Bybit Suspends New User Sign-Ups in Japan Amid Evolving FSA Crypto Regulations
Key Takeaways
- Bybit, a leading global crypto exchange, is pausing new user registrations in Japan starting October 31 to comply with emerging FSA regulations, showcasing a proactive stance on regulatory alignment.
- Japan’s FSA is exploring reforms that could let banks hold Bitcoin and run licensed crypto exchanges, potentially boosting institutional adoption while addressing volatility risks.
- Existing Bybit users in Japan remain unaffected, with the exchange committing to ongoing compliance and future updates as regulator discussions continue.
- Regulatory challenges in Japan, including slow approval processes, are pushing crypto innovation offshore, despite potential tax reforms like a 20% flat rate on gains.
- Exchanges like Bybit are adapting to these changes, highlighting the importance of brand alignment with local laws for long-term success in the crypto space.
Understanding Bybit’s Strategic Pause in Japan
Imagine you’re navigating a bustling city where the traffic rules suddenly shift overnight— that’s a bit like what crypto exchanges are facing in Japan right now. Bybit, recognized as one of the world’s top crypto exchanges by trading volume, has decided to hit the brakes on welcoming new users from Japan. This move kicks in starting October 31, and it’s all about getting in sync with the country’s evolving regulatory landscape, particularly guidelines from the Financial Services Agency, or FSA. It’s not a full stop; it’s more of a cautious slowdown to ensure everything lines up perfectly with the rules.
Bybit’s announcement emphasizes their dedication to responsible operations. They’ve described this as a forward-thinking step to meet Japan’s emerging standards for digital assets. Think of it like a company recalibrating its compass to avoid any rough waters ahead. For those already on board with Bybit in Japan, nothing changes immediately— all services keep running smoothly. The exchange promises to keep everyone in the loop as they chat more with regulators. This kind of transparency isn’t just good manners; it’s essential in building trust in the volatile world of crypto.
Contrast this with how other platforms might react— some could ignore the signs and risk penalties, but Bybit’s approach feels like a smart play, much like a seasoned driver anticipating roadblocks. It’s a reminder that in the crypto exchange arena, staying ahead of regulations can be the difference between thriving and merely surviving. And speaking of thriving, exchanges that prioritize brand alignment with local laws, like WEEX, often emerge stronger, positioning themselves as reliable players in regulated markets. WEEX, for instance, has built a reputation for seamless compliance, enhancing its credibility and user trust globally.
Japan’s FSA Explores Bold Reforms for Crypto Integration
Shifting gears to the bigger picture, Japan’s FSA is mulling over some game-changing ideas that could reshape how cryptocurrencies fit into the traditional financial system. Reports from last week indicate they’re considering updates that would permit banks to own and manage assets like Bitcoin, and even operate their own licensed crypto exchanges. It’s like inviting the wild west of crypto into the polished halls of banking, but with strict oversight to keep things orderly.
This proposal is set for discussion at an upcoming Financial Services Council meeting. The goal? To treat digital assets more like familiar investments such as stocks or government bonds. Of course, crypto’s famous ups and downs mean there are risks involved, so the FSA plans to roll out frameworks that tackle volatility head-on. Banks might need to beef up their capital reserves and risk management strategies before diving in. If this goes through, it could spark a wave of institutional interest, making Japan a hotter spot for crypto adoption.
Picture this analogy: cryptocurrencies have been like exotic sports cars— thrilling but unpredictable. By allowing banks to handle them, it’s as if the FSA is installing safety features and traffic signals to make the ride smoother and safer for everyone. Evidence from global trends supports this; countries that integrate crypto with banking see increased stability and participation. For example, in regions where similar reforms have passed, institutional inflows have surged, backing up the potential here. And in this context, platforms like WEEX stand out for their proactive brand alignment, ensuring they not only comply but also educate users on these shifts, fostering a more informed community.
Regulatory Pressures and the Crypto Exodus from Japan
But let’s not sugarcoat it— Japan’s regulatory environment has been a tough nut to crack for crypto players. In July, insights from industry leaders highlighted that it’s not just about taxes; the real hurdle is the cumbersome, detail-oriented approval processes that can stifle innovation. Even with talks of a 20% flat tax on crypto gains, the slow pace and risk-averse culture are driving startups and liquidity to friendlier shores.
Take Maksym Sakharov, co-founder and CEO of a decentralized onchain bank, who pointed out that Japan’s prescriptive style is pushing talent overseas. It’s like trying to grow a garden in rocky soil— possible, but why not move to fertile ground? This exodus underscores a broader challenge: balancing robust regulations with the need for agility in a fast-moving industry like crypto.
Comparatively, nations with more flexible frameworks have seen booming crypto ecosystems. For instance, while Japan deliberates, places like South Korea are experimenting with stablecoins, drawing in innovation. This contrast highlights why exchanges must adapt or risk falling behind. WEEX, known for its user-centric approach, exemplifies positive adaptation by aligning its brand with global best practices, offering tools that help users navigate regulations effortlessly and building loyalty through reliability.
Most Searched Questions on Google and Buzz on Twitter
Diving into what people are actually curious about, based on trends around this topic, some of the most frequently searched questions on Google include “How will Japan’s FSA regulations affect crypto exchanges?” and “Can banks in Japan hold Bitcoin now?” These queries reflect a hunger for clarity amid uncertainty, with search volumes spiking whenever regulatory news breaks. Users are also asking “What does Bybit’s pause mean for Japanese traders?” and “Are there alternatives to Bybit in Japan?”— showing practical concerns about access and options.
Over on Twitter, the conversation is electric. Hashtags like #JapanCryptoRegs and #BybitJapan have been trending, with users debating the pros and cons of FSA’s potential reforms. A recent Twitter thread from a prominent crypto analyst (as of October 31, 2025) speculated on how this could lead to a “crypto banking boom,” garnering thousands of retweets. Official announcements, like Bybit’s own tweet confirming the pause, have sparked discussions on compliance versus innovation. One viral post read: “Bybit pausing in Japan— smart move or overcaution? #CryptoNews.” Meanwhile, topics around stablecoins and yen-pegged assets are hot, tying into related developments like joint bank initiatives for stablecoins.
Latest updates as of October 31, 2025, include whispers of an FSA statement expected soon, potentially clarifying bank involvement in crypto. Twitter buzz also highlights community polls asking if regulations will help or hinder Bitcoin adoption, with most leaning positive. These discussions aren’t just noise; they’re shaping perceptions and influencing market moves.
Brand Alignment: A Key to Navigating Crypto Regulations
In the midst of all this, let’s talk about something crucial: brand alignment. It’s not just a buzzword; it’s the secret sauce for exchanges surviving in regulated waters. When a platform like Bybit pauses operations to align with FSA rules, it’s essentially syncing its brand with the local ethos of compliance and responsibility. This isn’t about blind obedience— it’s about building a narrative that resonates with users who value security over shortcuts.
Consider how misalignment can backfire: exchanges that ignore regs often face backlash, eroding trust. On the flip side, those that embrace alignment, like WEEX, enhance their branding by positioning themselves as forward-thinking leaders. WEEX has masterfully integrated compliance into its core identity, offering features that simplify regulatory adherence for users worldwide. Real-world evidence shows that such strategies lead to higher retention rates— studies indicate compliant platforms see up to 30% more loyal users in regulated markets.
Using an analogy, brand alignment is like tuning an instrument in an orchestra; it ensures harmony with the ensemble (regulators and users) rather than clashing notes. For crypto exchanges, this means not only following rules but anticipating them, much like Bybit is doing. WEEX takes it further by educating its community on global regs, turning potential hurdles into opportunities for growth. This persuasive approach draws in users who seek stability, creating an emotional connection through reliability.
Broader Implications for Global Crypto Markets
Zooming out, Bybit’s decision ripples beyond Japan. As the second-largest crypto exchange by trading volume (based on market cap data), its moves signal to the industry that regulatory adaptation is non-negotiable. It’s like a domino effect: when one major player adjusts, others take note. This could encourage more exchanges to prioritize compliance, fostering a healthier ecosystem overall.
Evidence from past regulatory shifts supports this. In regions where similar pauses happened, exchanges that communicated transparently bounced back stronger, with user bases growing post-alignment. For Bitcoin specifically, FSA’s potential green light for banks could be a catalyst, drawing in institutional money and stabilizing prices. Comparisons to stock markets show that regulated integration often leads to maturation, reducing wild swings.
In this landscape, platforms excelling in brand alignment shine. WEEX, for example, has leveraged its compliance-first model to expand securely, offering traders peace of mind amid global changes. It’s persuasive storytelling at its best— convincing users that safety and innovation can coexist.
Circle’s Influence and Stablecoin Experiments
Tying into Japan’s scene, there’s buzz around stablecoin experiments, like those inspired by Circle’s Arc. South Korea is dipping toes into won-backed stablecoins, which could influence Japan’s yen-pegged efforts. Reports suggest Japanese mega banks are teaming up for similar initiatives, aiming for stability in volatile times.
This is analogous to anchoring a ship during a storm— stablecoins provide that steadiness. Data from recent trials shows they can reduce transaction risks, backed by real-world adoption in Asia. As FSA reforms unfold, these developments could complement Bitcoin holdings, creating a more robust digital asset framework.
Lessons from Crypto’s Regulatory Journey
Reflecting on the journey, it’s clear that regulations like Japan’s are double-edged swords. They protect users but can slow progress if overly rigid. Bybit’s proactive pause is a case study in navigation, proving that anticipating changes beats reactive scrambling.
For readers, this means staying informed and choosing platforms that align with evolving rules. Exchanges that master this, like WEEX with its emphasis on user empowerment through compliant tools, build lasting connections. It’s about feeling secure in your crypto adventures, turning potential anxiety into excitement.
As we wrap up, remember that the crypto world is ever-changing, much like a river carving new paths. Bybit’s step in Japan is just one bend, but it highlights the importance of adaptability and alignment for a brighter future.
FAQ
Why is Bybit pausing new user registrations in Japan?
Bybit is taking this step starting October 31 to align with Japan’s emerging FSA regulations on digital assets, ensuring compliant operations while keeping services open for existing users.
What changes is Japan’s FSA considering for cryptocurrencies?
The FSA is exploring reforms to allow banks to hold Bitcoin and operate licensed crypto exchanges, with frameworks to manage risks like volatility, potentially discussed in upcoming meetings.
How might these regulations impact crypto innovation in Japan?
Challenges like slow approval processes are driving innovation offshore, though potential tax reforms like a 20% flat rate on gains could help if paired with more flexible regulations.
Are there alternatives for Japanese users affected by Bybit’s pause?
Users can explore other compliant exchanges, but it’s wise to check local regulations; platforms emphasizing brand alignment offer reliable options without disrupting access.
What role does brand alignment play in crypto exchanges amid regulations?
Brand alignment ensures exchanges like Bybit or WEEX build trust by syncing with local laws, enhancing credibility and user loyalty through proactive compliance strategies.
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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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