People's Bank of China and the China Securities Regulatory Commission: This notice emphasizes that conducting RWA asset securitization without permission is illegal activity and continues the policy stance on virtual currencies from recent years.

On February 6, the heads of the People’s Bank of China and the China Securities Regulatory Commission stated that the background for the release of the “Notice on Further Preventing and Disposing of Risks Related to Virtual Currencies and Other Activities” (hereinafter referred to as the “Notice”) is: based on the summary of previous work experiences, combined with new risk situations, the original document has been revised to form the “Notice.” In addition, this notice continues the policy stance of recent years, reaffirming that virtual currencies do not have the same legal status as fiat money. Conducting virtual currency-related business activities within the territory is considered illegal financial activity, and overseas entities and individuals are prohibited from providing virtual currency-related services to domestic entities in any form.

Regarding the rapid development of real-world asset tokenization in recent years, the “Notice” emphasizes that engaging in real-world asset tokenization activities within the territory, as well as providing related intermediary, information technology services, etc.,涉嫌非法发售代币票券、擅自公开发行证券、非法经营证券期货业务、非法集资等非法金融活动，应予以禁止；经业务主管部门依法依规同意，依托特定金融基础设施开展的相关业务活动除外。Overseas entities and individuals are prohibited from providing related services for real-world asset tokenization to domestic entities in any form.