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This Week in Review | AI Crypto Sector's Total Market Cap Surpasses $48.7 Billion; Ethereum Weekly Newsletter Shuts Down Due to Lack of Funding
BlockBeats will compile industry key news content for the week (12.30-1.5) in this article and recommend in-depth articles to help readers better understand the market and grasp industry trends.
Important News Review
Bitcoin Turns 16 Years Old
On January 3, it has been 16 years since Satoshi Nakamoto mined the Bitcoin genesis block, Block #0, on a small server in Helsinki, Finland, on January 3, 2009. In the CoinBase data of the genesis block, Satoshi Nakamoto recorded the headline of The Times on that day: "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks." The block contained only one transaction, with a block reward of 50 bitcoins. The current price of Bitcoin is over $97,000, with a market cap exceeding $1.92 trillion. Related Readings: "Bitcoin Turns 16: From Zero to $100,000, a Retrospective of BTC's Evolution", "16 Years of the Genesis Block: What Was the Former Bitcoin News Center Reporting?"
Musk Changes His Twitter Avatar to X This Week, Then Reverts It Back, Leading to Significant Price Fluctuations of Related Tokens
On December 31, Musk changed his Twitter profile picture to Pepe and his nickname to Kekius Maximus. "Kek" is a term from internet meme culture, originally from communication among World of Warcraft players, later closely associated with meme characters like Pepe the Frog, becoming a symbol of internet subculture. "Maximus" is a Latin word meaning "greatest" or "the greatest," often used as a title for Roman generals or heroes. Following the news of "Musk changing to a Pepe avatar," PEPE saw a short-term 8% surge. Due to Musk changing his Twitter nickname to X, the Solana-based meme token Kekius Maximus (KM) surged over 12,600%, briefly surpassing $45 million in market cap.
On January 2, Musk reverted his Twitter nickname back to "Elon Musk," and also changed his avatar back to his personal photo. In response to this news, Ethereum network meme token KEKIUS experienced a short-term drop of nearly 80%. At the same time, meme tokens related to the Solana network all experienced sharp declines, with KM plummeting over 80% in 24 hours, and its market cap dropping to $2.3 million. Related Reading: "Musk's Name and Avatar Change: What Is Kekius Maximus, Resembling Pepe?"
Do Kwon Does Not Plead Guilty to U.S. Fraud Charges in Manhattan Federal Court Hearing
On January 3, Terraform Labs founder Do Kwon stated in a Manhattan federal court hearing that he does not plead guilty to U.S. fraud charges. Do Kwon submitted his plea before Judge Robert Lehrburger of the U.S. District Court for the Southern District of New York on Thursday afternoon local time. Subsequently, the defense and prosecution will hold a status conference on January 8, 2024, to share evidence and discuss pre-trial motions. Previously, Do Kwon faced nine charges for his role in the 2022 Terra ecosystem collapse, including securities fraud, wire fraud, money laundering charges, and commodity fraud. Related reading: "Do Kwon Pleads Not Guilty in U.S. Trial, Could Face 130 Years in Prison"
Solv Protocol Reveals SOLV Tokenomics; Sonic SVM Unveils SONIC Tokenomics
On December 30, Solv Protocol announced the SOLV tokenomics: Maximum token supply: 9,660,000,000 SOLV (to be increased through a BTC reserve funding plan subject to governance vote); Genesis token supply: 8,400,000,000 SOLV (86.96% of maximum token supply); Megadrop token reward: 588,000,000 SOLV (7% of genesis token supply, 6.09% of maximum token supply); Initial circulating supply upon Binance listing: 1,482,600,000 SOLV (17.65% of genesis token supply, 15.35% of maximum token supply).
On December 31, the first SVM blockchain on Solana, Sonic SVM, disclosed its native token SONIC tokenomics. SONIC will serve as the native token of Sonic SVM and the Multi-SVM ecosystem to drive long-term growth and development. The total supply of SONIC is 2.4 billion, with 57% allocated to the community, including community and ecosystem development (30%), initial claims (7%), and HyperGrid rewards (20%). The TGE is scheduled for January 7, 2025, with the initial circulating supply accounting for 15% of the total. In addition, the token airdrop snapshot has been completed, and the eligibility check tool for initial claims will go live on January 3. Meanwhile, the SonicX TikTok airdrop event will remain open until January 6.
Multiple Institutions Predict Bitcoin to Reach a High of $200,000 Next Year
On December 31st, based on recent research reports from several crypto institutions, the majority are predicting that Bitcoin will reach $200,000 next year:
Matrixport: Bitcoin could reach $160,000 by 2025
Galaxy Digital: Bitcoin is expected to surpass $150,000 in the first half of the year and hit $185,000 in the fourth quarter
Maple Finance: Bitcoin's price will be between $180,000 and $200,000
Standard Chartered Bank: Bitcoin's price will double, with Bitcoin projected to reach $200,000 by the end of 2025
Binance Labs Outlook for 2025: Focusing on Crypto, AI, and Biotech, Bullish on DeSci, RWA/Stablecoins, and AI Agent Track
On December 31st, Binance Labs posted on social media that as we transition into 2025, the year of the Wood Snake, Binance Labs expects the crypto industry to enter a vibrant phase. The Wood element symbolizes growth and creativity, heralding a year of maturity in innovation and development. The incoming Trump administration's expected supportive stance on cryptocurrency is anticipated to create a more favorable regulatory environment. This shift may bolster institutional interest and investment in the crypto space, aiding in the industry's maturation and building upon a strong foundation.
Binance Labs' key areas of focus in 2025 are crypto/blockchain, AI, and biotech, and they are excited to see innovation at the intersection of these three areas. It is expected that underperforming sectors such as gaming, ZK technology, and privacy solutions may have a resurgence as they transition from development to production, supporting new use cases. Additionally, existing narratives like DeSci, RWA/Stablecoins, and AI agents should continue to perform well with strong momentum.
Binance Labs Announces Rebranding; CZ Eager to Meet Outstanding New Project Founders Upon Return and Engage in Projects on a Personal Level
On December 31st, according to official sources, Binance Labs officially stated on social media when looking ahead to 2025 that they are "about to be renamed," but will remain focused on fundamentals with the aim of creating lasting impact. Moving into and beyond 2025, the institution will continue to support founders who share a vision for long-term building. Additionally, Binance Labs mentioned that with CZ back and dedicating most of his time to investing in the industry, he is eager to connect with existing and new founders and participate in projects on a personal level. Furthermore, Binance Labs is expanding its investment scope from primary market transactions to any type of trading, including secondary market liquidity, OTC trading, and more.
Binance Labs Announces Investment in THENA
On December 31, Binance Labs announced an investment in THENA (THE) to drive the mass adoption of decentralized finance.
a16z Considering Adjusting Its Tokenomics and May Launch an L1 Blockchain
On December 30, according to The Block, the AI agent platform a16z is exploring adjustments to its tokenomics and may potentially launch an L1 blockchain. The team has engaged in initial discussions with contributors aiming to enhance the value accrual of its token. These discussions include staking mechanisms for token holders, offering benefits such as early access to new features and sharing platform fees. Furthermore, based on a document shared with contributors, a16z may consider launching a Layer 1 blockchain specifically tailored for AI applications. The latest governance proposals by a16z also include phased reforms to its tokenomics, with plans to launch a token Launchpad similar to pump.fun in Q1 2025. Related reads: "3-Hour In-Depth Interview with Shaw: How did a16z grow from zero to a $19 billion market cap?", "Ecosystem Consensus in Full Swing, What Projects are Related to a16z's Concepts?"
AI Sector Token Total Market Cap Surpasses $487 Billion; AI Agent Total Market Cap Surpasses $169 Billion
On January 2, according to CoinGecko data, the AI sector token total market cap exceeded $487 billion, with a 13.3% 24-hour growth and a $39.3 billion 24-hour trading volume. The AI Agent sector token total market cap surpassed $169 billion with a 22.7% 24-hour growth. Currently, there are 21 AI Agent tokens with a market cap exceeding $1 billion. The leading tokens by market cap are: VIRTUAL with a current market cap of $49.9 billion, 24-hour growth of 22.4%, and 7-day growth of 60.4%; a16Z with a current market cap of $25.8 billion, 24-hour growth of 22.5%, and 7-day growth of 179.1%; AIXBT with a current market cap of $6.36 billion, 24-hour growth of 1.3%, and 7-day growth of 78.1%; FAI with a current market cap of $3.7 billion, 24-hour growth of 22.9%, and 7-day growth of 107.5%. Related reads: "How to Seize a Hundredfold Opportunity in this AI Agent Cycle with a New Narrative?", "Briefly Listed Mainstream AI Agents, How will they Develop Next?"
8-Year-Old Prominent Ethereum Media Abroad Announces Shutdown Due to EF Ending Funding
On January 2, Evan Van Ness, the founder of Week in Ethereum News (WiE), announced on social media, "Due to a conversation earlier this year with the Ethereum Foundation (EF) leadership, I am announcing the shutdown of this newsletter as the communication indicated they believe there is no value in continuing the operation of Week in Ethereum News." In response, Lukas Schor, co-founder of Safe, stated, "Today I learned that the Ethereum Foundation (EF) spent $135 million in 2023 but became stingy when funding the best technical newsletter in the ecosystem (maybe with other background reasons I am not aware of). In any case, thank you, Evan Van Ness, your work has been the highlight of my every Saturday over the past few years."
Shanghai Police Bust Virtual Currency Scam Syndicate Earning High Fees Through Fake Trading Platform
On January 1, recently, the Yangpu police in Shanghai successfully cracked a virtual currency contract trading scam, dismantling a 16-member fraud syndicate involving over 300,000 yuan. Upon interrogation, the suspects confessed to their criminal activities. Combining the previous investigation, the special task force fully understood the modus operandi of this criminal syndicate. Yang and Yu, among three others, posed as "investment masters" to infiltrate various virtual currency investment chat groups, diverting members with investment intentions to a fake trading platform they had set up. Exploiting the victims' desire to "make quick money," they induced them to conduct multiple trades to earn high fees. Subsequently, by persuading the victims to increase the investment's "profit and loss ratio," they misled them into believing that their investment failures were due to their misjudgment of the market, thus deceiving them of their money. Currently, Yang, Yu, and 16 other suspects have been taken into criminal detention by the Yangpu police on suspicion of fraud, and the case is under further investigation.
Man in Xiamen, China Prosecuted for Theft of Others' Virtual Currency, Charged with Theft
On January 3, according to Xiamen Evening News, a man stole over 1.6 million yuan worth of others' virtual currency after assisting a friend with futures investment losses. Recently, the Huli District Procuratorate in Xiamen, China, brought charges against the defendant for this theft case. In September 2021, the defendant Chen, introduced by a friend, met the victim Hong. Hong entrusted Chen to help with virtual currency investments, providing his account and login password. By the end of September 2022, Chen fabricated a story about the account going offline to deceive Hong into providing various verification codes. Subsequently, Chen successfully changed the account's login password. Chen then repeatedly deceived Hong with the excuse of account disconnection, tricking him into providing real-time verification codes, continually transferring the virtual currency from Hong's account to his own and liquidating it for over 1.6 million yuan, all of which was used to repay personal debts. In May 2024, Chen voluntarily surrendered to the police station and truthfully confessed to his crimes. The Huli District Procuratorate prosecuted Chen for theft.
Hong Kong-listed Company Yuxing Technology Buys 78.2 Bitcoins in 2024 at an Average Price of $80,960
On January 1, Hong Kong-listed company Yuxing Technology announced that it had conducted a series of transactions in the open market between July 25, 2024, and December 31, 2024. This included "purchasing approximately 78.2 Bitcoins at an average price of $80,960, with a total token value of approximately $6.3 million."
Central Bank Report Focuses on Global Cryptocurrency Regulatory Trends and Hong Kong's Cryptocurrency Licensing Regime
Recently, the People's Bank of China released the "China Financial Stability Report (2024)," which highlighted global efforts in cryptocurrency regulation and outlined Hong Kong's cryptocurrency licensing regime. The report stated that regulatory authorities around the world continue to enhance their supervision of crypto assets. Due to the potential systemic risks posed by crypto assets, regulatory bodies worldwide are increasing their oversight of crypto assets. Currently, 51 countries and regions globally have enacted prohibitions on crypto assets, with some economies adjusting existing laws or enacting new legislation.
Hong Kong, China categorizes virtual assets into two types for regulation: securitized financial assets and non-securitized financial assets. Operators of virtual asset trading platforms in Hong Kong are subject to a unique "dual licensing" system. "Security tokens" are regulated under the Securities and Futures Ordinance and licensing system, while "non-security tokens" are regulated under the Anti-Money Laundering Ordinance and licensing system. Institutions engaged in virtual asset activities must apply for registration with the relevant regulatory authorities to operate. Additionally, large financial institutions such as HSBC and Standard Chartered are required to include cryptocurrency exchanges in their routine customer monitoring.
This Week's Popular Articles
《3-Hour In-Depth Interview with Shaw: How Did a16z Reach a $19 Billion Valuation from Zero?》
This interview starts with Shaw's journey in China, where he reflects on his early experiences and turning points, shares the story behind "Eliza," and reveals the success formula of a16z. It dives deep into the alignment of AI with the crypto field's intelligent entities, interprets the impact of the "Eliza Drama" and Skelly controversy. Shaw envisions the concept of "DAO Town" in Wyoming, speaks candidly about the challenges of being a public figure, and offers profound insights into the future of DeFi intelligent entities and the Crypto AI ecosystem in 2025, bringing thought-provoking perspectives.
《Eco Consensus in Full Swing, Which Projects Are Related to ai16z Concepts?》
On the last day of 2024, ai16z continued to lead the AI track, breaking through the market cap ceiling. After Shaw announced the plan to turn ai16z into a Layer1, ai16z surged by 37% within 24 hours. In addition to ai16z itself, multiple concept coins surrounding ai16z also experienced a significant surge. BlockBeats will quickly sort out the projects within the ai16z ecosystem for everyone.
《Market Cap Surges Past $70 Million, Why Can Swarms Withstand FUD from ai16z?》
On December 30, Swarms' price surge once again caught people's attention, and the entire community exploded with two hot topics: rumors of anxiety from ai16z founder Shaw and the suspicion that OpenAI's Sama infringed on Swarm's multi-agent framework. Some speculate that the mastermind behind this pump may be the AI Agent based on Mcs. This Agent not only can answer medical knowledge questions but is also known as the most user-friendly and practical product in the Swarms architecture. Its founder, Kye Gomez, a "teenage genius" who dropped out of high school, spent three years developing the multi-agent coordination framework Swarms, running 45 million agents, serving industries such as finance, insurance, and healthcare, making it a hardcore powerhouse.
《AI Version of Chainlink, Why Did COOKIE Surge by 300%?》
AIXBT, after deployment for just a few months, has already reached a market cap of $600 million. This podcast will delve into why AIXBT can outperform other oracles and why its data aggregation technology has become a core competitive advantage. In addition, the podcast also explores CookieDAO as a market-leading data aggregation and packaging infrastructure provider and the performance of its token $COOKIE. As demand for aggregated data from both human and AI users increases on cookie.fun, the access value of aggregated data will further rise.
“Three Consecutive Days of Over 50% Growth, Where Does $ALCH's Growth Potential Really Come From?”
This article introduces some of the features and uses of the Alchemist AI platform, discussing the key role of network effects in the success of digital markets, especially in the development of alchemistAIapp (ALCH). By attracting developers and users, the platform can form a self-reinforcing growth flywheel, while ALCH possesses characteristics of a two-sided market and a social network.
“From Developer Ecosystem to Supply Chain, Solana's ‘AI Ecosystem Sun Strategy’”
With the full outbreak of the AI market, Griffain's market value also reached its all-time high on January 2, surpassing $480 million. The SendAI token Send also returned to a market value of $100 million. In the current era of ultra-fast evolution in the AI Agent ecosystem, what advantages and progress do Griffain and Send have?
“How to Seize the Hundredfold Opportunity in this AI Agent Cycle of the New Narrative?”
The article introduces investment opportunities in 25 years of AI agents, including investments in DAOs (daosdotworld, Vader AI), on-chain transactions (Gekko Agent, BigTonyXBT), privacy and confidentiality (TEE agent potential), developer tools (soleng agent, etc.). In addition, the article predicts future trends such as DeFi agents, NSFW agents, collective intelligence, etc., emphasizing early positioning and flexible adaptation to the practical value behind the narrative, with the potential to achieve a hundredfold return.
“List of Mainstream AI Agents in the Market, How Will They Develop Next?”
The development of the AI Agent is currently divided into 5 stages. The first stage is the emergence of memes. Underneath the seemingly nonsensical narrative, it also provides the soil for the growth of AI Agent. Gradually, everyone realized that the AI Agent could not only engage in simple interactions on Twitter but could also extend to more valuable scenarios. As AI Agent applications flourished, entrepreneurs had to choose which track to take to ride this wave. The answer is Launchpad. As AI Agent began to realize more practical functions, it started to explore collaboration between projects to build a more powerful ecosystem. Finally, from a product standpoint, AI Agent may primarily play a simple tool role, such as providing investment advice and generating reports.
《Perhaps This Is the True Reason for COW's 162% Surge in a Month》
CowSwap is the recently most surging DeFi token, also one of Vitalik's favorite DEXs, a dedicated on-chain platform for large holders to unload, and even the designated DEX for the Super Whale team. However, what many people do not know is that behind CowSwap lies a top-tier incubator in the Ethereum faction—Gnosis. I believe this is the true reason for $COW's surge.
《Musk Changes Name and Avatar, What Is Kekius Maximus Resembling Pepe?》
On the morning of December 31, it was still the carnival day of AI Meme on the Solana chain. Around 2 PM, Musk changed his Twitter profile picture to a Meme image resembling Pepe the Frog and directly changed his name to Kekius Maximus. Interestingly, this was Musk's first time changing his Twitter name. What exactly is Kekius Maximus?
《BUZZ Market Cap Skyrocket to 40M, Is the 'DeFi Agent' Firing the First Shot?》
One of the main drivers behind Buzz's surge is the DeFi agent as the market's focal point, attracting more and more investors' and users' attention, especially against the backdrop of the sharp increase in the demand for DeFi convenience. Buzz's value has been rapidly recognized.
"Grayscale Q1 2025 Top Picks: 20 High-Growth Potential Tokens"
Grayscale Research has updated its Top 20 token list. The list represents a diverse set of assets in the cryptocurrency industry that may have significant potential in the coming quarter. New assets added in Q1 2025 include HYPE, ENA, VIRTUAL, JUP, JTO, and GRASS. All assets in the Top 20 list exhibit high price volatility and should be considered high-risk.
"Five Charts to Tell You What Happened in the Crypto Industry in 2024"
When Bitcoin reaches $1 million, everyone will surely look back on 2024 as a year that marked the crypto industry's history. Bitcoin was officially approved by the U.S. SEC for an ETF, becoming one of the globally irreplaceable assets alongside gold and silver. With a price of $100,000 per coin, the market is full of imagination for the future of cryptocurrency. Dapp.com has compiled 5 pieces of data, hoping that these figures will help you understand what happened in Crypto this year and also envision what will happen in the future.
"2024 Crypto Industry Memes Report Released"
It's that time of year again for the annual crypto industry memes report (skipped for 22 years because 22 was just too tragic), and 2024 brought many exciting moments that made everyone stand up and take notice.
"2025: 15 Must-Have Token Airdrop Opportunities"
This article has carefully selected and compiled a list of 15 token airdrop opportunities for those who may be feeling a bit weary of frequent airdrops.
《Counting Down the Top 30 Crypto Meme Moments of 2024 — Which Ones Do You Remember?》
Crypto KOL @100xgemfinder has released 30 meme events in the 2024 crypto space. Which of these events left a lasting impression on you? And from which memes did you achieve tenfold or hundredfold gains.
《Galaxy Research 2025 Prediction: Bitcoin Surges to $185k, Ethereum Breaks $5500》
Galaxy Research has made predictions for the 2025 crypto market, covering Bitcoin and Ethereum price trends, ETHBTC ratio, Dogecoin and D.O.G.E., stablecoins, DeFi, L2 solutions, policy, venture capital, and other areas.
《On-Chain Data Evaluation: When Will the Next Season of Shitcoins Begin?》
The scissor gap between the total inflow of stablecoins to exchanges and the withdrawn BTC's USD value may have a direct relationship with the volatility of remaining buying power and shitcoins. Can we determine the timing of the shitcoin season through this logic? By observing the data on the potential conditions for "capital overflow," the author found that it corresponds to certain high market cap shitcoins' launch time points, thus reimagining a set of visual indicators that can effectively judge the "shitcoin season."
《Compound Wool on Binance with 10 BNB: How Much Money Can You Earn in a Year?》
During a bull market, the path to making money seems to have countless possibilities. Some people meme and chase meme coins, some trade futures all night, and some work hard to participate in airdrops. Besides these methods, is there a way to profit through "non-laborious," non-gambling, and non-heart-pounding means? Some smart money has set their sights on Binance's Launchpool or Megadrop and other platform activities to achieve the goal of compounding. This article reviews various activities on Binance over the past year and simulates how much profit you can earn by holding 10 BNB until the end of the year.
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China's Central Bank and Eight Other Departments' Latest Regulatory Focus: Key Attention to RWA Tokenized Asset Risk
Foreword: Today, the People's Bank of China's website published the "Notice of the People's Bank of China, National Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Public Security, State Administration for Market Regulation, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission, State Administration of Foreign Exchange on Further Preventing and Dealing with Risks Related to Virtual Currency and Others (Yinfa [2026] No. 42)", the latest regulatory requirements from the eight departments including the central bank, which are basically consistent with the regulatory requirements of recent years. The main focus of the regulation is on speculative activities such as virtual currency trading, exchanges, ICOs, overseas platform services, and this time, regulatory oversight of RWA has been added, explicitly prohibiting RWA tokenization, stablecoins (especially those pegged to the RMB). The following is the full text:
To the people's governments of all provinces, autonomous regions, and municipalities directly under the Central Government, the Xinjiang Production and Construction Corps:
Recently, there have been speculative activities related to virtual currency and Real-World Assets (RWA) tokenization, disrupting the economic and financial order and jeopardizing the property security of the people. In order to further prevent and address the risks related to virtual currency and Real-World Assets tokenization, effectively safeguard national security and social stability, in accordance with the "Law of the People's Republic of China on the People's Bank of China," "Law of the People's Republic of China on Commercial Banks," "Securities Law of the People's Republic of China," "Law of the People's Republic of China on Securities Investment Funds," "Law of the People's Republic of China on Futures and Derivatives," "Cybersecurity Law of the People's Republic of China," "Regulations of the People's Republic of China on the Administration of Renminbi," "Regulations on Prevention and Disposal of Illegal Fundraising," "Regulations of the People's Republic of China on Foreign Exchange Administration," "Telecommunications Regulations of the People's Republic of China," and other provisions, after reaching consensus with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, and with the approval of the State Council, the relevant matters are notified as follows:
(I) Virtual currency does not possess the legal status equivalent to fiat currency. Virtual currencies such as Bitcoin, Ether, Tether, etc., have the main characteristics of being issued by non-monetary authorities, using encryption technology and distributed ledger or similar technology, existing in digital form, etc. They do not have legal tender status, should not and cannot be circulated and used as currency in the market.
The business activities related to virtual currency are classified as illegal financial activities. The exchange of fiat currency and virtual currency within the territory, exchange of virtual currencies, acting as a central counterparty in buying and selling virtual currencies, providing information intermediary and pricing services for virtual currency transactions, token issuance financing, and trading of virtual currency-related financial products, etc., fall under illegal financial activities, such as suspected illegal issuance of token vouchers, unauthorized public issuance of securities, illegal operation of securities and futures business, illegal fundraising, etc., are strictly prohibited across the board and resolutely banned in accordance with the law. Overseas entities and individuals are not allowed to provide virtual currency-related services to domestic entities in any form.
A stablecoin pegged to a fiat currency indirectly fulfills some functions of the fiat currency in circulation. Without the consent of relevant authorities in accordance with the law and regulations, any domestic or foreign entity or individual is not allowed to issue a RMB-pegged stablecoin overseas.
（II）Tokenization of Real-World Assets refers to the use of encryption technology and distributed ledger or similar technologies to transform ownership rights, income rights, etc., of assets into tokens (tokens) or other interests or bond certificates with token (token) characteristics, and carry out issuance and trading activities.
Engaging in the tokenization of real-world assets domestically, as well as providing related intermediary, information technology services, etc., which are suspected of illegal issuance of token vouchers, unauthorized public offering of securities, illegal operation of securities and futures business, illegal fundraising, and other illegal financial activities, shall be prohibited; except for relevant business activities carried out with the approval of the competent authorities in accordance with the law and regulations and relying on specific financial infrastructures. Overseas entities and individuals are not allowed to illegally provide services related to the tokenization of real-world assets to domestic entities in any form.
(III) Inter-agency Coordination. The People's Bank of China, together with the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Public Security, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and other departments, will improve the work mechanism, strengthen coordination with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, coordinate efforts, and overall guide regions to carry out risk prevention and disposal of virtual currency-related illegal financial activities.
The China Securities Regulatory Commission, together with the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Public Security, the People's Bank of China, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the State Administration of Foreign Exchange, and other departments, will improve the work mechanism, strengthen coordination with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, coordinate efforts, and overall guide regions to carry out risk prevention and disposal of illegal financial activities related to the tokenization of real-world assets.
(IV) Strengthening Local Implementation. The people's governments at the provincial level are overall responsible for the prevention and disposal of risks related to virtual currencies and the tokenization of real-world assets in their respective administrative regions. The specific leading department is the local financial regulatory department, with participation from branches and dispatched institutions of the State Council's financial regulatory department, telecommunications regulators, public security, market supervision, and other departments, in coordination with cyberspace departments, courts, and procuratorates, to improve the normalization of the work mechanism, effectively connect with the relevant work mechanisms of central departments, form a cooperative and coordinated working pattern between central and local governments, effectively prevent and properly handle risks related to virtual currencies and the tokenization of real-world assets, and maintain economic and financial order and social stability.
(5) Enhanced Risk Monitoring. The People's Bank of China, China Securities Regulatory Commission, National Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Public Security, State Administration of Foreign Exchange, Cyberspace Administration of China, and other departments continue to improve monitoring techniques and system support, enhance cross-departmental data analysis and sharing, establish sound information sharing and cross-validation mechanisms, promptly grasp the risk situation of activities related to virtual currency and real-world asset tokenization. Local governments at all levels give full play to the role of local monitoring and early warning mechanisms. Local financial regulatory authorities, together with branches and agencies of the State Council's financial regulatory authorities, as well as departments of cyberspace and public security, ensure effective connection between online monitoring, offline investigation, and fund tracking, efficiently and accurately identify activities related to virtual currency and real-world asset tokenization, promptly share risk information, improve early warning information dissemination, verification, and rapid response mechanisms.
(6) Strengthened Oversight of Financial Institutions, Intermediaries, and Technology Service Providers. Financial institutions (including non-bank payment institutions) are prohibited from providing account opening, fund transfer, and clearing services for virtual currency-related business activities, issuing and selling financial products related to virtual currency, including virtual currency and related financial products in the scope of collateral, conducting insurance business related to virtual currency, or including virtual currency in the scope of insurance liability. Financial institutions (including non-bank payment institutions) are prohibited from providing custody, clearing, and settlement services for unauthorized real-world asset tokenization-related business and related financial products. Relevant intermediary institutions and information technology service providers are prohibited from providing intermediary, technical, or other services for unauthorized real-world asset tokenization-related businesses and related financial products.
(7) Enhanced Management of Internet Information Content and Access. Internet enterprises are prohibited from providing online business venues, commercial displays, marketing, advertising, or paid traffic diversion services for virtual currency and real-world asset tokenization-related business activities. Upon discovering clues of illegal activities, they should promptly report to relevant departments and provide technical support and assistance for related investigations and inquiries. Based on the clues transferred by the financial regulatory authorities, the cyberspace administration, telecommunications authorities, and public security departments should promptly close and deal with websites, mobile applications (including mini-programs), and public accounts engaged in virtual currency and real-world asset tokenization-related business activities in accordance with the law.
(8) Strengthened Entity Registration and Advertisement Management. Market supervision departments strengthen entity registration and management, and enterprise and individual business registrations must not contain terms such as "virtual currency," "virtual asset," "cryptocurrency," "crypto asset," "stablecoin," "real-world asset tokenization," or "RWA" in their names or business scopes. Market supervision departments, together with financial regulatory authorities, legally enhance the supervision of advertisements related to virtual currency and real-world asset tokenization, promptly investigating and handling relevant illegal advertisements.
（IX） Continued Rectification of Virtual Currency Mining Activities. The National Development and Reform Commission, together with relevant departments, strictly controls virtual currency mining activities, continuously promotes the rectification of virtual currency mining activities. The people's governments of various provinces take overall responsibility for the rectification of "mining" within their respective administrative regions. In accordance with the requirements of the National Development and Reform Commission and other departments in the "Notice on the Rectification of Virtual Currency Mining Activities" (NDRC Energy-saving Building [2021] No. 1283) and the provisions of the "Guidance Catalog for Industrial Structure Adjustment (2024 Edition)," a comprehensive review, investigation, and closure of existing virtual currency mining projects are conducted, new mining projects are strictly prohibited, and mining machine production enterprises are strictly prohibited from providing mining machine sales and other services within the country.
（X） Severe Crackdown on Related Illegal Financial Activities. Upon discovering clues to illegal financial activities related to virtual currency and the tokenization of real-world assets, local financial regulatory authorities, branches of the State Council's financial regulatory authorities, and other relevant departments promptly investigate, determine, and properly handle the issues in accordance with the law, and seriously hold the relevant entities and individuals legally responsible. Those suspected of crimes are transferred to the judicial authorities for processing according to the law.
（XI） Severe Crackdown on Related Illegal and Criminal Activities. The Ministry of Public Security, the People's Bank of China, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, as well as judicial and procuratorial organs, in accordance with their respective responsibilities, rigorously crack down on illegal and criminal activities related to virtual currency, the tokenization of real-world assets, such as fraud, money laundering, illegal business operations, pyramid schemes, illegal fundraising, and other illegal and criminal activities carried out under the guise of virtual currency, the tokenization of real-world assets, etc.
（XII） Strengthen Industry Self-discipline. Relevant industry associations should enhance membership management and policy advocacy, based on their own responsibilities, advocate and urge member units to resist illegal financial activities related to virtual currency and the tokenization of real-world assets. Member units that violate regulatory policies and industry self-discipline rules are to be disciplined in accordance with relevant self-regulatory management regulations. By leveraging various industry infrastructure, conduct risk monitoring related to virtual currency, the tokenization of real-world assets, and promptly transfer issue clues to relevant departments.
（XIII） Without the approval of relevant departments in accordance with the law and regulations, domestic entities and foreign entities controlled by them may not issue virtual currency overseas.
（XIV） Domestic entities engaging directly or indirectly in overseas external debt-based tokenization of real-world assets, or conducting asset securitization activities abroad based on domestic ownership rights, income rights, etc. (hereinafter referred to as domestic equity), should be strictly regulated in accordance with the principles of "same business, same risk, same rules." The National Development and Reform Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and other relevant departments regulate it according to their respective responsibilities. For other forms of overseas real-world asset tokenization activities based on domestic equity by domestic entities, the China Securities Regulatory Commission, together with relevant departments, supervise according to their division of responsibilities. Without the consent and filing of relevant departments, no unit or individual may engage in the above-mentioned business.
(15) Overseas subsidiaries and branches of domestic financial institutions providing Real World Asset Tokenization-related services overseas shall do so legally and prudently. They shall have professional personnel and systems in place to effectively mitigate business risks, strictly implement customer onboarding, suitability management, anti-money laundering requirements, and incorporate them into the domestic financial institutions' compliance and risk management system. Intermediaries and information technology service providers offering Real World Asset Tokenization services abroad based on domestic equity or conducting Real World Asset Tokenization business in the form of overseas debt for domestic entities directly or indirectly venturing abroad must strictly comply with relevant laws and regulations. They should establish and improve relevant compliance and internal control systems in accordance with relevant normative requirements, strengthen business and risk control, and report the business developments to the relevant regulatory authorities for approval or filing.
(16) Strengthen organizational leadership and overall coordination. All departments and regions should attach great importance to the prevention of risks related to virtual currencies and Real World Asset Tokenization, strengthen organizational leadership, clarify work responsibilities, form a long-term effective working mechanism with centralized coordination, local implementation, and shared responsibilities, maintain high pressure, dynamically monitor risks, effectively prevent and mitigate risks in an orderly and efficient manner, legally protect the property security of the people, and make every effort to maintain economic and financial order and social stability.
(17) Widely carry out publicity and education. All departments, regions, and industry associations should make full use of various media and other communication channels to disseminate information through legal and policy interpretation, analysis of typical cases, and education on investment risks, etc. They should promote the illegality and harm of virtual currencies and Real World Asset Tokenization-related businesses and their manifestations, fully alert to potential risks and hidden dangers, and enhance public awareness and identification capabilities for risk prevention.
(18) Engaging in illegal financial activities related to virtual currencies and Real World Asset Tokenization in violation of this notice, as well as providing services for virtual currencies and Real World Asset Tokenization-related businesses, shall be punished in accordance with relevant regulations. If it constitutes a crime, criminal liability shall be pursued according to the law. For domestic entities and individuals who knowingly or should have known that overseas entities illegally provided virtual currency or Real World Asset Tokenization-related services to domestic entities and still assisted them, relevant responsibilities shall be pursued according to the law. If it constitutes a crime, criminal liability shall be pursued according to the law.
(19) If any unit or individual invests in virtual currencies, Real World Asset Tokens, and related financial products against public order and good customs, the relevant civil legal actions shall be invalid, and any resulting losses shall be borne by them. If there are suspicions of disrupting financial order and jeopardizing financial security, the relevant departments shall deal with them according to the law.
This notice shall enter into force upon the date of its issuance. The People's Bank of China and ten other departments' "Notice on Further Preventing and Dealing with the Risks of Virtual Currency Trading Speculation" (Yinfa [2021] No. 237) is hereby repealed.
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China's Central Bank and Eight Other Departments' Latest Regulatory Focus: Key Attention to RWA Tokenized Asset Risk
Foreword: Today, the People's Bank of China's website published the "Notice of the People's Bank of China, National Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Public Security, State Administration for Market Regulation, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission, State Administration of Foreign Exchange on Further Preventing and Dealing with Risks Related to Virtual Currency and Others (Yinfa [2026] No. 42)", the latest regulatory requirements from the eight departments including the central bank, which are basically consistent with the regulatory requirements of recent years. The main focus of the regulation is on speculative activities such as virtual currency trading, exchanges, ICOs, overseas platform services, and this time, regulatory oversight of RWA has been added, explicitly prohibiting RWA tokenization, stablecoins (especially those pegged to the RMB). The following is the full text:
To the people's governments of all provinces, autonomous regions, and municipalities directly under the Central Government, the Xinjiang Production and Construction Corps:
Recently, there have been speculative activities related to virtual currency and Real-World Assets (RWA) tokenization, disrupting the economic and financial order and jeopardizing the property security of the people. In order to further prevent and address the risks related to virtual currency and Real-World Assets tokenization, effectively safeguard national security and social stability, in accordance with the "Law of the People's Republic of China on the People's Bank of China," "Law of the People's Republic of China on Commercial Banks," "Securities Law of the People's Republic of China," "Law of the People's Republic of China on Securities Investment Funds," "Law of the People's Republic of China on Futures and Derivatives," "Cybersecurity Law of the People's Republic of China," "Regulations of the People's Republic of China on the Administration of Renminbi," "Regulations on Prevention and Disposal of Illegal Fundraising," "Regulations of the People's Republic of China on Foreign Exchange Administration," "Telecommunications Regulations of the People's Republic of China," and other provisions, after reaching consensus with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, and with the approval of the State Council, the relevant matters are notified as follows:
(I) Virtual currency does not possess the legal status equivalent to fiat currency. Virtual currencies such as Bitcoin, Ether, Tether, etc., have the main characteristics of being issued by non-monetary authorities, using encryption technology and distributed ledger or similar technology, existing in digital form, etc. They do not have legal tender status, should not and cannot be circulated and used as currency in the market.
The business activities related to virtual currency are classified as illegal financial activities. The exchange of fiat currency and virtual currency within the territory, exchange of virtual currencies, acting as a central counterparty in buying and selling virtual currencies, providing information intermediary and pricing services for virtual currency transactions, token issuance financing, and trading of virtual currency-related financial products, etc., fall under illegal financial activities, such as suspected illegal issuance of token vouchers, unauthorized public issuance of securities, illegal operation of securities and futures business, illegal fundraising, etc., are strictly prohibited across the board and resolutely banned in accordance with the law. Overseas entities and individuals are not allowed to provide virtual currency-related services to domestic entities in any form.
A stablecoin pegged to a fiat currency indirectly fulfills some functions of the fiat currency in circulation. Without the consent of relevant authorities in accordance with the law and regulations, any domestic or foreign entity or individual is not allowed to issue a RMB-pegged stablecoin overseas.
（II）Tokenization of Real-World Assets refers to the use of encryption technology and distributed ledger or similar technologies to transform ownership rights, income rights, etc., of assets into tokens (tokens) or other interests or bond certificates with token (token) characteristics, and carry out issuance and trading activities.
Engaging in the tokenization of real-world assets domestically, as well as providing related intermediary, information technology services, etc., which are suspected of illegal issuance of token vouchers, unauthorized public offering of securities, illegal operation of securities and futures business, illegal fundraising, and other illegal financial activities, shall be prohibited; except for relevant business activities carried out with the approval of the competent authorities in accordance with the law and regulations and relying on specific financial infrastructures. Overseas entities and individuals are not allowed to illegally provide services related to the tokenization of real-world assets to domestic entities in any form.
(III) Inter-agency Coordination. The People's Bank of China, together with the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Public Security, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and other departments, will improve the work mechanism, strengthen coordination with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, coordinate efforts, and overall guide regions to carry out risk prevention and disposal of virtual currency-related illegal financial activities.
The China Securities Regulatory Commission, together with the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Public Security, the People's Bank of China, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the State Administration of Foreign Exchange, and other departments, will improve the work mechanism, strengthen coordination with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, coordinate efforts, and overall guide regions to carry out risk prevention and disposal of illegal financial activities related to the tokenization of real-world assets.
(IV) Strengthening Local Implementation. The people's governments at the provincial level are overall responsible for the prevention and disposal of risks related to virtual currencies and the tokenization of real-world assets in their respective administrative regions. The specific leading department is the local financial regulatory department, with participation from branches and dispatched institutions of the State Council's financial regulatory department, telecommunications regulators, public security, market supervision, and other departments, in coordination with cyberspace departments, courts, and procuratorates, to improve the normalization of the work mechanism, effectively connect with the relevant work mechanisms of central departments, form a cooperative and coordinated working pattern between central and local governments, effectively prevent and properly handle risks related to virtual currencies and the tokenization of real-world assets, and maintain economic and financial order and social stability.
(5) Enhanced Risk Monitoring. The People's Bank of China, China Securities Regulatory Commission, National Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Public Security, State Administration of Foreign Exchange, Cyberspace Administration of China, and other departments continue to improve monitoring techniques and system support, enhance cross-departmental data analysis and sharing, establish sound information sharing and cross-validation mechanisms, promptly grasp the risk situation of activities related to virtual currency and real-world asset tokenization. Local governments at all levels give full play to the role of local monitoring and early warning mechanisms. Local financial regulatory authorities, together with branches and agencies of the State Council's financial regulatory authorities, as well as departments of cyberspace and public security, ensure effective connection between online monitoring, offline investigation, and fund tracking, efficiently and accurately identify activities related to virtual currency and real-world asset tokenization, promptly share risk information, improve early warning information dissemination, verification, and rapid response mechanisms.
(6) Strengthened Oversight of Financial Institutions, Intermediaries, and Technology Service Providers. Financial institutions (including non-bank payment institutions) are prohibited from providing account opening, fund transfer, and clearing services for virtual currency-related business activities, issuing and selling financial products related to virtual currency, including virtual currency and related financial products in the scope of collateral, conducting insurance business related to virtual currency, or including virtual currency in the scope of insurance liability. Financial institutions (including non-bank payment institutions) are prohibited from providing custody, clearing, and settlement services for unauthorized real-world asset tokenization-related business and related financial products. Relevant intermediary institutions and information technology service providers are prohibited from providing intermediary, technical, or other services for unauthorized real-world asset tokenization-related businesses and related financial products.
(7) Enhanced Management of Internet Information Content and Access. Internet enterprises are prohibited from providing online business venues, commercial displays, marketing, advertising, or paid traffic diversion services for virtual currency and real-world asset tokenization-related business activities. Upon discovering clues of illegal activities, they should promptly report to relevant departments and provide technical support and assistance for related investigations and inquiries. Based on the clues transferred by the financial regulatory authorities, the cyberspace administration, telecommunications authorities, and public security departments should promptly close and deal with websites, mobile applications (including mini-programs), and public accounts engaged in virtual currency and real-world asset tokenization-related business activities in accordance with the law.
(8) Strengthened Entity Registration and Advertisement Management. Market supervision departments strengthen entity registration and management, and enterprise and individual business registrations must not contain terms such as "virtual currency," "virtual asset," "cryptocurrency," "crypto asset," "stablecoin," "real-world asset tokenization," or "RWA" in their names or business scopes. Market supervision departments, together with financial regulatory authorities, legally enhance the supervision of advertisements related to virtual currency and real-world asset tokenization, promptly investigating and handling relevant illegal advertisements.
（IX） Continued Rectification of Virtual Currency Mining Activities. The National Development and Reform Commission, together with relevant departments, strictly controls virtual currency mining activities, continuously promotes the rectification of virtual currency mining activities. The people's governments of various provinces take overall responsibility for the rectification of "mining" within their respective administrative regions. In accordance with the requirements of the National Development and Reform Commission and other departments in the "Notice on the Rectification of Virtual Currency Mining Activities" (NDRC Energy-saving Building [2021] No. 1283) and the provisions of the "Guidance Catalog for Industrial Structure Adjustment (2024 Edition)," a comprehensive review, investigation, and closure of existing virtual currency mining projects are conducted, new mining projects are strictly prohibited, and mining machine production enterprises are strictly prohibited from providing mining machine sales and other services within the country.
（X） Severe Crackdown on Related Illegal Financial Activities. Upon discovering clues to illegal financial activities related to virtual currency and the tokenization of real-world assets, local financial regulatory authorities, branches of the State Council's financial regulatory authorities, and other relevant departments promptly investigate, determine, and properly handle the issues in accordance with the law, and seriously hold the relevant entities and individuals legally responsible. Those suspected of crimes are transferred to the judicial authorities for processing according to the law.
（XI） Severe Crackdown on Related Illegal and Criminal Activities. The Ministry of Public Security, the People's Bank of China, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, as well as judicial and procuratorial organs, in accordance with their respective responsibilities, rigorously crack down on illegal and criminal activities related to virtual currency, the tokenization of real-world assets, such as fraud, money laundering, illegal business operations, pyramid schemes, illegal fundraising, and other illegal and criminal activities carried out under the guise of virtual currency, the tokenization of real-world assets, etc.
（XII） Strengthen Industry Self-discipline. Relevant industry associations should enhance membership management and policy advocacy, based on their own responsibilities, advocate and urge member units to resist illegal financial activities related to virtual currency and the tokenization of real-world assets. Member units that violate regulatory policies and industry self-discipline rules are to be disciplined in accordance with relevant self-regulatory management regulations. By leveraging various industry infrastructure, conduct risk monitoring related to virtual currency, the tokenization of real-world assets, and promptly transfer issue clues to relevant departments.
（XIII） Without the approval of relevant departments in accordance with the law and regulations, domestic entities and foreign entities controlled by them may not issue virtual currency overseas.
（XIV） Domestic entities engaging directly or indirectly in overseas external debt-based tokenization of real-world assets, or conducting asset securitization activities abroad based on domestic ownership rights, income rights, etc. (hereinafter referred to as domestic equity), should be strictly regulated in accordance with the principles of "same business, same risk, same rules." The National Development and Reform Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and other relevant departments regulate it according to their respective responsibilities. For other forms of overseas real-world asset tokenization activities based on domestic equity by domestic entities, the China Securities Regulatory Commission, together with relevant departments, supervise according to their division of responsibilities. Without the consent and filing of relevant departments, no unit or individual may engage in the above-mentioned business.
(15) Overseas subsidiaries and branches of domestic financial institutions providing Real World Asset Tokenization-related services overseas shall do so legally and prudently. They shall have professional personnel and systems in place to effectively mitigate business risks, strictly implement customer onboarding, suitability management, anti-money laundering requirements, and incorporate them into the domestic financial institutions' compliance and risk management system. Intermediaries and information technology service providers offering Real World Asset Tokenization services abroad based on domestic equity or conducting Real World Asset Tokenization business in the form of overseas debt for domestic entities directly or indirectly venturing abroad must strictly comply with relevant laws and regulations. They should establish and improve relevant compliance and internal control systems in accordance with relevant normative requirements, strengthen business and risk control, and report the business developments to the relevant regulatory authorities for approval or filing.
(16) Strengthen organizational leadership and overall coordination. All departments and regions should attach great importance to the prevention of risks related to virtual currencies and Real World Asset Tokenization, strengthen organizational leadership, clarify work responsibilities, form a long-term effective working mechanism with centralized coordination, local implementation, and shared responsibilities, maintain high pressure, dynamically monitor risks, effectively prevent and mitigate risks in an orderly and efficient manner, legally protect the property security of the people, and make every effort to maintain economic and financial order and social stability.
(17) Widely carry out publicity and education. All departments, regions, and industry associations should make full use of various media and other communication channels to disseminate information through legal and policy interpretation, analysis of typical cases, and education on investment risks, etc. They should promote the illegality and harm of virtual currencies and Real World Asset Tokenization-related businesses and their manifestations, fully alert to potential risks and hidden dangers, and enhance public awareness and identification capabilities for risk prevention.
(18) Engaging in illegal financial activities related to virtual currencies and Real World Asset Tokenization in violation of this notice, as well as providing services for virtual currencies and Real World Asset Tokenization-related businesses, shall be punished in accordance with relevant regulations. If it constitutes a crime, criminal liability shall be pursued according to the law. For domestic entities and individuals who knowingly or should have known that overseas entities illegally provided virtual currency or Real World Asset Tokenization-related services to domestic entities and still assisted them, relevant responsibilities shall be pursued according to the law. If it constitutes a crime, criminal liability shall be pursued according to the law.
(19) If any unit or individual invests in virtual currencies, Real World Asset Tokens, and related financial products against public order and good customs, the relevant civil legal actions shall be invalid, and any resulting losses shall be borne by them. If there are suspicions of disrupting financial order and jeopardizing financial security, the relevant departments shall deal with them according to the law.
This notice shall enter into force upon the date of its issuance. The People's Bank of China and ten other departments' "Notice on Further Preventing and Dealing with the Risks of Virtual Currency Trading Speculation" (Yinfa [2021] No. 237) is hereby repealed.
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