People's Bank of China and Eight Other Departments: After discovering clues to illegal financial activities related to virtual currency and the securitization of RWA tokens, the relevant departments conducted timely investigations, determinations, and proper disposal in accordance with the law.

**February 6 Notice: Chinese Regulators Target Virtual Currency, Real-World Asset Tokenization Risks** On February 6, the People’s Bank of China (PBOC) and eight other departments released a notice focused on further preventing and addressing risks linked to virtual currencies and real-world asset tokenization. The document emphasizes a strict crackdown on related illegal financial activities. Local financial regulators, branches of State Council financial oversight bodies, dispatched agencies, and other relevant departments must promptly investigate and confirm clues of illegal activity tied to these areas. They are required to take appropriate action, hold relevant entities and individuals legally accountable, and refer those suspected of criminal conduct to judicial authorities for further handling. Additionally, the Ministry of Public Security, PBOC, State Administration for Market Regulation (SAMR), China Banking and Insurance Regulatory Commission (CBIRC), China Securities Regulatory Commission (CSRC), along with judicial organs and procuratorates, will crack down—per their respective mandates—on illegal activities including fraud, money laundering, illegal business operations, pyramid schemes, and illegal fundraising linked to virtual currencies and real-world asset tokenization. This also covers activities conducted under the guise of these topics.