Notice from Eight Departments on Preventing Risks Related to Bitcoin and Dealing with Virtual Currency Thread | What has changed about China's eight departments' "Silver Hair [2026] No. 42"? 1. This file is not a 'ban on coins again', but an upgrade strategy: From "Prohibited Transactions" → Card Entry+Card Funds+Card Spread+Card Cross border. 2. First, let's talk about what hasn't changed: Virtual currencies (BTC/ETH/USDT, etc.) do not have legal solvency. Exchange, matching, pricing intermediaries ICO、 Related financial product transactions are still classified as illegal financial activities. 3. One of the real new focuses: RWA has been officially included in the core area of strong regulation. The document defines for the first time the tokenization of Real World Assets (RWA) and specifies that RWA tokenization activities within the country are generally prohibited. 4. Only a very narrow opening was left: ✔ Approved by the competent department in accordance with the law ✔ Relying on specific financial infrastructure This means: On chain asset securitization and tokenized wealth management are no longer gray innovations, but high-risk areas. 5. The second newly added minefield: stablecoins are included in the main text. The document clearly states: Stablecoins pegged to fiat currencies indirectly fulfill the function of fiat currencies. So if we push for USDT to be equal to USDD, then future inflows and outflows will involve forex reselling, which is a very aggressive move. 6. And name the red line: No unit or individual is allowed to issue stablecoins pegged to RMB overseas. This basically blocks the narrative space of "offshore RMB stablecoins". 7. The third change is that the execution method is more aggressive and practical. Regulation no longer only focuses on "transaction behavior", but directly affects four chains: capital chain, information chain, platform entrance, and cross-border structure In the future, there will be more risk control measures for deposit and withdrawal banks, and it will be more difficult for trading platforms to attract new customers through domestic media platforms. They can only rely on people to attract new customers. 8. On the funding side: Bank+payment institution No account opening, transfer, or liquidation allowed Do not sell related products No mortgage allowed And: report any clues found. Once there is a reward system for reporting, there is a high probability that a large number of people will step on landmines 9. Entrance and dissemination end: Internet platform No display, marketing, diversion, or paid promotion shall be provided The website/APP/applet/official account can be closed according to law. Even 'names' and' advertising slogans' are subject to regulation. 10 The cross-border terms are written in great detail: ❌ Domestic entities and their controlled overseas entities are not allowed to issue currency overseas without approval ❌ RWA conducted overseas based on "domestic assets/income rights" also requires strict supervision and filing. 11 That's the question: In reality, Chinese people have been trading on Binance and OKX. Will it still be possible in the future? The answer is: Legal aspect: There is no "compliant provision of services to mainland residents" On a practical level: Leaving Chinese users, they both get cold, But being able to 'click in' ≠ controllable risk In the future, the funding chain and risk control will be more prone to problems. Once there is a conflict with the platform, if you discover that you are a mainland user, your account can be frozen. 12. Risk List for Ordinary Traders (Very Important): Stay away from: commission rebate with orders/group building/fund running points OTC large and frequent deposit and withdrawal risks have significantly increased RWA/stablecoin narrative ≠ compliance talisman The risk of being a "communicator/organizer">buying and selling on your own 13. Summary in one sentence: This document is not meant to prove that 'no one can speculate on currency', But to make—— Money is harder to make, entry is harder to do, projects are harder to cheat, and chains are easier to break through.