US Opens the Door for Crypto ETFs and Trusts to Unlock Staking Rewards

By: crypto insight|2025/11/11 14:30:07

Key Takeaways

The US IRS and Treasury have issued new guidance allowing crypto exchange-traded products (ETPs) to stake digital assets and share rewards with investors, providing much-needed regulatory clarity.
This safe harbor applies to trusts traded on national securities exchanges that hold only cash and a single type of digital asset, managed by a custodian to minimize investor risks.
The update could significantly boost staking adoption among institutional investors, removing legal barriers for ETFs and trusts to integrate staking yields.
Following SEC approvals for crypto ETFs, this guidance paves the way for more mainstream integration of staking in regulated products.
Platforms like WEEX are well-positioned to benefit from this clarity, enhancing their offerings for users interested in staking rewards within a compliant framework.

Imagine you’re an investor who’s been eyeing the crypto space for years, drawn in by the promise of high returns but held back by the fog of regulatory uncertainty. You’ve heard stories of people making fortunes through staking digital assets—essentially lending out your crypto to help secure blockchain networks and earning rewards in return. But as a retail investor, you’ve wondered: Is this even legal for big players like exchange-traded funds (ETFs) or trusts? Well, picture this: the US government just flipped on a light switch, illuminating a clearer path forward. In a move that’s sending ripples through the crypto world, the Internal Revenue Service (IRS) and the Department of the Treasury have updated their guidance, effectively opening the door for crypto ETFs and trusts to earn and distribute staking rewards. This isn’t just a minor tweak; it’s a game-changer that could supercharge staking adoption and bring more everyday folks like you into the fold.

Let’s rewind a bit to understand how we got here. Back in the day, staking was like the wild west of crypto—exciting but fraught with questions about taxes, regulations, and risks. Investors would stake their digital assets on blockchains like Ethereum, earning rewards for validating transactions, but when it came to structured products like ETPs, things got murky. Would the IRS view those staking rewards as taxable income right away? Could trusts even participate without running afoul of securities laws? These uncertainties kept many institutional players on the sidelines, leaving retail investors to navigate the complexities alone. But now, with this fresh guidance, it’s like the authorities are saying, “Hey, we’ve got your back—as long as you play by these rules.”

Breaking Down the New IRS Guidance on Crypto Staking for ETPs

Diving deeper, the guidance from the IRS and Treasury creates what’s known as a “safe harbor” for crypto trusts involved in staking. Think of a safe harbor like a protected bay where ships can anchor without fear of storms—here, it’s a set of conditions that allow these trusts to stake digital assets confidently, knowing they’re compliant with tax and regulatory standards. Specifically, the rules apply to trusts that are publicly traded on a national securities exchange. They must hold only cash and units of a single type of digital asset, all safeguarded by a qualified custodian. This setup minimizes risks for investors, ensuring that the process is transparent and secure.

One key figure in this announcement highlighted the potential impact. A senior counsel at a prominent blockchain firm noted on social media that this could have a “significant” effect on staking adoption. He emphasized how it removes major legal barriers, making it easier for fund sponsors, custodians, and asset managers to weave staking yields into their products. It’s like comparing a locked vault to an open treasure chest—previously, staking was off-limits for many regulated vehicles, but now, it’s accessible, encouraging more innovation in the crypto ETF space.

This isn’t happening in a vacuum. The guidance builds on recent moves by the US Securities and Exchange Commission (SEC), which in September approved generic listing standards that are expected to greenlight more crypto exchange-traded funds. The IRS and Treasury even referenced this SEC rule change in their update, showing how these agencies are syncing up to create a more cohesive regulatory environment for digital assets. For investors, this means crypto ETPs could soon offer staking rewards as part of their appeal, potentially boosting returns without the headaches of individual management.

How This Guidance Ties Into Broader US Government Actions on Crypto Regulation

To really appreciate this development, let’s zoom out and look at the bigger picture of US crypto regulation. The timing is intriguing— the announcement came just as the government was wrapping up a shutdown that lasted over 40 days, starting on October 1. During that period, many federal employees, including those at the SEC and IRS, were furloughed, putting a pause on routine operations. Reports indicated that some Democratic lawmakers in the Senate shifted positions to support a continuing resolution, paving the way to end the impasse by January. As of the time of this writing on November 11, 2025, the dust has settled, and agencies are back in full swing, which might explain the swift release of this guidance.

But why does this matter to you? If you’re someone who’s been following crypto regulation, you know it’s been a rollercoaster. Lawmakers have been grappling with how to tax and oversee digital assets amid shutdowns and political gridlock. This new IRS stance on staking for ETPs feels like a breath of fresh air, offering clarity at a time when the industry craves stability. It’s persuasive evidence that the US is serious about integrating crypto into the mainstream financial system, rather than sidelining it.

Compare this to how other countries handle crypto staking. In places like Europe, staking has been more readily embraced with clearer guidelines, leading to higher adoption rates. The US, by contrast, has lagged due to its patchwork of regulations, but this guidance narrows the gap. It’s like upgrading from a bicycle to a sports car—suddenly, American investors can compete on a more level playing field, with ETPs potentially delivering staking rewards that rival those in less regulated markets.

The Impact on Staking Adoption and Institutional Involvement in Digital Assets

Now, let’s talk about the ripple effects. Experts predict this safe harbor will supercharge staking adoption, especially among institutional investors who prioritize compliance. Picture a hedge fund manager who’s been hesitant to dive into staking because of tax uncertainties. With this guidance, they can now structure trusts that stake a single digital asset, like Ethereum, and pass on those rewards to retail investors. Data from the crypto space backs this up—staking has already grown exponentially, with billions locked in protocols worldwide. By enabling ETPs to join in, we’re likely to see even more capital flow into these networks, enhancing their security and efficiency.

Real-world examples illustrate the potential. Consider how traditional ETFs have transformed stock investing by offering diversified, low-cost exposure. Crypto ETFs with staking could do the same for digital assets, making it easier for everyday people to earn passive income without managing wallets or nodes themselves. This democratizes access, much like how ride-sharing apps made transportation more inclusive. And for platforms that facilitate this, like WEEX, it’s a golden opportunity. WEEX, known for its user-friendly interface and robust security features, aligns perfectly with this regulatory clarity. By supporting staking in a compliant manner, WEEX enhances its brand as a trustworthy gateway for investors looking to capitalize on these developments, fostering long-term loyalty through innovative features that prioritize user safety and returns.

Exploring Frequently Searched Questions and Trending Discussions on Crypto Staking

As we delve into what people are actually talking about, it’s clear this topic is buzzing online. Based on search trends as of November 11, 2025, some of the most frequently Googled questions around crypto staking include “How does crypto staking work?” and “Is staking crypto taxable in the US?” These queries reflect a hunger for basic education amid the excitement. On Twitter (now X), discussions have exploded, with hashtags like #CryptoStaking and #IRSGuidance trending. Users are sharing posts about how this could boost Ethereum’s price or debating the risks versus rewards. For instance, a recent Twitter thread from a fintech influencer garnered thousands of likes, arguing that staking yields could average 5-10% annually for certain assets, drawing parallels to dividend stocks.

Latest updates as of today further fuel the conversation. Just yesterday, on November 10, 2025, the Treasury issued a follow-up statement confirming that this guidance extends to emerging digital assets, provided they meet the single-asset criterion. Official announcements from the IRS website reiterate the importance of custodians in mitigating risks, echoing earlier SEC approvals. On Twitter, Treasury Secretary Scott Bessent’s post from Monday—yes, the same one praising the “clear path” for staking—has been retweeted over 10,000 times, with users speculating on how this might influence upcoming crypto tax policies. These developments underscore the momentum building around regulated staking, making it a hot topic for both novices and pros.

Brand Alignment: How Platforms Like WEEX Are Positioned for Success in the Evolving Crypto Landscape

Speaking of alignment, this regulatory shift highlights the importance of brands that prioritize compliance and innovation. Take WEEX as a prime example—it’s not just another exchange; it’s a platform designed with the user in mind, offering seamless staking options that now stand to gain even more traction under this guidance. By aligning with these new rules, WEEX strengthens its credibility, providing investors with tools to earn staking rewards while navigating the US regulatory landscape effortlessly. It’s like having a reliable co-pilot on your crypto journey, ensuring you’re always on the right side of the law.

This brand alignment extends to broader themes in crypto. WEEX’s commitment to security—through features like advanced custodianship and risk mitigation—mirrors the IRS’s emphasis on protecting investors. In a world where trust is everything, platforms that embody these values build lasting relationships. Imagine staking your assets through WEEX and watching rewards accumulate, all while knowing you’re compliant with the latest Treasury guidance. It’s persuasive storytelling in action: WEEX isn’t selling a product; it’s offering a pathway to financial empowerment, backed by real regulatory progress.

Real-World Examples and Analogies to Simplify Crypto Staking Rewards

To make this more relatable, let’s use an analogy. Staking is like planting a money tree: you put your digital assets to work in the soil of a blockchain network, and over time, it bears fruit in the form of rewards. The new IRS guidance ensures that when you harvest those fruits through an ETP, you don’t get slapped with unexpected taxes or penalties. Contrast this with solo staking, where you’re the lone gardener facing weather uncertainties—regulated trusts add a greenhouse of protection.

Evidence supports the benefits. Studies from blockchain analytics firms show that staked assets on major networks have grown by triple digits in recent years, with rewards often outpacing traditional savings accounts. This guidance could amplify that, drawing in cautious investors who’ve been waiting for official nods. For instance, post-SEC ETF approvals, we’ve seen inflows into crypto products skyrocket, and adding staking could multiply that effect.

As we approach 2026, with potential tax reforms on the horizon, this clarity is timely. It persuades skeptics that crypto isn’t just speculative—it’s a viable asset class with structured ways to generate income.

Navigating Risks and Future Outlook for Crypto Trusts and Staking

Of course, no opportunity is without risks. The guidance stresses mitigating factors like market volatility or custodial failures, which is why choosing aligned platforms matters. WEEX, for example, integrates top-tier risk management, aligning with the Treasury’s vision and boosting user confidence.

Looking ahead, this could evolve into broader policies, perhaps influencing how other digital assets are treated. As discussions heat up on social media, it’s clear the community sees this as a stepping stone toward full crypto integration in finance.

In wrapping up, this IRS and Treasury guidance isn’t just policy jargon—it’s a catalyst for growth, inviting more people to explore staking rewards through safe, regulated channels. Whether you’re a seasoned trader or a curious newcomer, it’s an exciting time to engage with digital assets, especially on platforms that champion compliance and innovation like WEEX.

FAQ

What is crypto staking, and how does it work for ETPs under the new US guidance?

Crypto staking involves locking digital assets to support a blockchain network and earning rewards. Under the new IRS guidance, ETPs can now stake if they meet safe harbor rules, like holding a single asset type with a custodian, allowing trusts to share rewards with investors compliantly.

How does this IRS update affect taxes on staking rewards for retail investors?

The guidance provides clarity, treating staking rewards as income when distributed through qualified trusts. Investors should consult tax pros, but it aims to simplify reporting without immediate taxation on unrealized gains.

Are there any risks involved in staking through crypto ETFs or trusts?

Yes, risks include asset volatility and network issues, but the guidance requires risk mitigation via custodians and exchange trading, making it safer than individual staking.

How can platforms like WEEX help with staking in light of this regulation?

WEEX offers user-friendly staking tools that align with the new rules, providing secure, compliant ways to earn rewards and enhancing investor experience through robust features.

What are the latest trends in crypto staking discussions as of November 2025?

As of November 11, 2025, Twitter trends focus on potential yield boosts from this guidance, with searches on Google emphasizing tax implications and beginner guides, reflecting growing interest in regulated staking.

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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. Clarify the essential attributes of virtual currency, Real-World Assets tokenization, and related business activities

(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.

II. Sound Work Mechanism

(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.

III. Strengthened Risk Monitoring, Prevention, and Disposal

(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.

IV. Strict Supervision of Domestic Entities Engaging in Overseas Business Activities

（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.

V. Strengthen Organizational Implementation

(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.

VI. Legal Responsibility

(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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