Changes in China's Virtual Currency Regulatory Policies (2013-2021) 2013-2014: Preliminary understanding 2013: Notice on Preventing Bitcoin Risks Bitcoin is classified as a 'specific virtual commodity', non legal tender, and financial institutions are not allowed to participate, reminding the public to guard against risks. 2014: ICO Standards Reiterate the attributes of virtual currency commodities, completely halt token issuance and financing, and prevent financial fraud. 2017: Strict Control Prohibition of September 4th, 2017 Prohibit ICO, withdraw issued tokens, crack down on illegal activities, and curb market overheating. 2021: Comprehensive Strike Notice for September 2021 Ten ministries and commissions jointly issued a document stating that virtual currency related businesses are illegal financial activities, blocking domestic and foreign trading speculation, and strengthening monitoring and law enforcement. Future prospects The country will continue to strengthen supervision, promote digital RMB, and ensure financial stability. Investors need to pay attention to policies, invest in compliance, and evaluate risks rationally.