The People's Bank of China and eight other departments announced strict regulations on domestic entities conducting virtual currency business overseas.
PANews reported on February 6th that, according to Jinshi News, eight departments, including the People's Bank of China, issued a notice on further preventing and handling risks related to virtual currencies. The notice states that strict supervision will be implemented for domestic entities conducting related business overseas. Without the consent of relevant departments in accordance with laws and regulations, domestic entities and their controlled overseas entities are prohibited from issuing virtual currencies overseas. Domestic entities directly or indirectly conducting real-world asset tokenization business in the form of foreign debt overseas, or conducting asset securitization or equity-based real-world asset tokenization business overseas based on domestic asset ownership, income rights, etc. (hereinafter collectively referred to as domestic equity), should be strictly supervised by the National Development and Reform Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and other relevant departments according to their respective responsibilities, following the principle of "same business, same risk, same rules." Overseas subsidiaries and branches of domestic financial institutions providing real-world asset tokenization related services overseas should act prudently and legally, equip themselves with professional personnel and systems, effectively prevent business risks, strictly implement customer access, suitability management, anti-money laundering requirements, and incorporate them into the compliance and risk control management system of domestic financial institutions.
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