In-Depth Analysis of the Silver Hair [2026] No. 42

This Silver Hair [2026] No. 42 represents a systematic overhaul of the virtual currency regulatory framework established in 2021, as well as a differentiated adaptation to the global RWA regulatory wave. Its core philosophy is “first block illegal speculation, then leave compliant channels, prevent risks across the entire ecosystem, and counter cross-border arbitrage.”
1. Core Qualitative: Stricter regulation of new RWA tokenization, increased oversight of stablecoins and virtual currencies

Clarifies that RWA tokenization activities within the country without approval from specific financial infrastructure are considered illegal financial activities, with related virtual currency businesses subject to the same penalties; strictly prohibits foreign-issued stablecoins pegged to the RMB, denying their fiat currency functions; virtual currencies still do not have legal tender status, with all related domestic activities fully banned and foreign institutions prohibited from providing services within the country.
2. Full Chain Control: No blind spots in blocking all service providers
From financial institutions (banning accounts, custody, clearing services), internet platforms (banning promotion, traffic diversion, providing operational venues), intermediaries/technical agencies (banning services for illegal RWA), market regulation (banning business registration-related terms, strict investigation of illegal advertisements), mining regulation (shutting down existing operations, strictly prohibiting new mining machine services), multiple dimensions are employed to block every link from business operations to supporting services.
3. Overseas Business: Domestic rights-related RWA tokenization is subject to “equivalent regulation”
When domestic entities conduct RWA tokenization abroad, especially those based on domestic assets and rights, they must follow the same business principles, risk levels, and rules; activities are strictly regulated by the National Development and Reform Commission, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange. Unauthorized or unregistered activities are strictly prohibited; domestic financial institutions’ overseas branches engaging in related activities must comply with domestic risk control standards.
4. Division of Responsibilities: Central-local cooperation + departmental division of labor, clearer regulatory implementation
The People’s Bank of China leads the virtual currency crackdown, the China Securities Regulatory Commission leads the RWA tokenization regulation, and various departments coordinate with Cyberspace Administration, Public Security, and Legal Authorities; provincial governments oversee local risk management, establishing rapid warning and response mechanisms through online monitoring, offline inspections, and fund tracking, forming a long-term system with central coordination and local implementation.
5. Legal Consequences: Responsibility assigned to individuals, investment losses borne by investors
Violators engaging in illegal activities or providing services will be punished according to law, including criminal prosecution; joint responsibility for domestic entities assisting illegal foreign services; individual investors engaging in virtual currency or RWA token-related products, if their civil actions violate public order and morals, will have their transactions invalidated, and all losses are to be borne by themselves. Those suspected of disrupting financial order will also face investigation.
6. Policy Coordination: Abolishing old regulations to establish a unified regulatory framework
Abolishes the 2021 virtual currency regulatory notice issued by ten departments, integrating the regulation of RWA tokenization, stablecoins, and virtual currencies, creating a more comprehensive regulatory system for illegal financial activities involving digital assets. Regulatory standards are more unified, and enforcement is more operational.
The core of the policy is “maintaining the bottom line, leaving room for development, and promoting transformation.”#加密市场回调 $BTC