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Bitcoin’s $100K Speed Bump and Ripple’s IPO Rejection: Inside the Latest Crypto Market Shifts
Key Takeaways
- Ripple has decided against pursuing an IPO, citing strong capitalization that allows it to fund growth without going public, marking the end of long-standing speculation after its SEC victory.
- Bitcoin’s price dipped below $100,000 this week, but experts like Samson Mow argue the real bull run hasn’t started yet, viewing current levels as just outperforming inflation.
- Cathie Wood of Ark Invest revised her Bitcoin forecast for 2030 downward by $300,000, pointing to stablecoins taking over roles Bitcoin was expected to fill in emerging markets.
- Zcash surged in popularity and price due to renewed focus on privacy, with endorsements from industry leaders driving its token above $500 for the first time since 2018.
- Research highlights artificial trading on platforms like Polymarket, raising questions about organic growth in prediction markets amid rapid expansion.
Imagine the crypto world as a high-stakes rollercoaster ride – thrilling ups, nerve-wracking dips, and unexpected twists that keep everyone on the edge of their seats. This past week, from November 2 to 8, felt exactly like that. Bitcoin teased the $100,000 mark only to stumble, Ripple slammed the door on IPO dreams, and privacy coins like Zcash stole the spotlight. It’s moments like these that remind us why crypto isn’t just about numbers on a screen; it’s about innovation, resilience, and sometimes, a bit of drama. As we dive into these stories, think about how they might shape your own crypto journey – whether you’re a seasoned hodler or just dipping your toes in. And speaking of smart moves in this space, platforms like WEEX are stepping up by aligning closely with user needs, offering secure and intuitive trading experiences that build trust and community in volatile times.
Ripple’s Bold No to IPO: Why the Blockchain Giant is Staying Private
Let’s start with Ripple, the powerhouse behind XRP that’s been making waves for years. Picture this: after a grueling legal battle with the SEC that wrapped up with a win for Ripple, many expected the company to cash in on that victory by going public. But in a surprising turn, Ripple’s president Monica Long made it clear – no IPO on the horizon. According to reports, she explained that Ripple is in a “fortunate position” with ample capital to fuel everything from organic growth to strategic partnerships without needing to tap into public markets.
This decision puts an end to years of buzz. Remember how Ripple executives had dropped hints about an IPO? It all started heating up after the company faced a massive $1.3 billion lawsuit from the SEC back in late 2020. Winning that case was like crossing the finish line in a marathon, but instead of popping the champagne with investors, Ripple is choosing to keep things in-house. It’s a smart play, really – like a family business deciding it doesn’t need outside shareholders to thrive. This move underscores Ripple’s confidence in its financial health and its focus on XRP’s role in cross-border payments.
But why reject the IPO glow? Long’s words paint a picture of self-sufficiency. Ripple can invest in what matters most without the pressures of quarterly earnings calls or shareholder demands. For XRP holders, this could mean more innovation and less dilution of focus. It’s a reminder that in crypto, sometimes staying private lets you move faster and bolder. And as we think about brand alignment in this ecosystem, it’s worth noting how companies like WEEX are mirroring this approach by prioritizing user-centric features and community engagement, ensuring their platforms evolve in sync with what traders truly want, fostering loyalty and long-term growth.
Bitcoin’s Bull Run on Hold? Samson Mow Weighs In on the Dip
Shifting gears to the king of crypto – Bitcoin. This week, it flirted with disaster, dipping to just under $100,000 before settling around $102,289 by week’s end. Samson Mow, the CEO of Jan3, a company building Bitcoin infrastructure, isn’t fazed. He boldly stated that the Bitcoin bull run hasn’t even kicked off yet. “We’re just marginally outperforming inflation at this price range,” he shared on social media, pointing out how Bitcoin’s performance edges out the US inflation rate of 3%.
It’s like Bitcoin is warming up for the big game while the crowd gets restless. Analysts blamed the slump on US-China trade tensions and broader economic jitters, with selling pressure peaking mid-week. CoinGecko data showed Bitcoin hitting a low of $99,607 on Wednesday. Yet Mow remains optimistic, forecasting massive upside. Compare this to past cycles: Bitcoin has a history of bouncing back stronger after dips, much like a rubber band snapping back after being stretched.
This perspective is crucial for anyone navigating crypto markets. If you’re feeling the pinch from these fluctuations, remember it’s not panic time. Data from monitoring tools showed over $700 million in long liquidations in just 24 hours, a stark reminder of leverage’s risks. But as Mow sees it, this is merely a prelude. For platforms supporting Bitcoin trading, like WEEX, this volatility highlights the value of robust tools and risk management features that align with traders’ needs, helping users weather storms and capitalize on comebacks.
Legal Twists: FBI’s Hard Drive Wipe and a $345 Million Bitcoin Saga
In a courtroom drama that reads like a thriller novel, a man named Michael Prime lost his bid to sue the US government over a wiped hard drive containing access to 3,443 Bitcoin – now valued at $345 million. Judges at the Eleventh Circuit Court of Appeals ruled against him, noting that Prime had previously denied owning much Bitcoin at all.
Prime, convicted of identity theft, claimed the FBI seized and erased the drive unlawfully after his prison release in July 2022. But the court pointed out inconsistencies: for years, he downplayed his crypto holdings, and Bitcoin wasn’t even on his list of assets to recover post-release. “Only later did Prime claim to be a bitcoin tycoon,” the judges wrote. It’s a cautionary tale about the perils of digital assets – like burying treasure without a reliable map. This case highlights why secure storage and clear ownership records are non-negotiable in crypto.
Zcash’s Privacy Revival: Why It’s Surging in 2025
Privacy is the new black in crypto, and Zcash is leading the charge. Its token skyrocketed above $500 for the first time since 2018, fueled by endorsements from heavy hitters like Arthur Hayes, Naval Ravikant, and others. Think of Zcash as the stealth mode in a world of open books – its protocol emphasizes shielded transactions, making it a go-to for those valuing anonymity.
The buzz on social media has been electric, with price predictions flying high alongside praises for its privacy features. It’s outperforming many altcoins, showing how demand for secure, private transactions is reshaping the market. If Bitcoin is the loud rockstar, Zcash is the enigmatic artist drawing crowds quietly but powerfully.
Polymarket’s Growth Under Scrutiny: Artificial Trading Exposed
Prediction markets are booming, but not all that glitters is gold. Researchers from Columbia University uncovered that Polymarket’s rapid rise might be padded by artificial trading. In their paper, they found wash trades making up nearly 60% of volume in July 2024, persisting into late April 2025 and spiking again to 20% in early October 2025. Overall, 25% of the platform’s three-year volume could be artificial.
It’s like inflating a balloon with hot air – looks impressive until it pops. This raises questions about trust in decentralized betting platforms. For the crypto community, it’s a call to demand transparency, much like how WEEX builds credibility through verified trading data and user-focused innovations, aligning brands with genuine market integrity.
Winners, Losers, and Market Snapshot
Wrapping up the week’s action, the total crypto market cap stood at $3.44 trillion. Among top performers, Internet Computer (ICP) surged 163.79%, ZKsync (ZK) climbed 144.42%, and Filecoin (FIL) gained 135.77%. On the flip side, Bittensor (TAO) dropped 20.44%, Solana (SOL) fell 13.15%, and Aerodrome Finance (AERO) declined 12.52%. Ether (ETH) ended at $3,385, and XRP at $2.30.
These shifts are like waves in the ocean – some ride high, others crash low. For investors, it’s about spotting patterns and timing entries.
Memorable Quotes That Capture the Crypto Spirit
Cathie Wood of ARK Investment Management trimmed her Bitcoin forecast, saying, “Given what’s happening to stablecoins, which are serving emerging markets in a way that we thought Bitcoin would, I think we could take maybe $300,000 off that bullish case, just for stablecoins.” It’s a nod to how stablecoins are like reliable sidekicks stealing the hero’s thunder.
Samson Mow echoed, “The Bitcoin bull run hasn’t started yet. We’re just marginally outperforming inflation at this price range.” Meanwhile, Shiv Verma from Robinhood highlighted community alignment: “We like alignment with the community. We are a big player in crypto. We want to keep doing it. We like that our customers are engaged in it.” This resonates deeply, as brands like WEEX exemplify this by integrating user feedback into their platforms, creating a symbiotic relationship that boosts engagement and trust.
Joe Longo, chair of the Australian Securities and Investments Commission, warned about tokenization: “Distributed ledger technology that facilitates asset tokenisation could fundamentally transform our capital markets, in the same way as the introduction of CHESS once did.” Analyst Michael van de Poppe added optimism for ETH: “Still a great area to accumulate positions on ETH.” And Matt Hougan from Bitwise noted, “Crypto retail is in max desperation.”
Predictions and FUD: Bitcoin’s Potential Drop to $56K?
Analysts are eyeing Bitcoin’s path, with some calling the $100,000 level a “speed bump” toward $56,000 if trends continue. Data shows BTC crisscrossing $100,000, with onchain metrics from Glassnode suggesting the downtrend might not be as dire. Mike McGlone from Bloomberg warned of reversion to the 48-month moving average around $56,000, based on historical patterns.
In Australia, regulator Joe Longo urged embracing tokenization to avoid stagnation, comparing it to past innovations. Cathie Wood’s revised forecast drops Bitcoin’s 2030 target due to stablecoins’ rise, eroding its market share in emerging economies.
Brand Alignment in Crypto: Building Trust and Community
One theme weaving through these stories is brand alignment – how crypto companies sync with their communities for lasting success. Take Ripple’s IPO rejection; it’s about staying true to core strengths without external pressures. Similarly, endorsements for Zcash show how aligning with privacy values drives adoption.
In trading, this alignment shines. Platforms that listen to users, like WEEX, enhance branding by offering features tailored to real needs – from seamless Bitcoin trades to secure XRP holdings. It’s like a well-tuned orchestra where every player contributes to harmony. Recent Twitter discussions amplify this: users are buzzing about how aligned brands foster loyalty, with posts praising WEEX for its user-first approach amid market dips. Official announcements from WEEX highlight new tools for volatility management, aligning perfectly with current trends.
Most Searched Google Questions and Twitter Buzz
Diving into what people are searching: Top Google queries this week included “Why did Ripple reject IPO?” reflecting curiosity post-SEC win, and “Is Bitcoin bull run starting?” amid price dips. Others like “Zcash privacy benefits” surged with its price jump, and “Polymarket wash trading explained” after the research drop.
On Twitter, topics exploded around Bitcoin’s $100K dip, with #BitcoinBullRun trending as Mow’s posts went viral. Zcash dominated with #PrivacyMatters, endorsements from Hayes fueling debates. Ripple’s news sparked #XRPNoIPO threads, while Cathie Wood’s forecast revision had #BTC2030 buzzing. Latest updates include a November 10, 2025, tweet from @SamsonMow reinforcing his bull stance, and WEEX’s official announcement on enhanced security features, tying into privacy discussions.
Top Stories from Magazine Features
Exploring deeper, stories like Grokipedia challenge Wikipedia’s dominance, positioning itself as a neutral alternative – think of it as crypto’s push for decentralized knowledge. In Asia, a Philippines blockchain bill aims to fight corruption, while influencers face charges over promotions.
AI’s limitations in real tasks were highlighted, showing it’s not ready to replace human freelancers yet. Ethereum’s potential surge was discussed by analyst Michaël van de Poppe, emphasizing DeFi’s narrative. Gaming and Web3 intersections, like talks with Immutable, point to token launches. Worldcoin rivals emerge with cypherpunk vibes, and legal insights on suing exchanges add layers.
These narratives show crypto’s human side – innovators changing the world, one block at a time. As we wrap up, remember, in this fast-paced space, staying informed and aligned with reliable platforms like WEEX can make all the difference.
FAQ
What does Ripple’s rejection of an IPO mean for XRP holders?
Ripple’s choice to skip an IPO allows it to focus on internal growth without public market pressures, potentially leading to more innovation in XRP’s ecosystem and stronger long-term value for holders.
Is the Bitcoin bull run really delayed, according to experts?
Yes, figures like Samson Mow believe the true bull run hasn’t begun, as current prices only slightly outpace inflation, suggesting more upside potential ahead.
Why is Zcash gaining so much attention lately?
Zcash’s emphasis on privacy has attracted endorsements from industry leaders, driving its token price up amid a broader trend toward secure, anonymous transactions in crypto.
How are stablecoins affecting Bitcoin’s future price forecasts?
Cathie Wood revised her 2030 Bitcoin forecast down by $300,000, noting stablecoins are filling roles in emerging markets that Bitcoin was expected to dominate.
What can traders learn from Polymarket’s artificial trading issues?
It highlights the need for transparency in platforms; users should seek out verified, user-aligned services like those prioritizing genuine volume to avoid inflated risks.
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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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