A joint notice from the People’s Bank of China, the China Securities Regulatory Commission and other agencies expands China’s virtual-currency prohibition to explicitly cover tokenized real-world assets (RWA) and RMB‑pegged stablecoins issued abroad by domestic-controlled entities without prior authorization. The rules reaffirm a full ban on virtual currencies, increase enforcement on mining (targeting disguised “shadow” data centers and equipment relocation), and set compliance/filing requirements for lawful tokenization or overseas issuance. Separately, the Hong Kong Monetary Authority is preparing the first stablecoin licenses with dozens of applicants (including Ant Group and JD.com), prompting Beijing concerns about crime, dollar‑pegged stablecoins and monetary sovereignty.

The joint notice (PBoC, CSRC and other agencies) explicitly bans tokenized RWAs and RMB‑pegged stablecoins issued abroad by domestic-controlled entities without authorization and reaffirms a complete prohibition on virtual currencies; it also tightens mining enforcement (targeting shadow data centers and equipment relocation) and adds compliance/filing requirements. These are concrete regulatory restrictions that directly limit issuance, mining operations and tokenization activity; HKMA’s licensing push creates cross-jurisdictional tension but does not negate the Beijing measures described.