People's Bank of China and Eight Other Departments: Any unit or individual investing in virtual currency, real-world asset token, and related financial products will do so at their own risk

BlockBeats News, February 6, the People's Bank of China and eight other departments issued a notice on further preventing and dealing with risks related to virtual currencies. The notice pointed out the strict crackdown on related illegal financial activities. After discovering clues to illegal financial activities related to virtual currencies and the tokenization of real-world assets, local financial regulatory authorities, branches of the State Council's financial regulatory authorities, and relevant dispatched agencies and other departments shall promptly investigate and determine, properly handle, and seriously hold accountable the relevant entities and individuals in accordance with the law, and transfer to judicial authorities those suspected of crimes for investigation and prosecution. Strictly crack down on related illegal 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 organs and procuratorates, will, in accordance with their respective responsibilities, severely crack down on illegal criminal activities such as fraud, money laundering, illegal business operations, pyramid schemes, and illegal fundraising related to virtual currencies and the tokenization of real-world assets, as well as related illegal criminal activities carried out under the guise of virtual currencies and the tokenization of real-world assets.

Furthermore, the document pointed out that those who violate the provisions of this notice by engaging in illegal financial activities related to virtual currencies and the tokenization of real-world assets, as well as those who provide services for virtual currencies and tokenization of real-world assets, shall be punished in accordance with relevant regulations; if it constitutes a crime, criminal liability shall be pursued according to law. Domestic entities and individuals who knowingly or should have known that overseas entities illegally provide virtual currency and tokenization-related services to domestic entities and yet still provide assistance shall be held accountable according to law; if it constitutes a crime, criminal liability shall be pursued according to law. Any entity or individual investing in virtual currencies, tokenized real-world assets, and related financial products against public order and good customs shall have their related civil legal acts invalidated, and any resulting losses shall be borne by themselves; if suspected of disrupting financial order or endangering financial security, they shall be dealt with by relevant authorities in accordance with the law.