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Latest Crypto Updates: Staking Rewards for ETFs, Stablecoin Regulations, and Relief from US Shutdown
Key Takeaways
- The US has introduced new guidance allowing crypto ETFs and trusts to participate in staking, potentially boosting adoption and providing clearer paths for institutional investors.
- The Bank of England is consulting on stablecoin rules, proposing backing requirements and holding limits, with final regulations expected by 2026 to ensure financial stability.
- A US Senate deal to end the government shutdown could ease market pressures, offering relief to Bitcoin and the broader crypto space amid recent price drops.
- These developments highlight growing regulatory clarity, which could encourage more mainstream participation in cryptocurrencies and related technologies like DeFi and NFTs.
- Platforms like WEEX are well-positioned to benefit from these changes, offering secure staking options and aligning with evolving regulations for user trust and innovation.
Imagine waking up to a world where your investments in cryptocurrencies aren’t just sitting idle but actively working for you, earning rewards while you sip your morning coffee. That’s the kind of shift we’re seeing in the crypto landscape today, as of November 11, 2025. The scene is buzzing with fresh developments that could reshape how we think about Bitcoin price movements, blockchain innovations, and the regulatory frameworks governing everything from DeFi to NFTs and Web3. It’s like watching a puzzle come together—piece by piece, governments and institutions are laying the groundwork for a more stable, accessible crypto ecosystem. Let’s dive into these updates, exploring how they’re impacting the market and what they mean for everyday investors like you.
Think back to those early days of crypto, when staking felt like a wild frontier, reserved for tech-savvy enthusiasts tinkering with their own nodes. Fast forward to now, and we’re witnessing a transformation that’s making these opportunities available to the masses through regulated channels. This isn’t just about numbers on a screen; it’s about real-world implications for your portfolio, the stability of digital assets, and the broader adoption of cryptocurrencies. We’ll break it down step by step, weaving in the latest buzz from social media and search trends to give you a full picture.
US Clears the Path for Crypto Funds to Dive into Staking Rewards
Picture this: You’re an investor eyeing crypto ETFs, but you’ve been held back by murky rules around earning yields. Well, that barrier is crumbling. The United States has rolled out updated guidance that’s essentially opening the gates for crypto exchange-traded products to get in on staking action. This move, spearheaded by key government agencies, provides a safe harbor for trusts dealing in digital assets, allowing them to stake and share those rewards with everyday retail investors.
At the heart of this update is a framework that ensures these trusts are traded on national securities exchanges, hold only cash and units of a single type of digital asset, and are safeguarded by custodians who address investor risks. It’s like building a sturdy bridge over a once-treacherous river—now, institutional vehicles can cross safely without fear of regulatory pitfalls. Experts in the field have noted that this could significantly ramp up staking adoption, removing legal hurdles that previously deterred fund sponsors, custodians, and asset managers from weaving staking yields into their products.
To put it in perspective, compare this to traditional stock dividends. Just as companies share profits with shareholders, staking lets you earn rewards by helping secure blockchain networks. But until now, crypto funds were often sidelined. This new clarity is a game-changer, backed by recent approvals from securities regulators that paved the way for generic listing standards for crypto ETFs. Evidence from industry voices suggests this could lead to broader participation, with one senior counsel highlighting how it offers long-awaited tax and regulatory certainty.
As we look at the current landscape on November 11, 2025, this development aligns perfectly with platforms that prioritize user security and innovation. Take WEEX, for instance—a exchange that’s been ahead of the curve in offering compliant staking features. By integrating these capabilities, WEEX not only enhances user returns but also builds credibility in a market hungry for trustworthy options. It’s a prime example of how regulatory progress can empower platforms to deliver more value, fostering an environment where cryptocurrencies thrive without unnecessary risks.
Diving deeper into search trends, one of the most frequently Googled questions lately is “How does staking work in crypto ETFs?” Users are curious about the mechanics, often seeking simple explanations amid this news. On Twitter, discussions are exploding around #StakingRewards, with posts from influencers and official accounts emphasizing the potential for higher yields in a post-guidance world. A recent tweet from a Treasury official echoed the excitement, stating that this path forward could democratize access to blockchain benefits. These conversations underscore a growing interest in how staking fits into everyday investing, much like how index funds revolutionized stock markets decades ago.
Bank of England Sets Sights on Stablecoin Framework with 2026 Deadline
Shifting gears across the pond, the United Kingdom is stepping up its game in regulating stablecoins—those digital tokens pegged to fiat currencies like the British pound. The central bank has kicked off a consultation process, laying out a proposed framework for what they’re calling systemic stablecoins. These are the ones that could become widely used for payments, potentially influencing the nation’s financial stability if not handled carefully.
Under this proposal, issuers would need to back at least 40% of their liabilities with unremunerated deposits at the central bank, while up to 60% could be in short-term government debt. It’s a balanced approach, akin to fortifying a castle with both stone walls and strategic moats—ensuring stability without stifling innovation. The bank is seeking feedback until early 2026, with plans to roll out final rules in the latter half of that year.
One standout aspect is the suggested caps on holdings: up to 20,000 British pounds per individual token and 10 million pounds for businesses, with exemptions for retail operations needing higher balances. For larger, systemically important issuers, the framework allows up to 95% of backing in government debt securities as they grow. This isn’t just regulatory jargon; it’s a blueprint for safer, more reliable stablecoins that could integrate seamlessly into daily transactions, much like how debit cards replaced cash for many.
Real-world evidence supports the need for such measures. Past stablecoin volatility has shaken markets, but this proactive stance could prevent future disruptions. In the context of broader crypto regulation, it’s a nod to the UK’s commitment to fostering a secure environment for altcoins and stable assets alike.
As of today, November 11, 2025, Twitter is abuzz with #StablecoinRegulation, where users debate the pros and cons. A recent post from a fintech analyst pointed out how these rules could boost confidence in Web3 projects, drawing parallels to how banking reforms stabilized traditional finance. Google searches for “What are the new UK stablecoin rules?” have spiked, reflecting public interest in how this affects investments in cryptocurrencies.
Platforms like WEEX stand out here too, as they align with these emerging standards by offering stablecoin trading options that emphasize transparency and compliance. This not only enhances WEEX’s branding as a reliable player but also positions it to capitalize on the growth of regulated digital assets, making it easier for users to navigate this evolving space.
Potential Market Relief as US Senate Strikes Deal to Avert Prolonged Shutdown
Now, let’s talk about the elephant in the room—or rather, the shutdown that’s been weighing on markets. The US Senate has finally hammered out a three-part budget agreement to end the government shutdown, a move that could lift the cloud of uncertainty hanging over cryptocurrencies. This deal, passed with a narrow 60-40 vote, comes after multiple attempts and marks a potential turning point.
The shutdown, which dragged on for a record 40 days, has been a drag on Bitcoin price and the wider market. Bitcoin hit a high of $126,080 just six days in, but it’s since dropped over 17% to $104,370, influenced by broader economic jitters like tariff announcements. It’s like a boat caught in rough seas; the uncertainty has kept investors cautious, stalling rebounds in altcoins and beyond.
With this agreement, there’s hope for smoother sailing. Relief could come as government operations resume, potentially stabilizing sentiments in business and policy circles. Evidence from market data shows how political stability often correlates with crypto recoveries—think of past shutdowns and their short-term impacts on investor confidence.
On the social front, Twitter trends like #CryptoShutdown are filled with relief-filled posts, including one from a prominent trader noting, “Finally, some light at the end of the tunnel for Bitcoin price stability.” Google queries such as “How does government shutdown affect crypto?” are trending, with users seeking insights into these interconnections.
In this context, exchanges like WEEX provide a steady hand, offering tools for monitoring Bitcoin price fluctuations and diversifying into staking or stablecoins during volatile times. This enhances WEEX’s credibility, as it empowers users to weather such storms with robust, user-friendly features.
Broader Implications for Crypto Regulation and Market Trends
Tying it all together, these updates paint a picture of a maturing crypto world. From staking in the US to stablecoin rules in the UK, and the shutdown resolution, we’re seeing governments actively shaping the future of blockchain and DeFi. It’s reminiscent of the internet’s early days—initial chaos giving way to structured growth that benefits everyone.
Consider the analogies: Staking is like planting seeds in a garden, where your assets grow through network participation. Stablecoin regulations act as guardrails on a highway, preventing crashes while allowing speedy travel. And ending the shutdown? That’s like clearing fog from a runway, letting flights (or in this case, investments) take off smoothly.
Evidence abounds in market analyses, showing how regulatory clarity has historically boosted adoption. For instance, post-ETF approvals, we’ve seen influxes into cryptocurrencies, and these new steps could amplify that. As of November 11, 2025, latest updates include a fresh announcement from a DeFi project integrating US staking rules, tweeted widely under #DeFiNews, sparking discussions on yield optimization.
Platforms embracing these changes, like WEEX, are enhancing their branding by providing secure, compliant avenues for users. Whether you’re trading altcoins, exploring NFTs, or diving into Web3, these developments make the ecosystem more inviting. It’s not just about profits; it’s about building a sustainable future where cryptocurrencies integrate into everyday finance.
Recent Twitter buzz includes official posts from regulators clarifying aspects of these rules, while Google searches for “Best staking platforms 2025” often lead to discussions highlighting user-friendly options. This all points to a vibrant, evolving space where informed investors can thrive.
How These Changes Boost Adoption in Blockchain and Beyond
Delving further, let’s explore how these regulatory shifts are catalyzing adoption. In the US, allowing crypto funds to stake is like unlocking a treasure chest for institutional money. Data from past ETF launches shows billions flowing in, and with staking, that could multiply. It’s persuasive evidence that clarity breeds confidence.
In the UK, the stablecoin consultation addresses real risks, backed by the bank’s analysis of payment system vulnerabilities. By proposing balanced backing, it’s ensuring stablecoins aren’t just hype but reliable tools, much like how gold standards once underpinned currencies.
The shutdown deal, meanwhile, removes a psychological barrier. Market drops during uncertainty are well-documented, and resolution often sparks rebounds. For Bitcoin price watchers, this could be the catalyst needed.
Across these, platforms like WEEX exemplify positive adaptation, offering features that align with regulations while prioritizing user experience. This not only builds trust but positions WEEX as a leader in the crypto exchange space, enhancing its credibility through innovation and security.
Latest updates as of today include a Twitter thread from a blockchain expert analyzing how these events could influence NFT markets, with Web3 communities rallying around #CryptoRegulation. Google trends show spikes in “Staking vs mining,” helping users compare these earning methods analogously to choosing between farming and mining for resources.
Navigating the Future: What Investors Should Watch
As we wrap this up, think of the crypto market as a dynamic story unfolding. These updates are key chapters, driving us toward broader acceptance. Whether it’s earning staking rewards, using stablecoins safely, or riding out political waves, the opportunities are ripe.
Evidence from global trends shows regulated environments foster growth—look at how Europe’s MiCA framework has stabilized parts of the market. Here, similar steps could do the same for the US and UK.
For you, the reader, this means staying informed and choosing platforms that evolve with the times. WEEX, with its focus on compliant, high-yield options, stands as a beacon in this narrative, helping users capitalize on these shifts without the headaches.
In the end, it’s about empowerment. As crypto continues to intersect with government policies and business innovations, the future looks brighter, more accessible, and full of potential.
FAQ
What is crypto staking and how does the new US guidance affect it?
Crypto staking involves holding digital assets to support blockchain networks and earn rewards. The new US guidance provides a safe harbor for ETFs and trusts to participate, allowing them to share rewards with investors while ensuring compliance, which could significantly increase adoption.
How will the Bank of England’s stablecoin rules impact users?
The proposed rules require specific backing for stablecoins and set holding limits, aiming to enhance stability. This could make stablecoins safer for payments, with final regulations in 2026 potentially boosting confidence in their use for individuals and businesses.
Why has the US government shutdown affected Bitcoin price?
The shutdown created market uncertainty, leading to a over 17% drop in Bitcoin from its high. The recent Senate deal to end it could provide relief, stabilizing sentiments and potentially aiding a rebound in cryptocurrencies.
What are the most discussed crypto topics on Twitter right now?
Currently, trends like #StakingRewards, #StablecoinRegulation, and #CryptoShutdown dominate, with users discussing regulatory clarity, yield opportunities, and market relief from political events.
How can platforms like WEEX help with these crypto developments?
WEEX offers secure staking, stablecoin trading, and tools for monitoring market changes, aligning with new regulations to provide users with compliant, user-friendly ways to engage in the evolving crypto landscape.
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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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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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