On the evening of February 6, multiple regulatory departments officially issued the "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 Dealing with Risks Related to Virtual Currencies and Other Related Issues (Yin Fa [2026] No. 42)."
This is the formal regulatory document released after the meeting of multiple ministries on November 28, 2025, to coordinate efforts to combat virtual currency trading speculation. This notice will take effect from the date of publication and will also repeal the "Notice on Further Preventing and Dealing with Risks of Virtual Currency Trading Speculation" issued by the People's Bank of China and nine other departments in 2021.
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, 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 people. In order to further prevent and deal with 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 Renminbi of the People's Republic of China," "Regulations on Preventing and Dealing with Illegal Fundraising," "Foreign Exchange Administration Law of the People's Republic of China," "Telecommunications Regulations of the People's Republic of China," and other relevant 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:
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. Virtual currencies such as Bitcoin, Ethereum, and Tether have the main characteristics of being issued by non-monetary authorities, using encryption technology and distributed ledger or similar technology, and existing in digital form. They do not have legal tender status and should not and cannot circulate as currency in the market.
Activities related to virtual currencies are considered illegal financial activities. Engaging in the exchange of legal tender for virtual currencies, exchanges between virtual currencies, buying and selling virtual currencies as a central counterparty, providing information intermediary and pricing services for virtual currency trading, token issuance financing, and trading of financial products related to virtual currencies are all strictly prohibited and will be resolutely banned by law. Foreign entities and individuals are not allowed to illegally provide virtual currency-related services to domestic entities in any form.
Stablecoins pegged to legal tender have, in effect, fulfilled some functions of legal tender in circulation. Without the legal consent 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 encryption technology and distributed ledger or similar technology to convert ownership, income rights, and other rights of assets into tokens (certificates) or other rights and bond certificates with token (certificate) characteristics, and to engage in issuance and trading activities.
Engaging in the tokenization of real-world assets within the territory, as well as providing related intermediary and information technology services, is suspected of illegal activities such as illegal issuance of token certificates, unauthorized public issuance of securities, illegal operation of securities and futures businesses, and illegal fundraising, and should be prohibited; except for related business activities conducted with the legal consent of the competent business authorities based on specific financial infrastructure. Foreign entities and individuals are not allowed to illegally provide services related to the tokenization of real-world assets to domestic entities in any form.
Improve the working mechanism.
(3) Departmental collaboration and coordination. The People's Bank of China, in conjunction with the 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, 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 all regions to carry out risk prevention and handling of illegal financial activities related to virtual currencies.
The China Securities Regulatory Commission, together with the National Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Public Security, People's Bank of China, State Administration for Market Regulation, Financial Regulatory Bureau, and 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 all regions to carry out risk prevention and handling of illegal financial activities related to the tokenization of real-world assets.
(4) Strengthen local implementation. Provincial-level people's governments are responsible for the risk prevention and handling of virtual currencies and the tokenization of real-world assets within their administrative regions, specifically 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 working pattern between central and local authorities, actively preventing and properly handling risks related to virtual currencies and the tokenization of real-world assets, and maintaining economic and financial order and social stability.
Strengthen risk monitoring, prevention, and handling.
(5) Enhance 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 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, in conjunction 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 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 business venues, commercial displays, marketing promotions, paid traffic diversion, and other services for activities related to virtual currencies and the tokenization of real-world assets. Any discovered illegal or non-compliant issues should be reported to relevant departments in a timely manner, and technical support and assistance should be provided for related investigations and inquiries. Cyberspace, telecommunications authorities, and public security departments should promptly close and deal with 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 the clues provided by financial management departments.
(8) Strengthen the registration and advertising management of business entities. Market regulation departments should strengthen the registration management of business entities. 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," "stablecoin," "tokenization of real-world assets," "RWA," etc. Market regulation departments, in conjunction with financial management departments, should strengthen the regulation of advertisements related to virtual currencies and the tokenization of real-world assets, promptly investigating and dealing with related illegal advertisements.
(9) Continuously rectify virtual currency "mining" activities. The National Development and Reform Commission, in conjunction 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" (Fa Gai Yun [2021] No. 1283) and the provisions of the "Guidance Catalog for Industrial Structure Adjustment (2024 Edition)," comprehensively sorting out and shutting down existing virtual currency "mining" projects, strictly prohibiting the establishment of new "mining" projects, and prohibiting "mining machine" manufacturers from providing various services such as "mining machine" sales within the territory.
(10) Severely crack down on related illegal financial activities. Upon discovering clues related to illegal financial activities concerning 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 pursue the legal responsibilities of relevant units and individuals, transferring cases suspected of criminal activity to judicial authorities for handling.
(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 Financial Regulatory Bureau, the China Securities Regulatory Commission, and other departments, as well as judicial and prosecutorial authorities, should severely crack down on illegal and criminal activities related to virtual currencies, the tokenization of real-world assets, such as fraud, money laundering, illegal operations, pyramid schemes, illegal fundraising, and other illegal activities, as well as related illegal and criminal activities conducted under the guise of virtual currencies and the tokenization of real-world assets.
(12) Strengthen industry self-regulation. Relevant industry associations should strengthen member management and policy promotion, based on their responsibilities, 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 provisions. Conduct risk monitoring related to virtual currencies and the tokenization of real-world assets based on various industry infrastructures, and timely transfer problem clues to relevant departments.
Implement strict regulation on domestic entities conducting related businesses abroad.
(13) Without the legal consent of relevant departments, domestic entities and their controlled foreign entities must not issue virtual currencies abroad.
(14) Domestic entities engaging directly or indirectly in the tokenization of real-world assets abroad in the form of foreign debt, or conducting asset securitization-like tokenization of real-world assets based on domestic asset ownership, income rights, etc. (hereinafter collectively referred to as domestic rights), should be strictly regulated by the National Development and Reform Commission, China Securities Regulatory Commission, State Administration of Foreign Exchange, and other relevant departments according to the principle of "same business, same risk, same rules." For other forms of tokenization of real-world assets conducted abroad based on domestic rights, the China Securities Regulatory Commission will regulate them in conjunction with relevant departments according to their responsibilities. No unit or individual may engage in the aforementioned businesses without the consent or filing of relevant departments.
(15) The overseas subsidiaries and branches of domestic financial institutions providing services related to the tokenization of real-world assets abroad must do so in a legally prudent manner, equipped with professional personnel and systems, effectively preventing business risks, strictly implementing customer access, suitability management, anti-money laundering, and other requirements, and integrating them into the compliance risk management system of domestic financial institutions. Intermediary institutions and information technology service institutions providing services for domestic entities engaging directly or indirectly in the tokenization of real-world assets abroad, or conducting related businesses based on domestic rights, must strictly comply with legal regulations, establish and improve relevant compliance internal control systems according to relevant normative requirements, and strengthen business and risk management, reporting the status of relevant business activities to relevant management departments for approval or filing.
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 characterized by central coordination, local implementation, and shared responsibility. Maintain a high-pressure stance, dynamically monitor risks, effectively and orderly prevent and resolve risks, and legally protect the property safety of the people, while 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 the tokenization of real-world assets 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.
Legal Responsibility
(18) Those who violate the provisions of this notice by engaging in illegal financial activities related to virtual currencies and the tokenization of real-world assets, as well as those providing services for virtual currencies and related businesses, shall be punished in accordance with relevant regulations; if a crime is constituted, criminal responsibility shall be pursued according to law. Domestic units and individuals who knowingly or should have known that foreign entities are illegally providing services related to virtual currencies and the tokenization of real-world assets within the territory, and still provide assistance to them, shall be held legally responsible; if a crime is constituted, criminal responsibility shall be pursued according to law.
(19) Any unit or individual investing in virtual currencies, tokens of real-world assets, and related financial products, in violation of public order and good customs, shall have their relevant civil legal actions deemed invalid, 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 in accordance with the law.
This notice shall take effect from the date of publication. The "Notice from the People's Bank of China and nine other departments on Further Preventing and Dealing with Risks of Virtual Currency Trading Speculation" (Yin Fa [2021] No. 237) is hereby repealed.
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
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