2026-02-10 00:52:27

Yinfa [2026] No. 42 Document

One sentence summary: Fully tighten regulation on virtual currencies, stablecoins, and RWA, and block offshore circumvention of regulatory loopholes.

1. Core Prohibitions

• Virtual Currencies: All domestic transactions, exchanges, wealth management, derivatives, and ICOs are strictly prohibited, along with illegal financial activities.

• Stablecoins: Issuance and use of stablecoins pegged to the RMB are not allowed.

• RWA: Principally prohibited; cannot be conducted without approval.

• Mining: Completely banned, and assisting with overseas mining is also not permitted.

• Offshore Platforms: Not allowed to provide services to domestic users, and domestic entities are also prohibited from helping with traffic or technical support.

2. No One Can Touch

Financial institutions, enterprises, and individuals are all prohibited from participating or providing any assistance.

3. Consequences

• Investors bear responsibility for losses

• Violations will be penalized, and serious cases will be prosecuted criminally

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