PBOC and Seven Chinese Agencies Issue Notice Tightening Crackdown on Virtual Currency and RWA Tokenization Violations

The People's Bank of China and seven other government departments issued a notice on Feb. 6 on further preventing and handling risks related to virtual currencies, stating they will strictly combat illegal financial activities tied to virtual currencies and real-world asset tokenization, BlockBeats reports. The notice specifies that once clues about suspected illegal financial activities involving virtual currencies or RWA tokenization are discovered, local financial regulators and branches or field offices of the State Council's financial authorities must promptly investigate, determine their nature in accordance with the law, handle them properly, and pursue legal liability, with suspected crimes to be transferred to judicial authorities. The Ministry of Public Security, the People's Bank of China, the State Administration for Market Regulation, the National Financial Regulatory Administration, the China Securities Regulatory Commission, as well as courts and procuratorates, will crack down on fraud, money laundering, illegal business operations, pyramid schemes, illegal fundraising and other violations related to virtual currencies and RWA tokenization within their respective mandates.