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 firms and IT service providers are prohibited from offering intermediary, technical, or other support for unauthorized RWA tokenization. Internet companies cannot provide online venues, business listings, marketing, advertising, or paid traffic services for VC or RWA tokenization-related activities. They must report illegal activity immediately and assist with relevant investigations. ### Regulatory Enforcement Cyberspace regulators, telecommunications supervisors, and public security departments will promptly shut down and handle websites, mobile apps (including mini-programs), and public accounts involved in these activities—acting on referrals from financial watchdogs.