic of China on Renminbi Administration, the Regulations on the Prevention and Disposal of Illegal Fund-raising, the Foreign Exchange Administration Regulations of the People's Republic of China, and the Telecommunications Regulations of the People's Republic of China, etc., after reaching an agreement 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 relevant matters are hereby notified as follows:

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

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

 Virtual currency-related business activities are illegal financial activities. Carrying out domestic legal currency and virtual currency exchange business, exchange business between virtual currencies, buying and selling virtual currency as a central counterparty, providing information intermediary and pricing services for virtual currency transactions, token issuance and financing, and trading of virtual currency-related financial products and other virtual currency-related business activities, suspected of illegal sales of token tickets, unauthorized public issuance of securities, illegal securities and futures business, illegal fund-raising and other illegal financial activities are strictly prohibited and will be resolutely banned in accordance with the law. Overseas entities and individuals may not illegally provide virtual currency-related services to domestic entities in any form.

  Stablecoins linked to legal currency perform some of the functions of legal currency in disguised form during circulation and use. Without the consent of relevant departments in accordance with laws and regulations, no unit or individual at home or abroad is allowed to issue stable currencies linked to the RMB overseas.

 (2) Tokenization of real-world assets refers to the use of encryption technology, distributed ledgers or similar technologies to convert the ownership and income rights of assets into tokens (certificates) or other equity and bond certificates with token (certificate) characteristics, and conduct issuance and trading activities.

  Carrying out real-world asset tokenization activities within the country, as well as providing relevant intermediaries and information technology services, etc., which are suspected of illegal sales of token tickets, unauthorized public issuance of securities, illegal securities and futures business, illegal fund-raising and other illegal financial activities, should be prohibited; with the exception of relevant business activities carried out based on specific financial infrastructure with the consent of the competent business department in accordance with the law and regulations. Overseas entities and individuals are not allowed to illegally provide real-world asset tokenization-related services to domestic entities in any form.

  2. Improve the working mechanism

  (3) Department coordination and linkage. The People's Bank of China, in conjunction 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 Financial Supervision Administration, the China Securities Regulatory Commission, the State Administration of Foreign Exchange and other departments, has improved the working mechanism, and has strengthened coordination and joint efforts with the Central Cyberspace Affairs Commission, the Supreme People's Court, and the Supreme People's Procuratorate to coordinate and guide various regions in risk prevention and disposal of illegal financial activities related to virtual currencies.

  The China Securities Regulatory Commission, in conjunction 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 of Financial Supervision, the State Administration of Foreign Exchange and other departments, has improved the working mechanism, and strengthened coordination with the Central Cyberspace Administration, the Supreme People's Court, and the Supreme People's Procuratorate to form synergy and coordinate and guide various regions to carry out risk prevention and disposal of illegal financial activities related to real-world asset tokenization.

  (4) Strengthen territorial implementation. Provincial people's governments are responsible for the overall responsibility for the prevention and disposal of risks related to the tokenization of virtual currencies and real-world assets within their respective administrative regions. The local financial management departments will take the lead, with the participation of branches and dispatched offices of the financial management department of the State Council, as well as telecommunications authorities, public security, market supervision and other departments, and work with the cybersecurity and informatization departments, human resources departments and other departments. The People's Court and the People's Procuratorate shall work together to improve the normalized working mechanism and effectively connect with the relevant working mechanisms of central departments to form a work pattern of central and local coordination and integration of departments, actively prevent and properly handle risk issues related to the tokenization of virtual currencies and real-world assets, and maintain economic and financial order and social stability.

 3. Strengthen risk monitoring, prevention and treatment

 (5) Strengthen 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 the Internet Information and Information Technology Department continue to improve monitoring technical means and system support, strengthen cross-department data comprehensive analysis and sharing, establish and improve information sharing and cross-verification mechanisms, and timely grasp the risk situation of activities related to virtual currency and real-world asset tokenization. Provincial people's governments should give full play to the role of local monitoring and early warning mechanisms. Local financial management departments, together with branches and dispatched offices of the State Council's financial management department, as well as Internet information, public security and other departments, should effectively connect online monitoring, offline surveying, and fund monitoring to efficiently and accurately identify activities related to virtual currency and real-world asset tokenization, share risk information in a timely manner, 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) are not allowed to provide services such as account opening, fund transfer, clearing and settlement for virtual currency-related business activities, are not allowed to issue and sell virtual currency-related financial products, are not allowed to include virtual currency and related financial products in the scope of collateral, are not allowed to carry out insurance business related to virtual currency or include virtual currency in the scope of insurance liability, and strengthen risk monitoring. If any clues about violations of laws and regulations are found, they should be reported to the relevant departments in a timely manner. Financial institutions (including non-bank payment institutions) are not allowed to provide custody, clearing and settlement and other services for businesses related to the tokenization of real-world assets and related financial products without consent. Relevant intermediaries and information technology service agencies shall not provide intermediary, technical and other services for real-world asset tokenization-related businesses and related financial products without consent.

  (7) Strengthen Internet information content and access management. Internet companies are not allowed to provide online business premises, commercial displays, marketing promotions, paid diversion and other services for business activities related to virtual currencies and real-world asset tokenization. If they find clues about illegal activities, they should report them to relevant departments in a timely manner and provide technical support and assistance for relevant investigations and investigations. Based on the problem clues transferred by the financial management department, the network information and telecommunications authorities and the public security department promptly closed and disposed of websites, mobile applications (including mini programs) and public accounts that carry out business activities related to virtual currency and real-world asset tokenization in a timely manner and in accordance with the law.

 (8) Strengthen business entity registration and advertising management. Market supervision departments have strengthened the registration management of business entities. The registered names and business scopes of enterprises and individual industrial and commercial households must not contain words or content such as "virtual currency", "virtual assets", "encrypted currency", "encrypted assets", "stable currency", "real world asset tokenization", "RWA", etc. The market supervision department, together with the financial management department, will strengthen the supervision of advertisements involving virtual currencies and tokenization of real-world assets in accordance with the law, and promptly investigate and deal with relevant illegal advertisements.

  (9) Continue to rectify virtual currency “mining” activities. The National Development and Reform Commission and relevant departments strictly control virtual currency “mining” activities and continue to promote the rectification of virtual currency “mining” activities. All provincial people's governments have overall responsibility for the rectification of "mining" within their respective administrative regions, in accordance with the requirements of the National Development and Reform Commission and other departments' "Notice on Rectifying Virtual Currency "Mining" Activities" (Fagaiyun [2021] No. 1283) and the "Production and Reform Commission" The "Guidance Catalog for Industrial Structural Adjustment (2024 Edition)" stipulates that existing virtual currency "mining" projects will be comprehensively sorted out and shut down, new "mining" projects are strictly prohibited, and "mining machine" manufacturing companies are strictly prohibited 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 currencies and tokenization of real-world assets, relevant departments such as local financial management departments, branches and dispatched offices of the financial management department of the State Council promptly investigated and identified and dealt with them appropriately in accordance with the law, and seriously investigated the legal responsibilities of relevant units and individuals. Those suspected of committing crimes were transferred to judicial authorities 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 of Financial Supervision, the China Securities Regulatory Commission and other departments, as well as judicial authorities and procuratorial organs, shall strictly crack down on illegal and criminal activities related to virtual currencies and tokenization of real-world assets in accordance with the law and in accordance with the division of responsibilities, money laundering, illegal operations, pyramid schemes, illegal fund-raising, and related illegal and criminal activities carried out as gimmicks such as tokenization of virtual currencies and real-world assets.

 (12) Strengthen industry self-discipline management. Relevant industry associations should strengthen membership management and policy publicity, based on their own responsibilities, advocate and urge member units to boycott 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-regulatory management regulations. Rely on various industry infrastructures to carry out risk monitoring related to the tokenization of virtual currencies and real-world assets, and promptly transfer clues to problems to relevant departments.

 IV. Implement strict supervision on domestic entities conducting relevant business overseas

  (13) Domestic entities and the overseas entities they control shall not issue virtual currencies overseas without the consent of relevant departments in accordance with laws and regulations.

 (14) Domestic entities directly or indirectly carry out real-world asset tokenization business in the form of foreign debt overseas, or carry out asset-like securitization or equity-type real-world asset tokenization business overseas based on domestic asset ownership, income rights, etc. (hereinafter collectively referred to as domestic equity), should be strictly supervised by the National Development and Reform Commission, China Securities Regulatory Commission, State Administration of Foreign Exchange and other relevant departments in accordance with the division of responsibilities and in accordance with laws and regulations in accordance with the principle of "same business, same risks, same rules". Other forms of real-world asset tokenization business carried out overseas by domestic entities based on domestic rights and interests shall be supervised by the China Securities Regulatory Commission in conjunction with relevant departments according to the division of responsibilities. No unit or individual may carry out the above-mentioned business without the consent and filing of relevant departments.

 (15) Overseas subsidiaries and branches of domestic financial institutions that provide real-world asset tokenization-related services overseas must be prudent in accordance with the law, be equipped with professionals and systems, effectively prevent business risks, strictly implement customer access, suitability management, anti-money laundering and other requirements, and incorporate them into the compliance risk control management system of domestic financial institutions. Intermediaries and information technology service agencies that provide services for domestic entities to directly or indirectly carry out real-world asset tokenization business overseas in the form of foreign debt, or to carry out real-world asset tokenization-related business overseas based on domestic equity, must strictly abide by laws and regulations, establish and improve relevant compliance and internal control systems in accordance with relevant regulatory requirements, strengthen business and risk management and control, and report relevant business development status to relevant management departments for approval or filing.

 5. Strengthen organization and implementation

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

  (17) Carry out extensive publicity and education. All departments, regions and industry associations must make full use of various media and other communication channels to publicize the illegality, harm and manifestations of virtual currencies and real-world asset tokenization-related businesses through legal policy interpretations, typical case analysis, investment risk education, etc., fully reminding possible potential risks, and improve the public's risk prevention awareness and identification capabilities.

 6. Legal liability

 (18) Anyone who violates the provisions of this notice to carry out illegal financial activities related to the tokenization of virtual currencies and real-world assets, and provides services for businesses related to the tokenization of virtual currencies and real-world assets, shall be punished in accordance with relevant regulations; if a crime is constituted, criminal liability shall be pursued in accordance with the law. Domestic entities and individuals who knowingly or should know that overseas entities are illegally providing services related to the tokenization of virtual currencies and real-world assets within the country, but still provide assistance to them, shall be held accountable in accordance with the law; if a crime is constituted, criminal liability shall be held in accordance with the law.

 (19) If any unit or individual invests in virtual currency, real-world asset tokens and related financial products that violates public order and good customs, the relevant civil legal actions will be invalid, and the resulting losses shall be borne by the individual; those suspected of disrupting financial order and endangering financial security will be investigated and dealt with by relevant departments in accordance with the law.

 This notice shall come into effect on the date of issuance. The "Notice on Further Preventing and Dealing with Speculation Risks in Virtual Currency Transactions" (Yinfa [2021] No. 237) of ten departments including the People's Bank of China was abolished at the same time.

  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 of Financial Supervision

 China Securities Regulatory Commission

 State Administration of Foreign Exchange

 February 6, 2026