Eight Chinese government agencies — led by the People's Bank of China (PBoC) — issued a joint notice on 6 February reinforcing the country's cryptocurrency ban, clarifying tightened rules on stablecoins and real-world asset (RWA) tokenisation, and announcing a new joint task force to combat illegal financial activity. The notice states that all virtual currency-related business activities constitute illegal financial activities, while issuance of renminbi-pegged offshore stablecoins without regulatory approval is prohibited for any entity or individual, whether domestic or foreign.
The notice was co-signed by the PBoC, 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 State Financial Regulatory Commission, the China Securities Regulatory Commission (CSRC), and the State Administration of Foreign Exchange. Authorities banned domestic RWA tokenisation activities and related intermediary, and IT services where they involve suspected illegal token issuance, unauthorised public offerings of securities, unlicensed securities and futures operations, or illegal fundraising — with foreign entities and individuals also prohibited from providing RWA tokenisation services to domestic entities in any form. For offshore activities, Chinese entities conducting RWA tokenisation based on domestic rights and interests are subject to strict supervision under the principle of same business, same risk, same rules, and cannot proceed without required regulatory approvals.
Despite the crackdown, RWA-related stocks rallied on Hong Kong and Shenzhen exchanges: Guotai Junan International surged over 6%, GCL Energy Technology jumped roughly 7%, and Guosen Securities described the framework as a milestone turning "unregulated growth" into a "race for compliance." The authorities announced strengthened coordination with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, forming a joint task force to guide regions in risk prevention and disposal related to illegal RWA tokenisation financial activities.
Sources:
- https://coingeek.com/china-clarifies-enhanced-crypto-ban-rules-on-stablecoins-rwas/
- https://www.reuters.com/world/asia-pacific/chinas-legalisation-real-world-asset-tokenisation-sends-related-stocks-higher-2026-02-09/
- https://www.scmp.com/business/cryptocurrency/article/3342751/china-tightens-crypto-crackdown-onshore-rwa-tokenisation-ban
