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Base Ecology AI Deep Dive: Apart from Virtuals, What Other Hidden Gem Projects Are There?
Original Title: "Base Ecology AI Gold Rush: Beyond Virtuals, a Comprehensive Inventory of Those Hidden Gem Projects You May Have Overlooked"
Original Source: Deep Tide TechFlow
Foreword
Everyone praises AI Agent, and the Solana ecosystem is a treasure trove.
However, outside of Solana, Base is also one of the origins of this hype cycle. Do not forget that the market value of Virtuals is higher than that of ai16z.
Furthermore, one of the reasons why everyone likes the Base ecosystem is that its PvP intensity is not as high as Solana's, and you can also find many hidden gems there. However, due to scattered information, relatively low visibility of some projects, and information silos, seizing opportunities on Base is not that easy.
In addition to the tokens generated around Virtuals and Clanker in the past few months and the well-known AIXBT, what other hidden gem projects exist on Base now that you may have overlooked?
The editorial team has decided to start a major gold rush, attempting to find more AI Agent-related projects on Base to reveal the full landscape of opportunities in the entire ecosystem.
Based on different development directions and themes, we will list the recently outstanding projects here for your reference.
Rising Stars in Virtuals
In addition to AIXBT and the GAME framework, there are many potential projects in the Virtuals ecosystem with a market value of less than 100M that have performed well in recent months. Some of these noteworthy projects are as follows.
TAO CAT: AI Agent Built by Bittensor + Masa
$TAOCAT
CA: 0x7a5f5ccd46ebd7ac30615836d988ca3bd57412b3
Market Cap: 44M
Endorsed by well-known AI projects Masa and Bittensor, with excellent backgrounds and resources.
As a native AI agent in the Bittensor ecosystem, TAOCAT is directly built on top of Bittensor's subnets:
· SN42: Used for hyperintelligence real-time data.
· SN19: LLM/Reasoning, high-level language capabilities.
Functionally, TAOCAT is able to process and analyze real-time social data, combining AI technology for data interpretation and decision-making, providing market insights and analysis.
Some recent notable trends: Binance Alpha launch; TAOCAT also secured investment from DWF Labs, becoming a recipient of its $20 million AI agent fund.
Polytrader: AI-Powered Polymarket Prediction Assistant
$POLY
X: @polytraderAI
CA: 0x2676E4e0E2eB58D9Bdb5078358ff8A3a964CEdf5
Market Cap: 17M
Polytrader analyzes market sentiment and provides actionable insights to help make wiser, data-driven decisions on Polymarket.
You can have Polytrader analyze trending topics on social platforms, and then make a bet on the outcome of a particular event, essentially playing the role of a market predictor, akin to a vertically specialized AI agent that aligns with the previously popular Polymarket platform during the election period.
Specifically, to fully utilize this project, you need to hold a certain amount of POLY tokens, thus giving the token a defined utility.
During certain significant events, POLY may benefit not only from AI narratives but also from the events themselves.
Acolyte: An Oracle for AI Agents
X: @AcolytAI
CA: 0x79dacb99A8698052a9898E81Fdf883c29efb93cb
Market Cap: 37M
Acolyt provides reliable research and engineering data through infrastructure. It offers high-quality analysis and actionable insights for individuals and companies.
Currently, Acolyt is undergoing training to map and understand metrics that influence the artificial intelligence agent ecosystem, providing a comprehensive view of each agent and their role within it.
In the future, Acolyt will be a leading oracle, supplying high-quality data to artificial intelligence agents, traders, venture capital firms, index funds, AI accelerators, and educational companies. It will be capable of analyzing and generating probabilistic outcomes for any project, even before project launch.
Freya: AI Agent Integration with Gaming
$Freya
Twitter: @Freya_Starfall
CA: 0xF04D220b8136E2d3d4BE08081Dbb565c3c302FfD
Market Cap: 14M
Integrating AI agents into games to make in-game characters smarter and more imaginative has always been a hot topic.
Freya is a representative example of this concept. The token is associated with the popular Japanese-style game Starfall Chronicles (which utilizes Immutable's technology support) and allows leveraging AI capabilities in the game to enhance character interactions.
Therefore, Freya is not only a token but also an AI character in the game, positioned at the intersection of AI Agent and GameFi.
Recent Developments: The token has been listed on Binance Alpha; on January 6, the developer behind the game also participated in an AI16Z Japan meetup discussing Freya's freedom and future roadmap achieved through elizaTEE.
DeFAI
DeFAI refers to utilizing AI capabilities within DeFi to optimize various stages of DeFi transactions, before, during, and after, making it one of the key focal points discussed on social media recently.
For more insights on this track, please refer to the previous article: ""The "AI+DeFi" Trend Has Arrived, These DeFAI Sector Projects Are Worth Your Attention""
Kudai: DeFAI Agent Built by the GMX Community
$kudai
Website: @Kudai_IO
Contract Address: 0x288F4Eb27400fA220d14b864259Ad1B7f77C1594
Market Cap: 19M
Kudai is an AI agent born out of the GMX Blueberry Club community and built using the renowned framework @EmpyrealSDK, offering an experience that integrates community-driven spirit, DeFi, artificial intelligence, and innovative features.
It is important to note that Kudai has only released its token at the moment, with more capabilities yet to be formed; however, in the recent whitepaper release, it was mentioned that Kudai will later purchase and stake GMX to provide additional revenue streams, as well as invest in GMX's GM pool to further increase yield.
The project's envisioned goal is for Kudai to operate different strategies (leveraged trading, arbitrage, Farm negative interest rates, etc.) automatically on GMX V2, real-time share positions, profits, and losses.
It has a slight taste of GMX's AI image spokesperson, but more features are still on the way.
AI Agent Framework
REI: A New Framework for Efficient Blockchain and AI Collaboration
Website: @ReiNetwork0x
Contract Address: 0x6B2504A03ca4D43d0D73776F6aD46dAb2F2a4cFD
Market Cap: 104M
Rei Network is a core framework layer dedicated to maximizing the integration capabilities of AI and blockchain.
It has achieved a key goal through a three-layer architecture: enabling AI to be unrestricted by blockchain technology while being able to efficiently validate and store data on-chain at a low cost. What sets Rei apart is its ability to transform the probabilistic outputs of AI into deterministic, verifiable data structures.
Rei was the first project to adopt this approach, and with the first-mover advantage, they quickly established their leading position.
The technical details of framework-type projects are no longer redundant. The market generally believes that one benefit of REI is:
It separates blockchain and AI by design instead of forcibly combining them; it focuses on collaborative logic rather than fusion logic.
Currently, some AI Agents based on the Rei framework are also gradually emerging, but due to space constraints, they are not listed here. For a detailed analysis, see: "In-Depth Analysis of Rei Network and $REI: Another AI Project in the Base Ecosystem Not to Be Overlooked."
Investment/Incubation DAO
daos.world: A New Attempt at Decentralized Investment Funds
Following the popularity of the decentralized fund management platform Daos.fun launched by a16z, the concept of an "Investment DAO" began to be accepted --- a decentralized hedge fund managed by human or AI agents that raise funds, generate returns, and distribute profits back to DAO token holders.
On Base, a similar investment DAO is Daos.world.
Users can raise funds through this platform, easily launch and manage their own DAO hedge funds, and conduct trades through trustless smart contracts. Within each DAO, DAO managers raise ETH to start the fund. Managers can freely trade and invest ETH according to their preferences.
At the same time, each DAO also mints its own coin. Holding DAO tokens corresponds to "fund shares," which will later be used to share the investment returns of the fund.
Regarding the traded assets, the product homepage clearly states that these hedge funds are also related to Meme coins and AI.
Furthermore, the early products of daos.world are currently based on the Base chain, with plans to gradually expand to ETH, Hyperliquid, and others based on user demand.
Currently, four funds have been launched on daos.world, as outlined below.
Note: The DAO token in the daos.world ecosystem is currently experiencing a collective price drop. Please be aware of the risks and DYOR.
1. DR3AM DAO: AI-Assisted Investment Fund Targeting AI Opportunities
$FDREAM
X: @DR3AM_AI
CA: 0x0521AaA7C96E25afeE79FDd4f1Bb48F008aE4eac
Market Cap: 7M
DR3AM DAO is an AI-assisted investment fund targeting large, medium, and small-scale artificial intelligence opportunities. It is supported by the DREAM proprietary dataset and algorithm, combining human expertise with AI analysis to identify groundbreaking projects in the entire crypto AI space.
However, from DR3AM's current holdings, it appears to be mostly buying the tokens of other investment DAOs, such as WAI and TRUST (further details below).
2. Alchemist Accelerate: Holding Only BTC and ETH?
$ALCH (Not the one on Solana, please verify)
X: @ALCHDAO
CA: 0x2b0772BEa2757624287ffc7feB92D03aeAE6F12D
Market Cap: 1.2M
The DAO claims to invest in groundbreaking projects, create multilingual educational resources, and provide guidance and connections to enhance the global community's capabilities.
However, apart from holding the tokens of the aforementioned neighboring DAO FDREAM, ALCHDAO actually holds the most in Bitcoin and Ethereum, indicating a very conservative investment style...
3. AicroStrategy: On-chain Clone of MicroStrategy, Primarily Buying cbBTC
$AiSTR
X: @AicroStrategy
CA: 0x20ef84969f6d81Ff74AE4591c331858b20AD82CD
Market Cap: 4.2M
AicroStrategy is an AI hedge fund that will leverage cbBTC holdings to maximize Bitcoin exposure. The raised funds will be used to purchase cbBTC, which will be deployed to carefully selected DeFi protocols to maximize security and leverage.
The initial plan of the project is to deposit into Aave, borrow USDC, purchase more cbBTC, and then repeat the process. An AI algorithm will determine the optimal leverage ratio for executing the plan.
The DAO's holdings indeed reflect that it only buys cbBTC, but what it buys more of are the tokens of its sibling DAO $FDREAM.
4. Alameda Research V2: Playing the FTX Bankruptcy Joke, the Most Diversified AI Token Purchase
$AR
X: @AlamedaV2DAO
CA: 0x3e43cB385A6925986e7ea0f0dcdAEc06673d4e10
Market Cap: 1.5M
From the name and logo, it is evident that there is a strong sense of irony and humor, clearly paying homage to the FTX bankruptcy event and the Alameda Research associated with SBF and his girlfriend.
The DAO's introduction is also very interesting: "V2 is a leading trading firm operated from SBF's cell... We use internally developed technology and deep expertise of the team in crypto to trade thousands of digital asset products."
Looking at the fund's holdings, it is indeed the most diversified and spread out among several DAOs, basically including the popular AI-related tokens on Base.
wai combinator: On-chain Version of Y Combinator Homophonic Pun, Base's AI Project Incubator
$WAI
X: @wai_combinator
CA: 0x6112b8714221bBd96AE0A0032A683E38B475d06C
Market Cap: 17M
The WAI Combinator is actually a project built on the Virtuals protocol, but more inclined towards investment incubation.
Its core positioning is as an experimental "Agent + Human" investment DAO organization, aiming to create value for Token holders by making investment decisions through a combination of AI agents and human expertise.
From the name, WAI is clearly paying tribute to the well-known tech company incubator Y Combinator, and its business is similar. However, the projects incubated are all within the on-chain Base ecosystem, especially early-stage projects within Virtuals still in the Bonding Curve phase.
Its asset under management has grown from 50k to over 700k USD in less than two weeks, with the portfolio value showing significant growth (currently at 500k USD). At the same time, the project is continuously deploying new investments through the "Velocity" plan, so staying tuned for projects that it favors is advisable.
WAI has also disclosed its asset management address (click here), and interested players can track it.
Similarly, holding WAI tokens allows you, like other investment DAOs, to share in the organization's investment fund's returns. However, compared to the aforementioned investment DAO, the WAI Combinator has more business opportunities, such as:
Providing AI technical support and integration to help projects optimize decision-making processes; assisting projects in accessing the Virtuals ecosystem to promote collaboration and resource sharing among projects, and so forth.
So it is more like a strategic investment + incubation for listed projects role, rather than just making investments.
Note: A similar investment DAO project to WAI is Vader AI, which is often compared by Key Opinion Leaders (KOLs):
$VADER
CA: 0x731814e491571A2e9eE3c5b1F7f3b962eE8f4870
trustmebrosfun: Incubated by WAI Combinator, about to launch a new coin $DATDAO
$TRUST
Telegram: @trustmebrosfun
CA: 0xC841b4eaD3F70bE99472FFdB88E5c3C7aF6A481a
Market Cap: 12M
The above-mentioned WAI Combinator has successfully incubated a project called trustmebrosfun, an AI project running on the Base chain. The name comes from a common meme in the cryptocurrency community "Trust me bro," which ironically emphasizes the trust issue in the crypto market.
The existing token of the project is $TRUST, which is both a meme and corresponds to the social media AI Agent of trust.
However, the key point is that its founder, @Degen__Ape__, recently released the DATDAO whitepaper based on trustmebrosfun. DATDAO is defined as an innovative decentralized autonomous organization that will focus on investing in other tokens and PVP airdrop mining on Hyperliquid.
DATDAO will soon launch its own token $DATDAO, and to qualify for the whitelist to obtain this token, a minimum of 100K TRUST tokens is required in the public round, which will correspond to an allocation of $DATDAO worth 1 ETH, with a personal cap of 5 ETH.
For more rules, please refer to the founder's original post.
Setting aside questions about DATDAO's investment level, whether it generates returns, and the market need for another investment DAO, from a tokenomics perspective, participation in DATDAO requires holding TRUST. This may create some short-term demand for TRUST.
sekoia_virtuals: On-Chain Version of Sequoia Capital
$ SEKOIA
X: @sekoia_virtuals
CA: 0x1185cB5122Edad199BdBC0cbd7a0457E448f23c7
Market Cap: 60M
This project also exists on Virtuals, but the author classified it under an investment DAO or on-chain fund.
SEKOIA aims to build the best-performing on-chain venture capital agency. The project's X uses a semi-automatic, semi-manual AI posting approach and claims to aim to outperform traditional companies for better outcomes.
From its name, it's clear that it pays tribute to Sequoia, i.e., Sequoia Capital.
During the recent crypto market downturn, the project's token price remained relatively stable compared to other mentioned investment DAOs. This stability may stem from the fund's investment in another token named $VOLTX, an AI Agent token, which has shown excellent performance and gained market confidence.
Based on information displayed on its website, the on-chain Sequoia's investment level is quite good, achieving profits 15 times its investment total.
AI Agent Launchpad
CreatorBid - A New Launchpad Integrating Bittensor and Autonolas Capabilities
Capital that has benefited from the rise of Virtuals will inevitably have a spill-over effect, looking for more distinctive small-scale ecosystems within the same Base.
Within this context, CreatorBid is certainly an essential part. Its most significant feature lies in integration with the Bittensor subnet and Olas, bringing significant utility to its ecosystem, especially through Olas' upcoming Mech Marketplace.
In simple terms, Olas' Mech Marketplace is like an "Agent Marketplace," where agents can autonomously acquire new skills, tools, and workflows—expanding their capabilities in real time. This technology enables CreatorBid to meet the growing demand for agents focusing on predictive workflows, transactions, payment automation, and more.
Therefore, you can think of CreatorBid as a creation platform that combines blockchain and AI technologies to provide content creators with AI model development and deployment support, as well as offer unhosted platform services.
Technically, it collaborates with io.net and Aethir's GPU network for AI model scaling; simultaneously leveraging Bittensor's subnet capabilities and Olas' Agent Marketplace prowess to jointly build its platform.
As the platform's token $BID has not yet undergone a TGE, but has already built 70+ Agents, we can focus on reviewing the following 3 projects within the ecosystem and their associated tokens:
1. draiftking: Using machine learning to analyze soccer matches and guide sports betting
$DKING
X: @draiftking
Market Cap: 32M
CA: 0x57eDc3F1fd42c0D48230e964b1C5184B9c89B2ed
This project, developed by @webuildscore, uses machine learning to analyze vast amounts of data such as player positions, match-ups, performance status, etc., to quickly identify inefficiencies in the sports betting market and place profitable bets.
Behind the project, the CEO is a member of @crunchDAO, a top-tier machine learning community, and the team members have extensive experience in sports analysis and the gambling market.
It is worth highlighting CrunchDAO, a mature elite machine learning community overseas (over 7,000 data scientists - over 700 PhDs), which develops Alpha insights through its collective intelligence network.
At the same time, this AI agent relies on the TAO Network and, based on the ScoreVision subnet (SN44), can significantly reduce computing costs, meaning ScoreVision and DraftKings have a certain technological moat in competition.
For more detailed content, you can refer to the detailed analysis post by renowned Alpha blogger @SmallCapScience.
2. Eolas: Tool Enhancing AI Agents on the CreatorBid Platform
$EOLAS
Twitter: @Eolas_AI
Market Cap: 7.6M
Contract Address: 0xF878e27aFB649744EEC3c5c0d03bc9335703CFE3
Eolas is a tool system focused on enhancing AI agents on the CreatorBid platform and is the first agent on the platform to utilize Autonolas capabilities.
In simple terms, Eolas's main advantage is that it makes advanced features that were previously only available to a few elite AI agents (such as @aixbt_agent) accessible to everyone, thus enhancing the overall capability of the CreatorBid ecosystem.
Its main function is to provide advanced tools and features for AI agents on CreatorBid. Eolas uses Autonolas's Olas Mechs technology to develop and distribute these tools.
Among them, Olas Mech is a core technology in the Autonolas network, which is essentially a blockchain-based AI service marketplace. This technology allows AI agents (referred to as Mechs) to provide AI services to other agents or applications via the blockchain.
Returning to Eolas, the core idea of this system is to create and share AI tools in a decentralized manner. Eolas claims that this approach can elevate the overall capability of the CreatorBid ecosystem. It also includes an economic model to sustain the operation and development of the system through tool usage fees and development rewards.
3. AION 5100: Prediction Agent on the Bittensor Subnet
$AION
X: @aion5100
Market Cap: 40M
CA: 0xfc48314ad4ad5bd36a84e8307b86a68a01d95d9c
AION 5100 is an AI Agent project developed by CreatorBid running on the Bittensor network, with its core functionality being to provide self-improving prediction services on the Bittensor prediction subnet (Subnet 6).
The project uses the TAO token as its underlying support. While this AI Agent always attracts attention through a mystical marketing approach such as speaking as the "AI from the future," its essence lies in being an application project focused on AI prediction capabilities, particularly in predicting financial and market trends.
It's worth mentioning that the project's official website is quite interesting, featuring a sleek computer where clicking different buttons prompts messages about various functionalities being prepared. However, the website currently lacks substantial content and functionality, leaning more towards marketing and intentions.
Regarding what AION5000 specifically can predict, there is no clear indication. The Agent account on X is currently engaging in abstract and non-specific self-talk about predictions, and its future performance will need further observation.
Airdrop and Beta Opportunity: Native Coin $BID, $TAO, and $OLAS
Aside from holding different Agent tokens, the platform's native coin $BID has yet to undergo a TGE. Therefore, a potential opportunity is to lock up the Agent tokens purchased on Creator.Bid to receive the platform's daily distributed points, which can be later exchanged for $BID at a certain ratio.
Beta-related opportunities:
TAO: Some projects benefit from Bittensor's subnet, which can be seen as a positive development to some extent.
OLAS: As Creatorbid has integrated Autonolas' Mech capability, OLAS itself may also benefit from this platform's hype.
Loomlay -- Building an AI Agent in a No-Code Environment
$LAY
Telegram: @loomlayai
Contract Address: 0xb89d354ad1b0d95a48b3de4607f75a8cd710c1ba
Market Cap: 130M
Loomlay is also an innovative platform that combines AI agent collaboration with Web3 technology.
The platform aims to simplify the process of creating and deploying AI agents, allowing more users to participate in AI application development through a no-code environment.
The Loomlay agent consists of three core components—Model, Plugins, and Workflows—which together create a fully functional AI system.
In terms of agent building, Loomlay employs an intuitive visual interface where users can define the capabilities and objectives of the AI agent through simple configurations. The system integrates ERC4337 wallet functionality to provide infrastructure support for agent's autonomous operations.
The platform's plugin ecosystem greatly expands the agent's application scope. By integrating different types of plugins, AI agents can perform a variety of tasks, from market analysis to content creation. This modular design allows agents to flexibly adjust their functionality based on actual needs.
On the collaboration front, Loomlay has established a comprehensive AI agent collaboration network. The platform supports combining agents with different expertise, such as pairing market analysis agents with trading agents or connecting research-oriented agents with content creation agents to achieve collaborative processing of complex tasks.
The platform's native token $LAY incorporates a carefully designed deflationary mechanism.
In token transactions on Uniswap V3, 1% of the daily sell order amount is used for token burning. Additionally, 20% of the $LAY payment volume in market transactions is permanently removed from circulation.
It is worth mentioning that Loomlay is relatively new. The platform was launched on December 31st, and within a week, it had already created over 500 agents, with more than 70 of them already having tokens.
However, due to its early stage, the Agent tokens have not seen significant gains yet, and we will continue to observe further.
Exploring More Directions and Filling the Gaps
Our editors' resources are also very limited, and the above cannot cover all AI Agent projects in the entire Base ecosystem.
For more information, you can refer to a chart created by renowned blogger @sandraaleow to group and integrate AI projects in different directions to understand where the AI projects in the current Base ecosystem are heading.
Additionally, some projects have not issued tokens yet, or they have migrated old businesses to Base. You can also refer to the table below:
Chart: Original post from @davidtsocy, compiled and tabulated by Deep Tide TechFlow
Lastly, it is important to note that the risk in the AI Agent trend should not be ignored, as it is questionable whether many projects actually have AI support. All projects listed in this article do not constitute any investment advice, and for more information, please do your research (DYOR).
The above text is just a start, and we hope everyone can find more of their own Alpha.
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Token Cannot Compound, Where Is the Real Investment Opportunity?
February 6th Market Key Intelligence, How Much Did You Miss?
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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