On the evening of February 6, multiple regulatory authorities officially issued the "Notice of 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, National Financial Regulatory Administration, China Securities Regulatory Commission, State Administration of Foreign Exchange on Further Preventing and Disposing Risks Related to Virtual Currency, etc. (Yin Fa [2026] No. 42)".
This is the formal regulatory document released after the multi-ministry coordination mechanism meeting on cracking down on virtual currency trading speculation held on November 28, 2025. This Notice shall be implemented from the date of issuance. Simultaneously, the 2021 Notice of The People's Bank of China and other ten departments "On Further Preventing and Disposing the Risks of Virtual Currency Trading Speculation" is repealed.
The full text of the Notice is as follows:
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 activities related to virtual currency and real-world asset (RWA) tokenization have occurred from time to time, disrupting economic and financial order and endangering the property safety of the people. To further prevent and dispose risks related to virtual currency and real-world asset tokenization, and to effectively safeguard national security and social stability, in accordance with the provisions of the "Law of the People's Republic of China on the People's Bank 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 of the People's Republic of China on the Management of Renminbi", "Regulations on Preventing and Disposing Illegal Fundraising", "Regulations of the People's Republic of China on Foreign Exchange Management", "Telecommunications Regulations of the People's Republic of China", and other regulations, and after reaching consensus with the Office of the Central Cyberspace Affairs Commission, the Supreme People's Court, and the Supreme People's Procuratorate, and with the consent of the State Council, the relevant matters are hereby notified as follows:
I. Clarify the Essential Attributes of Virtual Currency, Real-World Asset Tokenization, and Related Business Activities
(1) Virtual currency does not have equal legal status with legal tender. Virtual currencies such as Bitcoin, Ethereum, and Tether have main characteristics such as being issued by non-monetary authorities, using encryption technology and distributed ledger or similar technology, and existing in digital form. They are not legal tender and should not and cannot be used as currency in market circulation.
Business activities related to virtual currency are illegal financial activities. The following virtual currency-related business activities conducted within the territory: exchange business between legal tender and virtual currency, exchange business between virtual currencies, acting as a central counterparty to buy and sell virtual currency, providing information intermediary and pricing services for virtual currency transactions, token issuance financing, and trading of virtual currency-related financial products, etc., are suspected of illegal financial activities such as illegal issuance of token tickets, unauthorized public issuance of securities, illegal operation of securities and futures business, and illegal fundraising. All such activities are strictly prohibited and resolutely banned according to law. Overseas entities and individuals shall not provide virtual currency-related services to domestic entities in any illegal form.
Stablecoins pegged to legal tender de facto perform part of the functions of legal tender in circulation and use. Without the lawful and regulatory approval of relevant departments, any domestic or foreign entity or individual shall not issue RMB-pegged stablecoins overseas.
(2) Real-world asset tokenization refers to the activity of using encryption technology and distributed ledger or similar technology to convert asset ownership, income rights, etc., into tokens or other equity or debt instruments with token characteristics, and to issue and trade them.
Conducting real-world asset tokenization activities within the territory, as well as providing related intermediary and information technology services, etc., is suspected of illegal financial activities such as illegal issuance of token tickets, unauthorized public issuance of securities, illegal operation of securities and futures business, and illegal fundraising, and shall be prohibited; except for related business activities carried out relying on specific financial infrastructure with the lawful and regulatory approval of the competent business authorities. Overseas entities and individuals shall not provide real-world asset tokenization-related services to domestic entities in any illegal form.
II. Improve the Working Mechanism
(3) Departmental Coordination 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 National Financial Regulatory Administration, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and other departments, shall improve the working mechanism, and strengthen coordination with the Office of the Central Cyberspace Affairs Commission, the Supreme People's Court, and the Supreme People's Procuratorate to form a joint force, and provide overall guidance to all regions in carrying out risk prevention and disposal work for illegal financial activities related to virtual currency.
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 National Financial Regulatory Administration, the State Administration of Foreign Exchange, and other departments, shall improve the working mechanism, and strengthen coordination with the Office of the Central Cyberspace Affairs Commission, the Supreme People's Court, and the Supreme People's Procuratorate to form a joint force, and provide overall guidance to all regions in carrying out risk prevention and disposal work for illegal financial activities related to real-world asset tokenization.
(4) Strengthen Local Implementation. The provincial-level people's governments shall be overall responsible for the risk prevention and disposal work related to virtual currency and real-world asset tokenization within their respective administrative regions. This shall be specifically led by local financial regulatory authorities, with the participation of branch offices and dispatched agencies of the State Council's financial regulatory departments, as well as telecommunications authorities, public security, market regulation, and other departments, in linkage and cooperation with cyberspace authorities, people's courts, and people's procuratorates. A normalized working mechanism shall be improved, effectively connecting with the relevant working mechanisms of central departments, forming a working pattern of central-local coordination and combination of vertical and horizontal efforts. This is to actively prevent and properly handle risk issues related to virtual currency and real-world asset tokenization, and to maintain economic and financial order and social stability.
III. 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 authorities shall continuously improve monitoring technical means and system support, strengthen comprehensive cross-departmental data analysis and sharing, establish and improve information sharing and cross-verification mechanisms, and promptly grasp the risk situation of activities related to virtual currency and real-world asset tokenization. Provincial-level people's governments shall give full play to the role of local monitoring and early warning mechanisms. Local financial regulatory authorities, together with branch offices and dispatched agencies of the State Council's financial regulatory departments, as well as cyberspace, public security, and other departments, shall ensure effective connection between online monitoring, offline investigation, and fund monitoring, 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 the transmission, verification, and disposal of early warning information.
(6) Strengthen the Management of Financial, Intermediary, Technical and Other Service Institutions. Financial institutions (including non-bank payment institutions) shall not provide account opening, fund transfer, and clearing and settlement services for virtual currency-related business activities, shall not issue or sell virtual currency-related financial products, shall not include virtual currency and related financial products in the scope of collateral, shall not carry out insurance business related to virtual currency or include virtual currency in the scope of insurance liability, and shall strengthen risk monitoring. If clues of illegal and违规 problems are discovered, they shall be reported to relevant departments in a timely manner. Financial institutions (including non-bank payment institutions) shall not provide custody, clearing and settlement and other services for real-world asset tokenization-related business and related financial products that have not been approved. Relevant intermediary institutions and information technology service institutions shall not provide intermediary, technical and other services for real-world asset tokenization-related business and related financial products that have not been approved.
(7) Strengthen the Management of Internet Information Content and Access. Internet companies shall not provide online business场所, commercial display, marketing promotion, paid traffic diversion and other services for virtual currency and real-world asset tokenization-related business activities. If clues of illegal and违规 problems are discovered, they shall be reported to relevant departments in a timely manner, and technical support and assistance shall be provided for related investigations and侦查 work. Cyberspace, telecommunications authorities, and public security departments shall, based on the problem clues transferred by financial regulatory authorities, 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 according to law.
(8) Strengthen Business Entity Registration and Advertising Management. Market regulatory departments shall strengthen the management of business entity registration. The registered names and business scope of enterprises and individual businesses shall not contain words or content such as "virtual currency", "virtual asset", "cryptocurrency", "crypto asset", "stablecoin", "real-world asset tokenization", "RWA", etc. Market regulatory departments, together with financial regulatory departments, shall strengthen the supervision of advertisements involving virtual currency and real-world asset tokenization according to law, and promptly investigate and deal with related illegal advertisements.
(9) Continue to Rectify Virtual Currency "Mining" Activities. The National Development and Reform Commission, together with relevant departments, shall strictly control virtual currency "mining" activities and continue to promote the rectification work of virtual currency "mining" activities. Provincial-level people's governments are fully responsible for the "mining" rectification work 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" (Fa Gai Yun Xing [2021] No. 1283) and the provisions of the "Catalogue for Guiding Industrial Restructuring (2024 Edition)", they shall comprehensively sort out, investigate, and shut down existing virtual currency "mining" projects, strictly prohibit new "mining" projects, and strictly prohibit "mining machine" production enterprises from providing "mining machine" sales and other various services within the territory.
(10) Severely Crack Down on Related Illegal Financial Activities. After discovering clues of problems related to illegal financial activities involving virtual currency and real-world asset tokenization, local financial regulatory authorities, branch offices and dispatched agencies of the State Council's financial regulatory departments, and other relevant departments shall investigate,认定, and properly dispose of them according to law, and seriously pursue the legal responsibility of relevant units and individuals. Those suspected of crimes shall be transferred to judicial organs according to law.
(11) Severely 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 National Financial Regulatory Administration, the China Securities Regulatory Commission, and other departments, as well as judicial organs and procuratorial organs, shall, according to their职责分工, severely crack down on illegal and criminal activities related to virtual currency and real-world asset tokenization, such as fraud, money laundering, illegal business operations, pyramid schemes, illegal fundraising, etc., as well as illegal and criminal activities carried out under the guise of virtual currency, real-world asset tokenization, etc.
(12) Strengthen Industry Self-Discipline Management. Relevant industry associations shall strengthen member management and policy宣传, base themselves on their own职责定位, 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. Rely on various industry infrastructures to carry out risk monitoring related to virtual currency and real-world asset tokenization, and transfer problem clues to relevant departments in a timely manner.
IV. Implement Strict Supervision on Domestic Entities Going Overseas to Carry Out Related Business
(13) Without the lawful and regulatory approval of relevant departments, domestic entities and their controlled overseas entities shall not issue virtual currency overseas.
(14) Domestic entities directly or indirectly going overseas to carry out real-world asset tokenization business in the form of external debt, or carrying out asset securitization-like real-world asset tokenization business with equity nature overseas based on domestic asset ownership, income rights, etc. (hereinafter collectively referred to as domestic rights and interests), shall be strictly supervised according to law and regulations 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职责分工, following the principle of "same business, same risk, same rules". For other forms of real-world asset tokenization business carried out overseas by domestic entities based on domestic rights and interests, they shall be supervised by the China Securities Regulatory Commission together with relevant departments according to their职责分工. Without the approval, filing, etc., of relevant departments, no unit or individual shall carry out the above businesses.
(15) Overseas subsidiaries and branches of domestic financial institutions shall provide real-world asset tokenization-related services overseas legally and prudently, equipped with professional personnel and systems, effectively prevent business risks, strictly implement customer准入, suitability management, anti-money laundering and other requirements, and incorporate them into the compliance and risk control management system of the domestic financial institution. Intermediary institutions and information technology service institutions that provide services for domestic entities directly or indirectly going overseas to carry out real-world asset tokenization business in the form of external debt, or real-world asset tokenization-related business based on domestic rights and interests, shall strictly comply with laws and regulations, establish and improve relevant compliance internal control systems in accordance with relevant normative requirements, strengthen business and risk management, and submit the business development情况 to relevant management departments for approval or filing.
V. Strengthen Organization and Implementation
(16) Strengthen Organizational Leadership and Overall Coordination. All departments and regions shall 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 with central overall planning, local implementation, and shared responsibility, maintain a high-pressure situation, dynamically monitor risks, prevent and resolve risks powerfully, orderly, and effectively, protect the property safety of the people according to law, and fully maintain economic and financial order and social stability.
(17) Carry Out Extensive Publicity and Education. All departments, regions, and industry associations shall make full use of various media and other communication channels, through legal policy interpretation, typical case analysis, investment risk education, etc., to publicize the illegality, harmfulness, and manifestations of virtual currency and real-world asset tokenization-related businesses, fully提示 potential risks and hidden dangers, and improve the public's risk awareness and identification ability.
VI. Legal Liability
(18) Those who violate the provisions of this Notice to carry out illegal financial activities related to virtual currency and real-world asset tokenization, and those who provide services for virtual currency and real-world asset tokenization-related businesses, shall be punished in accordance with relevant regulations; if a crime is constituted, criminal responsibility shall be investigated according to law. For domestic units and individuals who, or should have, known that overseas entities illegally provide virtual currency and real-world asset tokenization-related services to the domestic territory but still provide assistance to them, relevant responsibility shall be investigated according to law; if a crime is constituted, criminal responsibility shall be investigated according to law.
(19) Any unit or individual investing in virtual currency, real-world asset tokens, and related financial products, if it violates public order and good customs, the relevant civil legal acts are invalid, and the losses caused thereby shall be borne by themselves; if it is suspected of disrupting financial order or endangering financial security, it shall be investigated and dealt with by relevant departments according to law.
This Notice shall be implemented from the date of issuance. The Notice of The People's Bank of China and other ten departments "On Further Preventing and Disposing the Risks of Virtual Currency Trading Speculation" (Yin Fa [2021] No. 237) is simultaneously repealed.
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
National Financial Regulatory Administration
China Securities Regulatory Commission
State Administration of Foreign Exchange
February 6, 2026
