The bad news has arrived!
PANews, February 6 - According to reports from Jinshi, the People's Bank of China and eight other departments issued a notice on further prevention and handling of risks related to virtual currencies. Among them, it was mentioned that strict supervision will be implemented for domestic entities conducting related businesses abroad, and without the lawful consent of relevant departments, domestic entities and their controlled overseas entities are not allowed to issue virtual currencies abroad. Domestic entities conducting real-world asset tokenization businesses in the form of foreign debts abroad, or conducting asset securitization or equity-like real-world asset tokenization businesses abroad based on domestic asset ownership, income rights, etc. (hereinafter collectively referred to as domestic rights) shall be strictly regulated in accordance with the principle of 'same business, same risk, same rules' by relevant departments such as the National Development and Reform Commission, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange in accordance with their responsibilities. Overseas subsidiaries and branches of domestic financial institutions providing real-world asset tokenization-related services abroad must operate prudently in accordance with the law, equip professional personnel and systems, effectively prevent business risks, strictly implement customer access, suitability management, anti-money laundering, and other requirements, and be included in the compliance and risk control management system of domestic financial institutions.
