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Is Moltbook Really a Step Forward, Coinbase's Face-off with Wall Street, What's the Overseas Crypto Community Talking About Today?
Publication Date: February 2, 2025
Author: BlockBeats Editorial Team
Over the past 24 hours, the crypto market has exhibited structural changes across multiple dimensions. The mainstream discourse has focused on the convergence of prediction markets with DeFi and AI oracles. Meanwhile, top exchanges and fund flows have continued to influence market sentiment. In terms of ecosystem development, Solana has advanced application integration through Jupiter with Polymarket, Ethereum has embarked on new experiments around agentic DeFi and privacy tools, and the Perp DEX sector has seen accelerated competition driven by projects like Hyperliquid and Lighter.
I. Mainstream Discourse
1. Coinbase's Positive Clash with Wall Street
The Wall Street Journal published an article describing Coinbase CEO Brian Armstrong as the "top enemy of Wall Street." The report recounted his fierce clashes with traditional bank executives, including JPMorgan CEO Jamie Dimon, during the World Economic Forum in Davos. The core of the controversy lies in the stalled progress of the crypto-friendly Clarity Act and the banking sector's strong concerns over interest-bearing stablecoins leading to capital outflows.
Dimon privately accused Armstrong of "talking nonsense," to which Armstrong responded by alleging that traditional banks were using lobbying to impede competition, damaging consumer choice and market vibrancy. The article pointed out that this conflict has become a microcosm of the power play between the crypto industry and the traditional financial system.
Stripe CEO Patrick Collison commented that Armstrong's stance was not based on short-term business interests but an attempt to promote a more competitive financial market structure.
The overall sentiment in the crypto community is mostly positive, with Armstrong being widely seen as a "symbol of Wall Street opposition," popularizing the phrase, "If Wall Street hates you, you're doing something right." Many opinions emphasize the structural impact of the crypto system on traditional bank deposits and payment systems, but there are also concerns that further tightening stablecoin regulations could put short-term liquidity under pressure.
Overall, the community views this event as a crucial moment in the institutionalization of the crypto industry, although a few question whether Coinbase is gradually evolving into "just another bank."
2. CZ's Remarks Spark Community Doubt Again
Binance founder CZ (Changpeng Zhao) posted on Binance Square stating that due to ongoing FUD in the community regarding his "1011" incident, the "supercycle has been called off." This statement has been widely interpreted as emotional or even retaliatory, sparking a new round of controversy.
Later, CZ clarified that his original intention was that geopolitical uncertainty and a decrease in market risk appetite are not conducive to the formation of a supercycle, but the related discussion did not die down. Some edited clips circulated in the community, reinforcing the perception that "he still has an impact on the market."
Negative sentiment prevails. Many users described the remarks as "like a parent punishing a child" and called for reducing reliance on centralized exchanges and individual authority, turning to more transparent trading platforms (such as Hyperliquid). Some views depicted CZ as a "manipulator still influencing market expectations," emphasizing the systemic risk of centralized platforms; while a few supporters believed that the market's interpretation of him was exaggerated. The overall consensus tends to reduce the reliance on a single individual's narrative and return to decentralized principles.
3. Epstein Documents Involve Controversy Among Bitcoin Developers
The latest exposure of Epstein-related documents shows that there were discussions via email in 2015-2016: Israeli-related forces might influence Bitcoin core developers through funding to modify the code or block transactions. The documents also involve Epstein's interactions with MIT and discussions on Bitcoin governance structure.
One 2016 Armstrong email mentioned promoting a 2MB hard fork to avoid "early idealists" obstructing the scaling process; another Epstein email expressed concerns about "pump and dump ethical issues," seemingly involving Coinbase investment.
The timing of this disclosure coincides highly with the political maneuvering of the Clarity Act, attracting additional attention.
Bitcoin minimalists are generally shocked, concerned about whether there has been potential intervention in the code or governance in history; however, many voices consider it a conspiracy theory or targeted FUD, calling for a return to a long-term view. The discussion further extends to Bitcoin governance vulnerabilities, large institutional influence, and other issues. The overall tone still emphasizes Bitcoin's censorship resistance and decentralized resilience, interspersed with some dark humor (such as "Epstein unwilling to pump coin").
4. Vitalik Explores a New Design Path for Creator Tokens
Ethereum founder Vitalik Buterin has proposed a new concept for creator tokens: a non-speculative DAO; through member selection and scale limitations, to prevent monopolization by high-status users; tokens used for predicting and screening potential high-quality creators, rather than purely financial incentives.
Vitalik criticized existing projects (such as Zora) for being easily dominated by a few and used the success of Substack as an example to illustrate that high-quality content incentives do not equate to token speculation.
Overall feedback is mostly positive. Many views believe that this approach is more restrained than the current creator economy model and is closer to the intrinsic value creation of content itself. Some discussions focus on the implementation aspects, such as DAO scale control, and integration with platforms like Substack; a few questioned the governance complexity, but overall, they believe that the proposal provides a new design direction for the content economy.
5. DeepMind AGI Policy Lead's Assessment of Moltbook
DeepMind's AGI Policy Lead, Séb Krier, assessed Moltbook as not a new concept, closer to existing experiments like the Infinite Backrooms. He emphasized that risk research in multi-agent systems is of practical significance, should incorporate more of an economic and game theory perspective, build positive-sum coordination mechanisms, rather than create panic-inducing narratives.
Discussions were polarized: some viewed Moltbook as just old concepts repackaged, with the real focus being AI risk governance; while others saw it as a social experiment in AI, discussing emergent behavior within it (such as spontaneous language). The overall discussion was lively, but rationality prevailed.
6. Columbia University Professor's Empirical Analysis of Moltbook
Columbia University Professor David Holtz released a draft analysis of Moltbook, noting:
The system has a large number of agents (6000+), but limited interaction depth;
93.5% of comments went unanswered, with dialogue levels not exceeding 5 layers;
It is more like "robotic soliloquy" rather than a true social structure.
Related code and tools have been open-sourced for real-time data analysis.
Most viewpoints agree that "true emergence has not yet occurred," viewing Moltbook as an early experiment rather than an AGI signal; there is also discussion comparing it to human social data to analyze the technical reasons for AI interaction constraints. Overall feedback is mostly positive, believing that this type of empirical research helps temper overheated narratives.
7. Balaji's Strong Critique of Moltbook
Balaji Srinivasan bluntly stated that Moltbook is just "AI slop's back-and-forth," highly controlled by human cues, not a self-governing society. He believes that if AI lacks constraints and grounding in the physical world, it could be shut down at any time, making it difficult to achieve genuine social autonomy.
The controversy was intense. One side supports Balaji's assessment, seeing this as an engineering demo rather than AGI; while the other side believes that even under constrained conditions, system-level interactions have shown potential value and can serve as a "laboratory" for studying AI socialization.
Discussions focus on AI autonomy, controllability, and risk boundaries, with high ongoing intensity.
II. Mainstream Ecosystem Dynamics
1. Solana
Jupiter Integrates Polymarket
Jupiter Exchange has announced the integration of Polymarket into the Solana ecosystem, achieving a native integration of prediction markets through the Jupiter platform. Users can execute trades in a single interface without the need for cross-chain transactions or additional hops, emphasizing a "seamless experience." Polymarket has since confirmed the collaboration, highlighting the synergy between its liquidity aggregation capability and Solana's high-performance network.
Relevant screenshots indicate that Polymarket's Super Bowl 2026 Champion prediction market is now live: the Seattle Seahawks currently have a winning probability of around 39%, with a total trading volume of 8.84 billion USD and a settlement date of February 8, 2026.
The community reaction has been highly positive, with many users describing it as "Huge / Yuuuuuuge" and joking that they can finally farm Polymarket on Jupiter or directly put their wages into it. Some discussions have focused on the importance of low friction and near-zero fees, believing that this will significantly increase participation in prediction markets; there have also been a few voices concerned about integration details and risk control mechanisms. The overall sentiment is optimistic, viewing this as a key step for Solana in the prediction market space.
2. Ethereum
DeFi, ERC-8004, x402, and AI Agent Integration
binji, a member of the Ethereum Foundation, has proposed a "Native Agent Credit Network" concept: combining DeFi (on-chain credit and liquidity), ERC-8004 (portable reputation mechanism), x402 (outcome-based lending execution), and AI agents.
In this framework, AI agents use "reputation" as collateral to access computing resources or funds from DeFi lending pools without human intervention, thereby forming a sustainable agent-based economic system. This solution emphasizes Ethereum as a neutral infrastructure that supports "non-human borrowers" and avoids the re-centralization of computing power and credit.
The overall feedback has been extremely positive, with many seeing it as one of the largest potential opportunities at the intersection of FinTech and AI, often mentioning similar explorations like $TIBBIR.
Discussions have expanded to agent credit risks, reputation decay mechanisms, and liquidation logic, and some users have shared related experiments such as Masumi Network and Credshields. A few doubts have focused on scalability and governance complexity, but the general consensus is that it is "worth entering the experimental phase as soon as possible."
Ethereum Member Deposits Funds to The DAO via Tornado Cash
The DAO member pcaversaccio deposited 69,420 ETH to the Ethereum Beacon deposit contract via a Tornado Cash address, emphasizing the privacy and security features of this transaction.
This action has rendered the related future withdrawals and allocations on-chain as "tainted" in a positive context, seen as a real-world use case for Tornado Cash's legitimate purpose. Previously, a 1 ETH test was conducted, with activation of a validator expected approximately 70 days later.
Privacy advocates widely supported this move, with the community rallying behind the slogan "Long Live Tornado Cash," considering it a direct rebuttal to the single narrative of "only used for illicit activities." Jokes about the amount being a "nice number (69,420)" were abundant, and there were technical discussions suggesting future expansion to a 32 ETH pool. The overall sentiment was positive, highlighting the legitimacy of privacy tools in the Ethereum ecosystem.
MegaETH Mainnet to Launch on February 9
MegaETH announced that its mainnet will launch on February 9, along with the simultaneous release of the first batch of ecosystem projects, including:
Consumer and Gamified DeFi: Euphoria, Hit.one
DeFi: Kumbaya Launchpad, Brix Money (carry trade)
Gaming: Showdown (Poker + TCG), TopStrike (Soccer Trading)
GambolFi: OffshoreOnMega
Upcoming: Rocket (Prediction Markets), HelloTrade (Equity-like Perps)
The project emphasized the diversity of the ecosystem direction and its positioning as "real-time blockchain."
The community acknowledged the breadth of the ecosystem, with projects like Ubitel (DePIN) and Hit.one Beta receiving significant attention; users also mentioned NFT projects (such as WCNetizens, 404bunnies). Discussions focused on the potential of gaming and AI agent economies (like Mirra), with an overall optimistic sentiment, although some rational voices cautioned thorough research before participation.
3.Perp DEX
Suspected Multicoin Purchase of ~$40M in HYPE
On-chain monitoring indicates that a suspected Multicoin Capital-related address acquired 1.355M HYPE tokens in the past week, totaling approximately $40.8M.
The related transactions were tracked via Hypurrscan, sparking speculation in the market about whether Multicoin is increasing its exposure to the Hyperliquid ecosystem.
Community reactions have been polarized: some mocked it as a "pussy amount" or Kyle Samani's "emotional surrender," cautioning about a potential top signal; while others saw it as a positive signal of heavyweight capital entering. The controversy still revolves around the authenticity of wallet ownership and investment motives.
Lighter Launches LighterEVM
Lighter.xyz has introduced LighterEVM, an Ethereum-based L2 solution utilizing custom ZK circuits to achieve low-cost, low-latency transactions, with a focus on optimizing write latency and exploring synchronous execution schemes, targeting digital asset trading infrastructure. The token ticker is LIT.
Technically inclined users acknowledge its potential in composability and atomic execution; however, some are wary of EVM forks and "scam farming."
The overall sentiment is cautiously optimistic, with a general consensus that ongoing observation of actual performance and potential insider behavior is needed.
Hyperliquid Launches Unified Margin Account
Hyperliquid has rolled out a unified account under Portfolio Margin mode:
Stablecoins can be directly used for Perps and Spot trading without manual transfers.
Currently in the pre-alpha stage with a $1,000 limit, it will support HIP-3 cross-margin in the future.
Users widely regard it as a "game changer," believing it significantly enhances the trading experience and reduces operational friction.
Some discussions focus on the limit and deployment pace, but overall, this is seen as a significant enhancement to Hyperliquid's competitiveness.
HIP-3 + Prediction Market Perps
Outcome deployed HIP-3-based prediction market perpetuals on Hyperliquid, settling in USDT, starting from a 500,000 HYPE self-collateralization.
Supporting real-world and digital asset predictions, up to 10x leverage, and collaborating with USDT0 and Luganodes for collateralization, targeting real traders and launching the ANYTHING/USDT market.
The market has responded positively to the "Prediction Market Perps," seeing it as a key part of the prediction market supercycle.
Discussions have focused on self-custody commitments and potential profit structures, with a few holding a wait-and-see stance on long-term viability.
4. Others
Circle CEO Advocates for Agentic DeFi
Circle CEO Jeremy Allaire publicly promotes the concept of agentic DeFi:
Clawnch: AI agents leverage USDC + Morpho lending to acquire funds instead of selling tokens;
Purch.xyz: Agents use USDC to directly purchase Amazon goods.
The core narrative is to build an agent-run economy based on public infrastructure and custom oracles, without the need for VC.
While the innovation is recognized, concerns about security and risk management have significantly increased. Some users warn that "vibe-coded slop" could trigger liquidation risks. Others compare it to Treasure DAO's Halo Finance, highlighting low liquidity issues. The overall sentiment is polarized: some are optimistic about the potential of agent-human collaboration, while others call for a return to "Ethereum itself" and risk assessment.
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China's Central Bank and Eight Other Departments' Latest Regulatory Focus: Key Attention to RWA Tokenized Asset Risk
Foreword: Today, the People's Bank of China's website published the "Notice of the People's Bank of China, National Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Public Security, State Administration for Market Regulation, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission, State Administration of Foreign Exchange on Further Preventing and Dealing with Risks Related to Virtual Currency and Others (Yinfa [2026] No. 42)", the latest regulatory requirements from the eight departments including the central bank, which are basically consistent with the regulatory requirements of recent years. The main focus of the regulation is on speculative activities such as virtual currency trading, exchanges, ICOs, overseas platform services, and this time, regulatory oversight of RWA has been added, explicitly prohibiting RWA tokenization, stablecoins (especially those pegged to the RMB). The following is the full text:
To the people's governments of all provinces, autonomous regions, and municipalities directly under the Central Government, the Xinjiang Production and Construction Corps:
Recently, there have been speculative activities related to virtual currency and Real-World Assets (RWA) tokenization, disrupting the economic and financial order and jeopardizing the property security of the people. In order to further prevent and address the risks related to virtual currency and Real-World Assets tokenization, effectively safeguard national security and social stability, in accordance with the "Law of the People's Republic of China on the People's Bank of China," "Law of the People's Republic of China on Commercial Banks," "Securities Law of the People's Republic of China," "Law of the People's Republic of China on Securities Investment Funds," "Law of the People's Republic of China on Futures and Derivatives," "Cybersecurity Law of the People's Republic of China," "Regulations of the People's Republic of China on the Administration of Renminbi," "Regulations on Prevention and Disposal of Illegal Fundraising," "Regulations of the People's Republic of China on Foreign Exchange Administration," "Telecommunications Regulations of the People's Republic of China," and other provisions, after reaching consensus with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, and with the approval of the State Council, the relevant matters are notified as follows:
(I) Virtual currency does not possess the legal status equivalent to fiat currency. Virtual currencies such as Bitcoin, Ether, Tether, etc., have the main characteristics of being issued by non-monetary authorities, using encryption technology and distributed ledger or similar technology, existing in digital form, etc. They do not have legal tender status, should not and cannot be circulated and used as currency in the market.
The business activities related to virtual currency are classified as illegal financial activities. The exchange of fiat currency and virtual currency within the territory, exchange of virtual currencies, acting as a central counterparty in buying and selling virtual currencies, providing information intermediary and pricing services for virtual currency transactions, token issuance financing, and trading of virtual currency-related financial products, etc., fall under illegal financial activities, such as suspected illegal issuance of token vouchers, unauthorized public issuance of securities, illegal operation of securities and futures business, illegal fundraising, etc., are strictly prohibited across the board and resolutely banned in accordance with the law. Overseas entities and individuals are not allowed to provide virtual currency-related services to domestic entities in any form.
A stablecoin pegged to a fiat currency indirectly fulfills some functions of the fiat currency in circulation. Without the consent of relevant authorities in accordance with the law and regulations, any domestic or foreign entity or individual is not allowed to issue a RMB-pegged stablecoin overseas.
（II）Tokenization of Real-World Assets refers to the use of encryption technology and distributed ledger or similar technologies to transform ownership rights, income rights, etc., of assets into tokens (tokens) or other interests or bond certificates with token (token) characteristics, and carry out issuance and trading activities.
Engaging in the tokenization of real-world assets domestically, as well as providing related intermediary, information technology services, etc., which are suspected of illegal issuance of token vouchers, unauthorized public offering of securities, illegal operation of securities and futures business, illegal fundraising, and other illegal financial activities, shall be prohibited; except for relevant business activities carried out with the approval of the competent authorities in accordance with the law and regulations and relying on specific financial infrastructures. Overseas entities and individuals are not allowed to illegally provide services related to the tokenization of real-world assets to domestic entities in any form.
(III) Inter-agency Coordination. The People's Bank of China, together with the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Public Security, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and other departments, will improve the work mechanism, strengthen coordination with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, coordinate efforts, and overall guide regions to carry out risk prevention and disposal of virtual currency-related illegal financial activities.
The China Securities Regulatory Commission, together with the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Public Security, the People's Bank of China, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the State Administration of Foreign Exchange, and other departments, will improve the work mechanism, strengthen coordination with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, coordinate efforts, and overall guide regions to carry out risk prevention and disposal of illegal financial activities related to the tokenization of real-world assets.
(IV) Strengthening Local Implementation. The people's governments at the provincial level are overall responsible for the prevention and disposal of risks related to virtual currencies and the tokenization of real-world assets in their respective administrative regions. The specific leading department is the local financial regulatory department, with participation from branches and dispatched institutions of the State Council's financial regulatory department, telecommunications regulators, public security, market supervision, and other departments, in coordination with cyberspace departments, courts, and procuratorates, to improve the normalization of the work mechanism, effectively connect with the relevant work mechanisms of central departments, form a cooperative and coordinated working pattern between central and local governments, effectively prevent and properly handle risks related to virtual currencies and the tokenization of real-world assets, and maintain economic and financial order and social stability.
(5) Enhanced Risk Monitoring. The People's Bank of China, China Securities Regulatory Commission, National Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Public Security, State Administration of Foreign Exchange, Cyberspace Administration of China, and other departments continue to improve monitoring techniques and system support, enhance cross-departmental data analysis and sharing, establish sound information sharing and cross-validation mechanisms, promptly grasp the risk situation of activities related to virtual currency and real-world asset tokenization. Local governments at all levels give full play to the role of local monitoring and early warning mechanisms. Local financial regulatory authorities, together with branches and agencies of the State Council's financial regulatory authorities, as well as departments of cyberspace and public security, ensure effective connection between online monitoring, offline investigation, and fund tracking, efficiently and accurately identify activities related to virtual currency and real-world asset tokenization, promptly share risk information, improve early warning information dissemination, verification, and rapid response mechanisms.
(6) Strengthened Oversight of Financial Institutions, Intermediaries, and Technology Service Providers. Financial institutions (including non-bank payment institutions) are prohibited from providing account opening, fund transfer, and clearing services for virtual currency-related business activities, issuing and selling financial products related to virtual currency, including virtual currency and related financial products in the scope of collateral, conducting insurance business related to virtual currency, or including virtual currency in the scope of insurance liability. Financial institutions (including non-bank payment institutions) are prohibited from providing custody, clearing, and settlement services for unauthorized real-world asset tokenization-related business and related financial products. Relevant intermediary institutions and information technology service providers are prohibited from providing intermediary, technical, or other services for unauthorized real-world asset tokenization-related businesses and related financial products.
(7) Enhanced Management of Internet Information Content and Access. Internet enterprises are prohibited from providing online business venues, commercial displays, marketing, advertising, or paid traffic diversion services for virtual currency and real-world asset tokenization-related business activities. Upon discovering clues of illegal activities, they should promptly report to relevant departments and provide technical support and assistance for related investigations and inquiries. Based on the clues transferred by the financial regulatory authorities, the cyberspace administration, telecommunications authorities, and public security departments should promptly close and deal with websites, mobile applications (including mini-programs), and public accounts engaged in virtual currency and real-world asset tokenization-related business activities in accordance with the law.
(8) Strengthened Entity Registration and Advertisement Management. Market supervision departments strengthen entity registration and management, and enterprise and individual business registrations must not contain terms such as "virtual currency," "virtual asset," "cryptocurrency," "crypto asset," "stablecoin," "real-world asset tokenization," or "RWA" in their names or business scopes. Market supervision departments, together with financial regulatory authorities, legally enhance the supervision of advertisements related to virtual currency and real-world asset tokenization, promptly investigating and handling relevant illegal advertisements.
（IX） Continued Rectification of Virtual Currency Mining Activities. The National Development and Reform Commission, together with relevant departments, strictly controls virtual currency mining activities, continuously promotes the rectification of virtual currency mining activities. The people's governments of various provinces take overall responsibility for the rectification of "mining" within their respective administrative regions. In accordance with the requirements of the National Development and Reform Commission and other departments in the "Notice on the Rectification of Virtual Currency Mining Activities" (NDRC Energy-saving Building [2021] No. 1283) and the provisions of the "Guidance Catalog for Industrial Structure Adjustment (2024 Edition)," a comprehensive review, investigation, and closure of existing virtual currency mining projects are conducted, new mining projects are strictly prohibited, and mining machine production enterprises are strictly prohibited from providing mining machine sales and other services within the country.
（X） Severe Crackdown on Related Illegal Financial Activities. Upon discovering clues to illegal financial activities related to virtual currency and the tokenization of real-world assets, local financial regulatory authorities, branches of the State Council's financial regulatory authorities, and other relevant departments promptly investigate, determine, and properly handle the issues in accordance with the law, and seriously hold the relevant entities and individuals legally responsible. Those suspected of crimes are transferred to the judicial authorities for processing according to the law.
（XI） Severe Crackdown on Related Illegal and Criminal Activities. The Ministry of Public Security, the People's Bank of China, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, as well as judicial and procuratorial organs, in accordance with their respective responsibilities, rigorously crack down on illegal and criminal activities related to virtual currency, the tokenization of real-world assets, such as fraud, money laundering, illegal business operations, pyramid schemes, illegal fundraising, and other illegal and criminal activities carried out under the guise of virtual currency, the tokenization of real-world assets, etc.
（XII） Strengthen Industry Self-discipline. Relevant industry associations should enhance membership management and policy advocacy, based on their own responsibilities, advocate and urge member units to resist illegal financial activities related to virtual currency and the tokenization of real-world assets. Member units that violate regulatory policies and industry self-discipline rules are to be disciplined in accordance with relevant self-regulatory management regulations. By leveraging various industry infrastructure, conduct risk monitoring related to virtual currency, the tokenization of real-world assets, and promptly transfer issue clues to relevant departments.
（XIII） Without the approval of relevant departments in accordance with the law and regulations, domestic entities and foreign entities controlled by them may not issue virtual currency overseas.
（XIV） Domestic entities engaging directly or indirectly in overseas external debt-based tokenization of real-world assets, or conducting asset securitization activities abroad based on domestic ownership rights, income rights, etc. (hereinafter referred to as domestic equity), should be strictly regulated in accordance with the principles of "same business, same risk, same rules." The National Development and Reform Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and other relevant departments regulate it according to their respective responsibilities. For other forms of overseas real-world asset tokenization activities based on domestic equity by domestic entities, the China Securities Regulatory Commission, together with relevant departments, supervise according to their division of responsibilities. Without the consent and filing of relevant departments, no unit or individual may engage in the above-mentioned business.
(15) Overseas subsidiaries and branches of domestic financial institutions providing Real World Asset Tokenization-related services overseas shall do so legally and prudently. They shall have professional personnel and systems in place to effectively mitigate business risks, strictly implement customer onboarding, suitability management, anti-money laundering requirements, and incorporate them into the domestic financial institutions' compliance and risk management system. Intermediaries and information technology service providers offering Real World Asset Tokenization services abroad based on domestic equity or conducting Real World Asset Tokenization business in the form of overseas debt for domestic entities directly or indirectly venturing abroad must strictly comply with relevant laws and regulations. They should establish and improve relevant compliance and internal control systems in accordance with relevant normative requirements, strengthen business and risk control, and report the business developments to the relevant regulatory authorities for approval or filing.
(16) Strengthen organizational leadership and overall coordination. All departments and regions should attach great importance to the prevention of risks related to virtual currencies and Real World Asset Tokenization, strengthen organizational leadership, clarify work responsibilities, form a long-term effective working mechanism with centralized coordination, local implementation, and shared responsibilities, maintain high pressure, dynamically monitor risks, effectively prevent and mitigate risks in an orderly and efficient manner, legally protect the property security of the people, and make every effort to maintain economic and financial order and social stability.
(17) Widely carry out publicity and education. All departments, regions, and industry associations should make full use of various media and other communication channels to disseminate information through legal and policy interpretation, analysis of typical cases, and education on investment risks, etc. They should promote the illegality and harm of virtual currencies and Real World Asset Tokenization-related businesses and their manifestations, fully alert to potential risks and hidden dangers, and enhance public awareness and identification capabilities for risk prevention.
(18) Engaging in illegal financial activities related to virtual currencies and Real World Asset Tokenization in violation of this notice, as well as providing services for virtual currencies and Real World Asset Tokenization-related businesses, shall be punished in accordance with relevant regulations. If it constitutes a crime, criminal liability shall be pursued according to the law. For domestic entities and individuals who knowingly or should have known that overseas entities illegally provided virtual currency or Real World Asset Tokenization-related services to domestic entities and still assisted them, relevant responsibilities shall be pursued according to the law. If it constitutes a crime, criminal liability shall be pursued according to the law.
(19) If any unit or individual invests in virtual currencies, Real World Asset Tokens, and related financial products against public order and good customs, the relevant civil legal actions shall be invalid, and any resulting losses shall be borne by them. If there are suspicions of disrupting financial order and jeopardizing financial security, the relevant departments shall deal with them according to the law.
This notice shall enter into force upon the date of its issuance. The People's Bank of China and ten other departments' "Notice on Further Preventing and Dealing with the Risks of Virtual Currency Trading Speculation" (Yinfa [2021] No. 237) is hereby repealed.
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Foreword: Today, the People's Bank of China's website published the "Notice of the People's Bank of China, National Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Public Security, State Administration for Market Regulation, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission, State Administration of Foreign Exchange on Further Preventing and Dealing with Risks Related to Virtual Currency and Others (Yinfa [2026] No. 42)", the latest regulatory requirements from the eight departments including the central bank, which are basically consistent with the regulatory requirements of recent years. The main focus of the regulation is on speculative activities such as virtual currency trading, exchanges, ICOs, overseas platform services, and this time, regulatory oversight of RWA has been added, explicitly prohibiting RWA tokenization, stablecoins (especially those pegged to the RMB). The following is the full text:
To the people's governments of all provinces, autonomous regions, and municipalities directly under the Central Government, the Xinjiang Production and Construction Corps:
Recently, there have been speculative activities related to virtual currency and Real-World Assets (RWA) tokenization, disrupting the economic and financial order and jeopardizing the property security of the people. In order to further prevent and address the risks related to virtual currency and Real-World Assets tokenization, effectively safeguard national security and social stability, in accordance with the "Law of the People's Republic of China on the People's Bank of China," "Law of the People's Republic of China on Commercial Banks," "Securities Law of the People's Republic of China," "Law of the People's Republic of China on Securities Investment Funds," "Law of the People's Republic of China on Futures and Derivatives," "Cybersecurity Law of the People's Republic of China," "Regulations of the People's Republic of China on the Administration of Renminbi," "Regulations on Prevention and Disposal of Illegal Fundraising," "Regulations of the People's Republic of China on Foreign Exchange Administration," "Telecommunications Regulations of the People's Republic of China," and other provisions, after reaching consensus with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, and with the approval of the State Council, the relevant matters are notified as follows:
(I) Virtual currency does not possess the legal status equivalent to fiat currency. Virtual currencies such as Bitcoin, Ether, Tether, etc., have the main characteristics of being issued by non-monetary authorities, using encryption technology and distributed ledger or similar technology, existing in digital form, etc. They do not have legal tender status, should not and cannot be circulated and used as currency in the market.
The business activities related to virtual currency are classified as illegal financial activities. The exchange of fiat currency and virtual currency within the territory, exchange of virtual currencies, acting as a central counterparty in buying and selling virtual currencies, providing information intermediary and pricing services for virtual currency transactions, token issuance financing, and trading of virtual currency-related financial products, etc., fall under illegal financial activities, such as suspected illegal issuance of token vouchers, unauthorized public issuance of securities, illegal operation of securities and futures business, illegal fundraising, etc., are strictly prohibited across the board and resolutely banned in accordance with the law. Overseas entities and individuals are not allowed to provide virtual currency-related services to domestic entities in any form.
A stablecoin pegged to a fiat currency indirectly fulfills some functions of the fiat currency in circulation. Without the consent of relevant authorities in accordance with the law and regulations, any domestic or foreign entity or individual is not allowed to issue a RMB-pegged stablecoin overseas.
（II）Tokenization of Real-World Assets refers to the use of encryption technology and distributed ledger or similar technologies to transform ownership rights, income rights, etc., of assets into tokens (tokens) or other interests or bond certificates with token (token) characteristics, and carry out issuance and trading activities.
Engaging in the tokenization of real-world assets domestically, as well as providing related intermediary, information technology services, etc., which are suspected of illegal issuance of token vouchers, unauthorized public offering of securities, illegal operation of securities and futures business, illegal fundraising, and other illegal financial activities, shall be prohibited; except for relevant business activities carried out with the approval of the competent authorities in accordance with the law and regulations and relying on specific financial infrastructures. Overseas entities and individuals are not allowed to illegally provide services related to the tokenization of real-world assets to domestic entities in any form.
(III) Inter-agency Coordination. The People's Bank of China, together with the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Public Security, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and other departments, will improve the work mechanism, strengthen coordination with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, coordinate efforts, and overall guide regions to carry out risk prevention and disposal of virtual currency-related illegal financial activities.
The China Securities Regulatory Commission, together with the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Public Security, the People's Bank of China, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the State Administration of Foreign Exchange, and other departments, will improve the work mechanism, strengthen coordination with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, coordinate efforts, and overall guide regions to carry out risk prevention and disposal of illegal financial activities related to the tokenization of real-world assets.
(IV) Strengthening Local Implementation. The people's governments at the provincial level are overall responsible for the prevention and disposal of risks related to virtual currencies and the tokenization of real-world assets in their respective administrative regions. The specific leading department is the local financial regulatory department, with participation from branches and dispatched institutions of the State Council's financial regulatory department, telecommunications regulators, public security, market supervision, and other departments, in coordination with cyberspace departments, courts, and procuratorates, to improve the normalization of the work mechanism, effectively connect with the relevant work mechanisms of central departments, form a cooperative and coordinated working pattern between central and local governments, effectively prevent and properly handle risks related to virtual currencies and the tokenization of real-world assets, and maintain economic and financial order and social stability.
(5) Enhanced Risk Monitoring. The People's Bank of China, China Securities Regulatory Commission, National Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Public Security, State Administration of Foreign Exchange, Cyberspace Administration of China, and other departments continue to improve monitoring techniques and system support, enhance cross-departmental data analysis and sharing, establish sound information sharing and cross-validation mechanisms, promptly grasp the risk situation of activities related to virtual currency and real-world asset tokenization. Local governments at all levels give full play to the role of local monitoring and early warning mechanisms. Local financial regulatory authorities, together with branches and agencies of the State Council's financial regulatory authorities, as well as departments of cyberspace and public security, ensure effective connection between online monitoring, offline investigation, and fund tracking, efficiently and accurately identify activities related to virtual currency and real-world asset tokenization, promptly share risk information, improve early warning information dissemination, verification, and rapid response mechanisms.
(6) Strengthened Oversight of Financial Institutions, Intermediaries, and Technology Service Providers. Financial institutions (including non-bank payment institutions) are prohibited from providing account opening, fund transfer, and clearing services for virtual currency-related business activities, issuing and selling financial products related to virtual currency, including virtual currency and related financial products in the scope of collateral, conducting insurance business related to virtual currency, or including virtual currency in the scope of insurance liability. Financial institutions (including non-bank payment institutions) are prohibited from providing custody, clearing, and settlement services for unauthorized real-world asset tokenization-related business and related financial products. Relevant intermediary institutions and information technology service providers are prohibited from providing intermediary, technical, or other services for unauthorized real-world asset tokenization-related businesses and related financial products.
(7) Enhanced Management of Internet Information Content and Access. Internet enterprises are prohibited from providing online business venues, commercial displays, marketing, advertising, or paid traffic diversion services for virtual currency and real-world asset tokenization-related business activities. Upon discovering clues of illegal activities, they should promptly report to relevant departments and provide technical support and assistance for related investigations and inquiries. Based on the clues transferred by the financial regulatory authorities, the cyberspace administration, telecommunications authorities, and public security departments should promptly close and deal with websites, mobile applications (including mini-programs), and public accounts engaged in virtual currency and real-world asset tokenization-related business activities in accordance with the law.
(8) Strengthened Entity Registration and Advertisement Management. Market supervision departments strengthen entity registration and management, and enterprise and individual business registrations must not contain terms such as "virtual currency," "virtual asset," "cryptocurrency," "crypto asset," "stablecoin," "real-world asset tokenization," or "RWA" in their names or business scopes. Market supervision departments, together with financial regulatory authorities, legally enhance the supervision of advertisements related to virtual currency and real-world asset tokenization, promptly investigating and handling relevant illegal advertisements.
（IX） Continued Rectification of Virtual Currency Mining Activities. The National Development and Reform Commission, together with relevant departments, strictly controls virtual currency mining activities, continuously promotes the rectification of virtual currency mining activities. The people's governments of various provinces take overall responsibility for the rectification of "mining" within their respective administrative regions. In accordance with the requirements of the National Development and Reform Commission and other departments in the "Notice on the Rectification of Virtual Currency Mining Activities" (NDRC Energy-saving Building [2021] No. 1283) and the provisions of the "Guidance Catalog for Industrial Structure Adjustment (2024 Edition)," a comprehensive review, investigation, and closure of existing virtual currency mining projects are conducted, new mining projects are strictly prohibited, and mining machine production enterprises are strictly prohibited from providing mining machine sales and other services within the country.
（X） Severe Crackdown on Related Illegal Financial Activities. Upon discovering clues to illegal financial activities related to virtual currency and the tokenization of real-world assets, local financial regulatory authorities, branches of the State Council's financial regulatory authorities, and other relevant departments promptly investigate, determine, and properly handle the issues in accordance with the law, and seriously hold the relevant entities and individuals legally responsible. Those suspected of crimes are transferred to the judicial authorities for processing according to the law.
（XI） Severe Crackdown on Related Illegal and Criminal Activities. The Ministry of Public Security, the People's Bank of China, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, as well as judicial and procuratorial organs, in accordance with their respective responsibilities, rigorously crack down on illegal and criminal activities related to virtual currency, the tokenization of real-world assets, such as fraud, money laundering, illegal business operations, pyramid schemes, illegal fundraising, and other illegal and criminal activities carried out under the guise of virtual currency, the tokenization of real-world assets, etc.
（XII） Strengthen Industry Self-discipline. Relevant industry associations should enhance membership management and policy advocacy, based on their own responsibilities, advocate and urge member units to resist illegal financial activities related to virtual currency and the tokenization of real-world assets. Member units that violate regulatory policies and industry self-discipline rules are to be disciplined in accordance with relevant self-regulatory management regulations. By leveraging various industry infrastructure, conduct risk monitoring related to virtual currency, the tokenization of real-world assets, and promptly transfer issue clues to relevant departments.
（XIII） Without the approval of relevant departments in accordance with the law and regulations, domestic entities and foreign entities controlled by them may not issue virtual currency overseas.
（XIV） Domestic entities engaging directly or indirectly in overseas external debt-based tokenization of real-world assets, or conducting asset securitization activities abroad based on domestic ownership rights, income rights, etc. (hereinafter referred to as domestic equity), should be strictly regulated in accordance with the principles of "same business, same risk, same rules." The National Development and Reform Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and other relevant departments regulate it according to their respective responsibilities. For other forms of overseas real-world asset tokenization activities based on domestic equity by domestic entities, the China Securities Regulatory Commission, together with relevant departments, supervise according to their division of responsibilities. Without the consent and filing of relevant departments, no unit or individual may engage in the above-mentioned business.
(15) Overseas subsidiaries and branches of domestic financial institutions providing Real World Asset Tokenization-related services overseas shall do so legally and prudently. They shall have professional personnel and systems in place to effectively mitigate business risks, strictly implement customer onboarding, suitability management, anti-money laundering requirements, and incorporate them into the domestic financial institutions' compliance and risk management system. Intermediaries and information technology service providers offering Real World Asset Tokenization services abroad based on domestic equity or conducting Real World Asset Tokenization business in the form of overseas debt for domestic entities directly or indirectly venturing abroad must strictly comply with relevant laws and regulations. They should establish and improve relevant compliance and internal control systems in accordance with relevant normative requirements, strengthen business and risk control, and report the business developments to the relevant regulatory authorities for approval or filing.
(16) Strengthen organizational leadership and overall coordination. All departments and regions should attach great importance to the prevention of risks related to virtual currencies and Real World Asset Tokenization, strengthen organizational leadership, clarify work responsibilities, form a long-term effective working mechanism with centralized coordination, local implementation, and shared responsibilities, maintain high pressure, dynamically monitor risks, effectively prevent and mitigate risks in an orderly and efficient manner, legally protect the property security of the people, and make every effort to maintain economic and financial order and social stability.
(17) Widely carry out publicity and education. All departments, regions, and industry associations should make full use of various media and other communication channels to disseminate information through legal and policy interpretation, analysis of typical cases, and education on investment risks, etc. They should promote the illegality and harm of virtual currencies and Real World Asset Tokenization-related businesses and their manifestations, fully alert to potential risks and hidden dangers, and enhance public awareness and identification capabilities for risk prevention.
(18) Engaging in illegal financial activities related to virtual currencies and Real World Asset Tokenization in violation of this notice, as well as providing services for virtual currencies and Real World Asset Tokenization-related businesses, shall be punished in accordance with relevant regulations. If it constitutes a crime, criminal liability shall be pursued according to the law. For domestic entities and individuals who knowingly or should have known that overseas entities illegally provided virtual currency or Real World Asset Tokenization-related services to domestic entities and still assisted them, relevant responsibilities shall be pursued according to the law. If it constitutes a crime, criminal liability shall be pursued according to the law.
(19) If any unit or individual invests in virtual currencies, Real World Asset Tokens, and related financial products against public order and good customs, the relevant civil legal actions shall be invalid, and any resulting losses shall be borne by them. If there are suspicions of disrupting financial order and jeopardizing financial security, the relevant departments shall deal with them according to the law.
This notice shall enter into force upon the date of its issuance. The People's Bank of China and ten other departments' "Notice on Further Preventing and Dealing with the Risks of Virtual Currency Trading Speculation" (Yinfa [2021] No. 237) is hereby repealed.
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