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Ethereum Argentina Developer Conference Highlights: Technology, Community, and Future Roadmap
Original Article Title: "Ethereum Argentina Developer Conference: Towards a New Decade of Technology and Applications"
Original Article Author: Sanqing, Foresight News
Opening Ceremony: From the First Web Page to the Ethereum World Expo
From November 17th to 22nd, the Ethereum Developer Conference took place in Buenos Aires, Argentina. This week featured over 40 official events, 75+ project showcases, and hundreds of city-wide side events, expecting to attract approximately 15,000 participants.
During the opening ceremony, the host started with the release of the first web page by Tim Berners-Lee in 1991, reflecting on the Internet's evolution from Web1 to today's Web3. This edition of the conference was positioned as the "Ethereum World Expo," bringing together not only globally significant projects but also showcasing the development achievements of the local Argentine community. Following the opening ceremony, the Ethereum Day's main topics unfolded, covering various directions such as the Ethereum Foundation's governance positioning, protocol progress, privacy, security, institutional adoption, and future roadmap. Core team members and researchers took turns sharing the latest updates.
Ethereum and Foundation Insights (Part 1): Tomasz Stanczak on the Ten-Year Journey and Future Challenges
In a keynote speech, Ethereum Foundation's Co-Executive Director Tomasz Stanczak stated that Ethereum's first ten years laid the foundation for consensus, clients, and privacy tools. However, the future will face greater challenges in privacy protection, decentralization, and user autonomy, requiring more participation in development.
When introducing Ethereum's participant structure, Tomasz outlined the breadth of the ecosystem through specific groups, including local organizers driving Devcon to Argentina, communities focusing on urban experimentation and public goods, core developers responsible for protocol upgrades, privacy-centric engineers, active L2 teams, interdisciplinary roles from academia to finance professionals, and volunteers contributing to the multilingual localization of the Ethereum official website. He emphasized that these long-term contributing builders form the foundation of protocol security and network activity.
Tomasz pointed out that Ethereum has been able to maintain zero downtime during multiple upgrades, and this achievement stems from the contributions of many continuous workers in the ecosystem. He believed that the present is both a milestone to review stage achievements and a moment to reassess the next worthwhile directions for contribution. He encouraged more developers and users to participate in the network more directly, such as by building applications, using ETH for daily interactions, etc., to make Ethereum's usage and governance more closely aligned with real-world needs.
In the Q&A session, he mentioned that if, in ten years, there are still builders attributing their trajectory to this conference, it will be the most important outcome of this event. He shared his observations in Argentina: in an environment of high inflation and capital restrictions, crypto assets can provide real utility for ordinary users, but the decentralized system still needs to address privacy, security, and usability issues to truly succeed. The local community's efforts in these directions are worth paying attention to. His advice to newcomers is to enhance "connectivity," believing that cross-team, cross-community proactive communication often brings about unexpected progress.
Ethereum and Foundation Dynamics (Part 2): Hsiao-Wei Wang on Three Foundation Capacities
Ethereum Foundation Co-Executive Director Hsiao-Wei Wang summarized the first ten years of Ethereum with a "staircase" metaphor, saying, "This is a staircase constantly raised by a global community, with no preset endpoint, only offering a path that everyone can climb at their own pace. Every new step laid out by a builder becomes the starting point for the next person."
She pointed out that today's Ethereum is no longer just a blockchain but a public infrastructure nurturing new assets, identities, cultures, and forms of collaboration. Ethereum's success comes from "not being owned by any single team," with everyone, including L2, being just a step on the ladder. The Foundation's job is not to climb to the top itself but to "stabilize the ladder" and shape the next decade together.
Reflecting on her work after assuming the role of Co-Executive Director with Tomasz, she summarized the Foundation's new phase into three capacities. The first is reliability: Ethereum has maintained zero downtime in all major upgrades, with this trust coming from long-standing engineering standards that accumulate block by block. The second is flexibility: the Foundation does not claim to have all the answers but continuously adjusts its direction based on community needs and changes in the external environment, ensuring protocol consistency and adaptability as societal usage patterns evolve. The third is genuine governance responsibility: the Foundation's duty is to maintain a stable environment necessary for the ecosystem's operation, rather than deciding where Ethereum should go; the direction should naturally emerge in an open environment.
Hsiao-Wei emphasized that Ethereum's staircase is open to all roles, including researchers, client and application developers, investors, end-users, scientists, scholars, students, and local community organizers. The Foundation's responsibility is to bet on directions early on that are not yet mainstream, such as client diversity and cutting-edge research, allowing these undervalued experiments to become new critical steps years later.
She also pointed out that decentralization, neutrality, and resilience in the face of pressure will not automatically be maintained but must be safeguarded through transparent, honest, and uncompromising design principles. Once these values are compromised, the entire Ethereum staircase may face structural risks.
Layer 1 Scaling, Blob Extension, and Enhanced User Experience: Protocol Update Brief
Members of the Ethereum Protocol Team, Ansgar Dietrichs and Barnabé Monnot, provided a phased update on the protocol development team following the Foundation's early-year reorganization. This report focuses on three directions: Layer 1 scaling, Blob extension, and improved user experience.
In the context of Layer 1 scaling, Ansgar stated that Ethereum has long maintained the block gas limit at 30 million, with engineering efforts focused on key upgrades such as the Merge and account abstraction. As Layer 1 more clearly takes on the role of a "settlement layer," the team is enhancing throughput through client optimizations and protocol improvements, rather than relying on more expensive hardware.
Throughout this year, client optimizations have already raised the gas limit to 45 million and are planning to increase it to 60 million in the next hard fork. The team is also advancing proposals such as opcode repricing, access lists, and others to continuously improve execution efficiency. He also revealed that the ZK-EVM prototype has achieved sub-12-second real-time proofs, laying the foundation for lowering the computational threshold for nodes in the future.
Regarding Blob extension, he highlighted the importance of EIP-4844 in the context of Rollup's data availability requirements. Proto-danksharding introduces data Blobs and commitment schemes, allowing Rollup to submit data at a lower cost. The next hard fork will introduce sample-based data availability proofs to prepare for further increasing Blob capacity in the future.
Barnabé briefly introduced the key focus on enhancing user experience, including cross-chain interoperability Interop, Trillion Dollar Security, and the privacy-friendly wallet project Kohaku. This update primarily focuses on Interop. He stated that the goal is to provide users and institutions with a "seamless, secure, permissionless" multi-chain experience, allowing users to simply declare their transaction intent through an open intent framework and a modular cross-chain stack. The backend system automatically facilitates cross-chain transactions and swaps without the need for manual asset bridging. The team is also exploring ways to improve finality times to make the interaction between off-chain and on-chain systems more efficient.
Laying the Foundation for Trillion Dollar Assets
Ethereum Foundation Protocol Security Lead Fredrik Svantes and Sigma Prime's Co-Founder Mehdi Zerouali highlighted in a session titled "Trillion Dollar Security Initiative" that Ethereum is transitioning from supporting hundreds of millions of users and hundreds of billions of dollars in assets to underpinning trillion-dollar-level public infrastructure. The security capabilities must be upgraded in sync to match the future potential asset scale and application complexity.
The current plan focuses on three main areas. The first is Endpoint Security and Wallet Experience, with the core goal of addressing the blind signing issue, enabling wallets to clearly and legibly display transaction outcomes so that even ordinary users can understand what they are signing. The second is Frontend and Infrastructure Security, with the Fiber Frontend project exploring verifiable, replaceable frontend solutions to reduce the risk of a single website being compromised and funds being stolen through malicious scripts. The third is Communication and Progress Transparency, with the Foundation Digital Studio building a public website to showcase the status and completion stages of each sub-project using progress bars and other tools, making it easier for the community to grasp the overall security roadmap and participate in contributions.
Mehdi emphasized that Trillion Dollar Security is an open topic repository for the entire ecosystem, where all solutions must be open-source, auditable, and collectively owned by the community. He described blind signing as an epidemic, believing that security should not be provided to users as an additional tax but should be a default property. During the Q&A session, both speakers agreed that as AI tools increase code output speed, the demand for security researchers and architecture-level audits will only grow. The Ethereum ecosystem has already funded post-quantum cryptography research and prototyping, potentially being one of the most prepared groups against quantum threats among mainstream public chains.
Regarding ZK-EVM, they likened its current security status to Solidity in 2016, still in its early stages, requiring the systematic cultivation of a new generation of security engineers and gradual maturity through open collaboration. Feedback from traditional institutions indicated that many institutions see Ethereum as the "least worrying about underlying security issues" main chain, a sentiment reflected in their deployment choices.
Institutions and Decentralization: Wall Street and Ethereum through Danny Ryan's Eyes
Ethereum Foundation core researcher Danny Ryan stated in his "Institutions Decentralization" speech that after long-term focus on decentralized protocol design, shifting to daily interactions with banks and large institutions, his biggest realization was that traditional financial infrastructure is far less efficient than commonly perceived. Asset managers often rely on multiple sets of incompatible software, faxes, and manual reconciliations, with securities settlement still operating at a T+1, T+2 pace.
In such a system, institutions are most concerned about various counterparty risks, from trading partners to infrastructure service providers, all of whom are scrutinized repeatedly to identify potential risks. In this framework, Ethereum's trust neutrality and decentralization actually become advantages, with multi-client architectures and thousands of nodes providing high availability layered on top of economic security, positioning Ethereum as having the potential to become the infrastructure for hosting trillions of dollars in assets.
Danny emphasized that for institutions, privacy is a threshold to entry, not a nice-to-have feature. If privacy protection does not meet the level of the existing system, many collaborations may not even start. He believes that building a usable privacy environment for institutions will push Ethereum to continue investing in directions such as zero-knowledge proofs, which will serve both scalability and naturally benefit privacy. At the same time, as various countries' regulatory frameworks gradually clarify, stablecoins and liquidity network effects are expected to undergo a new round of expansion, and Ethereum needs to occupy a key position in this round.
At the architectural level, he pointed out that Ethereum's modular design and Layer 2 ecosystem are highly attractive to institutions because they can build L2s tailored to specific assets with partners while sharing Ethereum's security and liquidity.
He proposed that the true goal is not simply to "tokenize assets" but to make the on-chain system good enough that real-world assets are hard to resist migrating up, and the unit of measure for success should be in the trillions. Currently, on-chain RWAs are still in the billions of dollars, just a start compared to the global investable asset scale.
In the Q&A session, he mentioned that a common misconception among institutions is equating decentralization to being "unregulatable" or "completely public," when in reality, through programmable access control and privacy technologies, intermediary risks can be reduced under compliance premises.
He suggested that builders form a "Translation Alliance" with traditional financial practitioners to align each other in language and mindset. Concerning the fear of being "captured by institutions," he believes that the risk objectively exists, but the key is to maintain Ethereum's core protocol's globally distributed nature, and then take on massive on-chain assets on top of this foundation.
Ethereum (Roadmap) in 30min: Vitalik's Principles and Technical Roadmap
Ethereum founder Vitalik Buterin, in the "Ethereum (Roadmap) in 30min" speech, starting from the FTX case, compared the fully centralized institutions that rely on individual credit with Ethereum's pursuit of the "Can't be evil" principle. He defined Ethereum as a "globally open anti-censorship application platform," emphasizing its core advantage in programmability, where anyone can deploy smart contracts rather than being limited to predefined transaction types.
At the same time, he categorized the advantages and limitations of blockchain: advantages include payment and financial applications, DAOs, decentralized identity and ENS, voting and anti-censorship publishing, and the ability to prove the existence of something at a specific time or its scarcity; limitations involve insufficient privacy, difficulties in supporting extremely high throughput and low-latency computing, and the inability to directly obtain real-world information.
In terms of technical roadmap, Vitalik has referred to 2025 and 2026 as Ethereum's "scalability arc." This year, the gas limit has been increased by about 50%, and the network is gradually voting to raise it to 60 million. Subsequently, by implementing mechanisms such as separating builders and suggesters, block-level access lists, Ethereum aims to further increase throughput without raising hardware requirements.
Vitalik is particularly optimistic about ZK-EVM, which allows nodes to confirm blocks by validating proofs instead of replaying all executions. This significantly reduces the synchronization and computational costs of full nodes, paving the way for running full nodes on laptops or even smartphones. The longer-term "Lean Ethereum" roadmap focuses on gradually introducing components closer to theoretical optimality, such as a more ZK-friendly virtual machine and hash function, post-quantum cryptography, formal verification, and more efficient data availability solutions. On the user side, Ethereum plans to enhance privacy and security through means such as light clients, account abstraction, hardware and social recovery wallets.
During the Q&A session, Vitalik summarized Ethereum's relationship with Wall Street as "they are users, we support all users," emphasizing the key to maintaining the underlying attribute of trust neutrality. When asked how to bring Ethereum's features into the real world, he mentioned scenarios like enabling everyday payments; for example, entities in Buenos Aires are starting to accept ETH and on-chain stablecoins. He also encouraged adopting open, verifiable technology stacks at multiple levels, such as operating systems, communications, and governance. When asked about the most important skill an individual should have, he recommended community members to strive to be "jacks of many trades," suggesting they personally complete tasks such as wallet installation, making payments with ETH, participating in a DAO, writing a simple contract, and having a basic understanding of the underlying protocols.
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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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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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