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Real-time News
Bank of England Chief Economist Peel: We need to continue to focus on the "last mile".On February 6th, the Peoples Bank of China and eight other departments issued a notice on further preventing and handling risks related to virtual currencies. The notice states that real-world asset tokenization refers to the activity of using encryption technology and distributed ledger or similar technologies to convert the ownership and income rights of assets into tokens or other rights or bond certificates with token characteristics, and then issuing and trading them. Conducting real-world asset tokenization activities within China, as well as providing related intermediary and information technology services, which are suspected of illegal token issuance, unauthorized public offering of securities, illegal operation of securities and futures businesses, illegal fundraising, and other illegal financial activities, should be prohibited; exceptions are made for related business activities conducted based on specific financial infrastructure with the approval of the competent authorities in accordance with laws and regulations. Foreign entities and individuals are prohibited from illegally providing real-world asset tokenization-related services to domestic entities in any form.On February 6th, eight departments, including the Peoples Bank of China, issued a notice on further preventing and handling risks related to virtual currencies. The notice states that strict supervision will be implemented for domestic entities conducting related business overseas. Without the consent of relevant departments in accordance with laws and regulations, domestic entities and their controlled overseas entities are prohibited from issuing virtual currencies overseas. Domestic entities directly or indirectly conducting real-world asset tokenization business in the form of foreign debt overseas, or conducting asset securitization or equity-based 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, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and other relevant departments according to their respective responsibilities, following the principle of "same business, same risk, same rules." Overseas subsidiaries and branches of domestic financial institutions providing real-world asset tokenization services overseas should act prudently and legally, equip themselves with professional personnel and systems, effectively prevent business risks, strictly implement customer access, suitability management, anti-money laundering requirements, and incorporate them into the compliance and risk control management system of domestic financial institutions.On February 6th, eight departments, including the Peoples Bank of China, issued a notice on further preventing and handling risks related to virtual currencies. The notice mentioned the continued crackdown on virtual currency mining activities. The National Development and Reform Commission, together with relevant departments, will strictly control virtual currency mining activities and continue to promote the rectification of such activities. Provincial-level peoples governments are fully responsible for the rectification of mining activities within their respective administrative regions. In accordance with the requirements of the "Notice on Rectifying Virtual Currency Mining Activities" (NDRC Operation [2021] No. 1283) issued by the National Development and Reform Commission and other departments, and the provisions of the "Guidance Catalogue for Industrial Structure Adjustment (2024 Edition)," they will comprehensively review, investigate, and shut down existing virtual currency mining projects, strictly prohibit new mining projects, and strictly prohibit mining machine manufacturers from providing mining machine sales and other services within the country.On February 6th, the Peoples Bank of China and eight other departments issued a notice (Yinfa [2026] No. 42) on further preventing and handling risks related to virtual currencies. The notice clarifies the essential nature of virtual currencies, the tokenization of real-world assets, and related business activities. Virtual currencies do not have the same legal status as fiat currency. Bitcoin, Ethereum, Tether, and other virtual currencies are characterized by being issued by non-monetary authorities, using encryption technology and distributed ledgers or similar technologies, and existing in digital form. They lack legal tender status and should not and cannot be used as currency in the market.
