On February 6, 2026, the People's Bank of China and seven other departments jointly issued the "Notice on Further Preventing and Disposing of Risks Related to Virtual Currencies and Other Activities," which comprehensively upgraded regulatory measures. The focus is on blocking "going overseas to bypass regulation" and loopholes in stablecoin issuance, strictly prohibiting illegal activities related to RWA tokenization, and cracking down on virtual currency illegal financial activities across the entire chain.

**1. Core Prohibitions and Definitions**

- Reaffirm that virtual currencies do not have the status of legal tender, and related activities are considered illegal financial activities. All such activities are strictly prohibited and must be resolutely shut down within the country.

- Strictly prohibit the exchange of legal currency and virtual currency, coin-to-coin trading, trading intermediary services and pricing, token issuance and financing, and transactions of related financial products within the country.

- Overseas entities are not allowed to provide virtual currency-related services to the domestic market in any form.

**2. New Key Restrictions (Regulatory Upgrades)**

1. **Ban on "Issuing Coins Overseas"**: Without approval, domestic entities and controlled overseas entities are not permitted to issue virtual currencies abroad, effectively blocking "going overseas to bypass regulation."

2. **Ban on "Cross-border issuance of RMB stablecoins"**: Without approval, no domestic or foreign organization or individual is allowed to issue stablecoins pegged to RMB abroad, to safeguard monetary sovereignty.

3. **Ban on RWA Tokenization Violations**: Conducting tokenization of real-world assets (RWA) and related intermediary or technical services within the country is prohibited unless approved lawfully and based on specific financial infrastructure.

4. **Platform and Business Regulation**: Internet companies are forbidden from providing venues, publicity, traffic guidance, or related services for virtual currencies or RWA tokenization; the names and scope of business registration of market entities must not contain related sensitive terms.

**3. Focus on Rectification and Enforcement**

- **Crack down on "mining"**: Fully shut down existing mining projects, and strictly prohibit new "mining" activities and the sale of mining equipment.

- **Whole-chain governance**: Strengthen risk monitoring, intermediary supervision, information and advertising management, and entity registration review; severely crack down on illegal activities such as money laundering, fundraising scams, and cross-border fund transfers.

- **Collaborative Mechanism**: Improve the working pattern of central and local coordination and integrated management to form a unified regulatory effort.