China Securities Regulatory Commission: Strictly Regulate the Domestic Asset Overseas Issuance of Asset-Backed Securities Tokens in Accordance with the Law
**February 6 — The China Securities Regulatory Commission (CSRC) has issued the *Regulatory Guidance on Overseas Issuance of Asset-Backed Securities Tokens by Domestic Assets*.**
### Key Requirements
- The CSRC will strictly regulate overseas token issuance by domestic assets in accordance with laws and regulations.
- **Domestic entities controlling the underlying assets must file with the CSRC before launching such business**, submitting:
- A filing report
- A complete set of overseas issuance materials
- Other required documents
- Filers must fully disclose:
- Domestic filing entity details
- Underlying asset information
- Token issuance plans
### Obligations
The filing entity, its controlling shareholders, actual controllers, directors, supervisors, senior managers, and relevant intermediaries must ensure all submitted materials are **true, accurate, and complete** — with no false records, misleading statements, or material omissions.
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The People's Bank of China and Eight Other Departments: Financial Institutions and Internet Companies Shall Not Provide Services for Virtual Currency and RWA Tokenization Businesses
On February 6, eight Chinese government departments—including the People’s Bank of China (PBOC)—released a notice outlining stricter measures to prevent and address risks tied to virtual currencies (VCs) and unauthorized tokenization of real-world assets (RWAs).
### Key Prohibitions for Financial Institutions
Financial institutions (including non-bank payment providers) are barred from:
- Offering account opening, fund transfers, clearing, or settlement services for VC-related activities;
- Issuing or selling VC-linked financial products;
- Accepting VCs or related products as collateral;
- Engaging in VC-related insurance business (or including VCs in insurance coverage).
These firms must strengthen risk monitoring and promptly report illegal activity to relevant authorities. They also cannot provide custody, clearing, or settlement services for unauthorized RWA tokenization and associated products.
### Rules for Intermediaries & Internet Companies
Intermediary fi
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People's Bank of China and Eight Other Departments: After discovering clues to illegal financial activities related to virtual currency and the securitization of RWA tokens, the relevant departments conducted timely investigations, determinations, and proper disposal in accordance with the law.
**February 6 Notice: Chinese Regulators Target Virtual Currency, Real-World Asset Tokenization Risks**
On February 6, the People’s Bank of China (PBOC) and eight other departments released a notice focused on further preventing and addressing risks linked to virtual currencies and real-world asset tokenization. The document emphasizes a strict crackdown on related illegal financial activities.
Local financial regulators, branches of State Council financial oversight bodies, dispatched agencies, and other relevant departments must promptly investigate and confirm clues of illegal activity tied to these areas. They are required to take appropriate action, hold relevant entities and individuals legally accountable, and refer those suspected of criminal conduct to judicial authorities for further handling.
Additionally, the Ministry of Public Security, PBOC, State Administration for Market Regulation (SAMR), China Banking and Insurance Regulatory Commission (CBIRC), China Securiti
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The People's Bank of China and Eight Other Departments: Virtual currency does not have the same legal status as fiat currency; related activities are considered illegal financial activities
On February 6, the People’s Bank of China (PBOC) and eight other government departments issued a notice outlining new measures to further prevent and address risks tied to virtual currencies.
The notice clarifies key points:
- Virtual currencies—including Bitcoin, Ethereum, and Tether—**lack legal tender status equivalent to fiat currency**. Characterized by non-governmental issuance, encryption technology/distributed ledger use, and digital form, they cannot circulate as legal currency in the market.
- All virtual currency-related activities are classified as **illegal financial activities**.
- Strictly prohibited in China are:
- Exchanging RMB for virtual currencies or facilitating virtual currency trades
- Acting as a central counterparty for virtual currency transactions
- Providing information intermediary or pricing services for virtual currency trades
- Token issuance financing
- Trading virtual currency-linked financial products
These actions ar
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People's Bank of China and Eight Other Departments: Continue to Rectify Virtual Currency Mining Activities
On February 6, the People’s Bank of China (PBOC) and eight other government departments issued a notice to further prevent and address virtual currency-related risks, with a focus on the ongoing crackdown on virtual currency mining.
The National Development and Reform Commission (NDRC), alongside relevant agencies, is strictly regulating virtual currency mining activities and continuing to push for their rectification.
Provincial governments bear full responsibility for cleaning up mining operations within their jurisdictions. Per requirements from the NDRC and other departments in the 2021 *Notice on Rectifying Virtual Currency Mining Activities* (Development and Reform Operation [2021] No. 1283) and provisions in the 2024 *Industrial Structure Adjustment Guidance Catalog*, they must:
- Conduct a comprehensive review, investigation, and closure of existing virtual currency mining projects;
- Strictly prohibit new mining projects;
- Ban domestic mining machine manufacturers
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