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Solana and Base, which ecosystem is more suitable for AI agent?
Original title: "Solana and Base, which ecosystem is more suitable for AI agents?"
Original author: Kevin, BlockBooster
The term AI agents comes from OpenAI's roadmap. Sam Altman divides the capabilities that AI should have into 5 parts, and the third step is the AI agent that will be frequently encountered in the next few years.
What AI agents can do is autonomous learning, decision-making and task execution. Of course, according to the degree of intelligence and ability, Stuart Russell and Peter Norvig in the book "Artificial Intelligence: A Modern Approach", AI agents can be divided into 5 directions:
· Simple Reflex Agents: only react to the current state.
· Model-Based Reflex Agents: historical states are considered in the decision-making process.
· Goal-Based Agents: focus on planning and finding the best path to achieve a specific goal.
· Utility-Based Agents: aim to weigh benefits and risks to maximize utility.
· Learning Agents: continuously learn and improve through experience.
So what level are the AI agents currently in the market or in the industry at? What direction are they?
OpenAI o1 has reached Level 2 artificial intelligence. Personally, I think that the current AI agents in the industry are between Level 2 and Level 3, that is, Level 2.5. This does not mean that the agents in the industry have surpassed OpenAI. In fact, web3 agents are still at the stage of GPT wrapper. So why is it Level 2.5? Because through human or program intervention, let's call it an intermediary, the combination of GPT wrapper and intermediary forms a form that cannot withstand scrutiny, but has objective initiative. It is an extension of the application of the OpenAI model in a certain direction. In terms of what the agent can do, it is the most basic simple reflective agent. Some of these agents will consider historical states, but they need active input. Only by continuously feeding data can the agent complete learning. This is a passive model training method, which is far from the state defined by Level 3. The latter three Goal-Based, Utility-Based, and Learning Agents have not yet entered the market. Therefore, I think that the current AI agent is still in its early stages, which is a fine-tuning of the Level 2 general LLM, and has not deviated from Level 2 in terms of architecture. So can the evolution to the Level 3 state be achieved by crypto alone? Or do we need to wait for companies like OpenAI to develop it?
Why can Base or Solana be the center of the AI agent narrative?
Before discussing the industry that can promote the birth of Level 3 agents, we should determine which ecosystem has the potential to become fertile ground for AI agents. Is it Base? Or Solana?
To answer this question, let's first review how AI has affected Web3 in the past two years. When OpenAI just released ChatGPT, the industry's protocols still followed the inertial thinking and quickly poured into the infrastructure bubble. Among them, a large number of computing power/reasoning aggregation platforms emerged, and AI + DePIN infrastructure was also born. The common point between the two is that they have built a grand vision. This is not to say that grand visions are not good. In fact, agents can also build such visions, but in terms of landing and user needs, such large infrastructure protocols are not well considered. Because the market demand they want to drag up is far from saturated in the traditional Internet industry, and user education and market education are not sufficient. Under the impact of the Memecoin craze, the empty AI infrastructure seems even more empty.
Since the infrastructure is too heavy and too big, why not make it lightweight? Agents derived from GPT wrappers are efficient and iterate quickly in both startup and user reach. Lightweight agents have ample potential to create bubbles, and when the bubbles burst, fertile ground for new life will emerge.
Furthermore, in the current market environment, using agents and Memecoin to start projects can land products in a very short time. Allowing users to directly experience the use of the product, in this process, the agent can cleverly use Memecoin's roadmap to grow the community to achieve rapid product iteration, and this iteration is low-cost and fast. Serious AI protocols no longer need to be bound by the heavy old consensus framework. Break the cage, go light, bombard users with lightweight and high-speed iterations. After market education and dissemination are fully carried out, build on this basis and build infrastructure for a grand vision. Lightweight agents are covered with the ambiguous veil of Memecoin. Community culture and fundamentals will no longer be a contradiction. A new asset development path is gradually emerging, and this may be a path chosen by new AI protocols in the future.
The above discussion answers the potential of AI agents to become the core narrative. Under the premise that AI agents can continue to grow rapidly, it is particularly important to choose the right ecosystem. Is it Base? Or Solana? Before answering this question, let's take a look at the current status of serious agent protocols in the market.
First is Arweave/AO: PermaDAO mentioned: AO is designed with the Actor model, and each component is an independent agent that can operate in parallel, which is highly consistent with the application architecture driven by AI Agent. AI relies on three elements: model, algorithm and computing power, and AO can meet such high resource requirements. AO can independently allocate computing resources to each agent process, effectively eliminating computing performance bottlenecks.
In addition, Spectral is one of the few protocols based on agents, and its development direction is text-to-code and model reasoning.
Looking back at an agent token in the current market, it can be found that these agents hardly use the chain infrastructure. This is a fact, because all models in the industry, including agents, are off-chain. Feeding data is off-chain, model training is not decentralized, and the output information is not on-chain. This is an objective fact, because the EVM chain does not support the combination of AI and smart contracts, and of course base and solana do not support it either. Next year, we can look forward to the introduction of ao. Can the model be put on the chain and have a good performance? If ao fails, it may take many years for the model to be put on the chain before Ethereum is introduced, at least not before 2030, or other public chains can realize the model on the chain, but if the architecture and historical resource reserves such as ao cannot be realized, the model on the chain may be more difficult for other public chains.
At present, there are not many practical use cases for AI agent tokens. In fact, it is difficult to tell the difference between ai agent coin and ai Memecoin on Base and Solana. Although agent tokens have no special purpose, why do I think that ai agent coin and ai Memecoin should not be confused? Because I think the current stage is to create an AI agent bubble.
Why discuss Base's desire to compete with Solana for the dominant public chain position of AI agent?
Base attracted a lot of market attention in the first half of this bull market. In the competition for market share of Memecoin, Base had a brief and eye-catching performance, such as $BRETT and $DEGEN. But it still lost to Solana. I think AI agent is the next direction for Base to compete, and it already has many advantages.
AI agent will accelerate the birth of bubbles and create chaos, but will eventually leave users and applications:
The birth and expansion of bubbles will attract the attention of the market, and this attention will undergo qualitative changes over time. What are the characteristics of such qualitative changes? In the process of increasing market attention, a series of user pain points and market gaps will be exposed. When the main contradictions cannot be coordinated, but the attention continues to increase, it is the moment of qualitative change. When the qualitative change is completed, the accumulated users and applications can undertake the grand vision. This is what Memecoin cannot and does not intend to do, which is why I think that although the agent and Memecoin are currently unclear, they should never be confused.
Before the qualitative change occurs, the bubble will give birth to a mess and various dramas, for example: the number of agents will increase exponentially, and thousands of agents will squeeze into the user's sight. How to squeeze? Agents can access social media such as X and Farcaster, promote tokens themselves, and promote tokens with various angles that degen likes and the unique information density of agents.
Next, the fast-iterating agent can complete the on-chain transaction, and a group of Viking pirates broke into the dark forest. The panel protocols on the market, the bots in the TG group, and the Dune panel will be invaded by agents. The indicators familiar to users will be played by agents, such as transaction volume, number of addresses, chip distribution, and simulated dealer behavior. The on-chain data may need more professional cleaning to reflect the value, otherwise it will be deceived by the agent, just like the Viking pirates plundering your wealth.
If the market can reach this stage, then the new era of AI agents will be half successful, because "attention is value" will allow agents to enter the house. This potential comes from:
· Strong distribution capabilities: agents cause enough topics, such as Goat, and stable distribution paths can be copied.
· Ease of deployment: Agent deployment platforms will also explode, including Zerebro, vvaifu, Dolion, griffain and Virtual. Users do not need to know any code to build agents, and the UX of agent deployment platforms will also be optimized in competition.
· Memecoin effect: In the startup phase, agent tokens do not have a suitable business model, and token use cases are minimal. Under the veil of Memecoin, the community can be accumulated quickly, keeping the startup success rate efficient.
· Extremely high ceiling: OpenAI's Level 3 agent is still under development, and even giants cannot quickly launch products, so its market space must be huge. The lower limit of the agent is Memecoin, but the upper limit is an autonomous advanced intelligent body.
· Low market resistance: Agents led by Goat can build a large audience. Agents are different from AI infrastructure, and users are not disgusted. When users are not disgusted, they are likely to start paying attention to it.
· Potential incentives: The use case of agent tokens has not yet been developed. If the agent introduces a points system and strengthens the incentives, it will be able to accumulate a large number of users.
· Iteration potential: As mentioned above, agents are lightweight and can achieve fast iteration of products. This objective iteration capability can create products and content that are more and more attractive to users.
Therefore, AI agents can become the core narrative and a battleground.
Why does Base have the potential to compete with Solana?
Base With the strong support of Coinbase and North American capital, the Base ecosystem has experienced explosive growth in 2024. In November, capital inflows exceeded Solana and significantly exceeded Solana in the past 7 days.
If ETH can continue to break through the ETH/BTC exchange rate pair next year, the spillover effect of ETH season will have a significant impact on Base. Currently, 23% of ETH outflows are to Base, and this figure is still rising.
AI agent Launchpad Mapping
Virtual
The V1 stage mainly focused on model training, data contribution and interactive functions, while in the V2 stage, Virtual launched a token incubation platform for AI agents, and the iconic update was fun.virtuals released in October.
Among them, LUNA has developed into an "independent entity" with independent identity and financial capabilities. In this process, LUNA and Coinbase's roadmaps are aligned, and the latter provides powerful technical tools and support to help implement AI agents on Base.
AI agent technology performs well in brand building, especially in the creation of cultural brands. Through AI agents, brands can interact with the community more efficiently. This includes simplifying interactive tasks and flexibly distributing rewards to increase user stickiness and brand awareness.
It is worth noting that all AI agent transactions only support the use of native Virtual tokens. Virtual tokens absorb the value capture of the entire ecosystem and become an important pillar of ecological development.
Virtual focuses on improving product functions, using AI tools to empower users and build a bridge between Web2 and Web3. It emphasizes "use value" rather than "hype hotspots". Although its tool-type products are frequently called in actual applications, they lack the dissemination effect that cryptocurrencies usually have, which is also a shortcoming of the V1 stage.
Clanker
"Posting is issuing coins" lowers the threshold for token issuance and attracts a large number of users to try. People are scrambling to @Clanker, a phenomenon similar to the operation of letting AI summarize video content in social media; but the difference is that here the content release is directly converted into asset issuance.
How does Clanker work?
TokenBot (i.e. Clanker) will deploy Meme tokens on Base to the one-sided liquidity pool (LP), and the liquidity will be locked. The token issuer will receive the following benefits:
· 0.25% of all Swap fees.
· 1% of the total supply of tokens (unlocked for one month).
Users can view the number of tokens deployed or create their own tokens through the clanker.world official website.
Unlike PumpFun, which issues tokens through the bonding curve on Raydium, during which a 1% transaction fee and a fixed fee of 2 SOL will be charged; Clanker does not adopt the bonding curve model, but charges a 1% fee as income through Uni v3 transactions.
AI Agent Layer
AI Agent Layer is a platform within the Base ecosystem that focuses on creating AI agents and Launchpads. It was officially launched on November 18. Before the platform was launched, AIFUN Token was first issued on November 14 and has now been listed on exchanges such as MEXC and Gate. The current price is $0.09, with a market value of approximately $25 million.
Creator.bid
Creator.bid was originally an AI platform focused on digital content monetization and ownership. In April this year, the platform completed a new round of financing.
On October 21, Creator.bid announced the official launch of the Base mainnet, realizing the function of creating and publishing AI agents with one click, providing content creators with new tools and profit models.
Simulacrum
Simulacrum is built on Empyreal. It transforms platforms such as Twitter, Farcaster, Reddit and TikTok into blockchain interaction layers. Users can achieve on-chain operations such as token transactions or tip payments through simple social media posts.
Use technologies such as account abstraction, AI agents, intent-driven and language models to simplify complex blockchain background operations. Make DeFi easier for ordinary users to use.
vvaifu.fun
Similar to Pump.fun, users can easily create AI agents and their associated tokens. AI agents can be seamlessly integrated with social platforms such as Twitter, Telegram, and Discord to automate user interactions.
Dasha is an AI agent created by vvaifu.fun, with an independent Twitter account, Telegram channel, and Discord community. All operations and management are completed by AI.
Top Hat
Top Hat can not only interact with users through text, but also understand and process image content. After a user sends a picture, the AI agent can "understand" the content of the picture and respond.
Griffain
With a trainable AI agent platform, Griffain has launched 1,000 trainable AI agents, demonstrating the future potential of smart contracts and automated trading.
This article is from a contribution and does not represent the views of BlockBeats.
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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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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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