China Reinforces Crypto Ban, Maps Rules for Real-World-Asset Tokens
cryptocurrencies and, for the first time, outlined a regulatory framework for the tokenization of real-world assets, signaling a more proactive approach to managing risks from emerging financial technologies.
In a notice dated Feb. 6, the People’s Bank of China and seven other government bodies reiterated that all virtual-currency-related business activities constitute illegal financial activity. The rules explicitly prohibit any domestic or foreign entity from issuing stablecoins pegged to the yuan overseas without regulatory approval.
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