<p>2026 年 2 月 6 日，中国人民银行及其他八个部门发布了《进一步防范和处置虚拟货币相关风险的通知》（银发〔2026〕42 号，以下简称 “42 号文件”）。42 号文件总体上延续了中国大陆对虚拟货币的严格 “一刀切” 监管态度。关于稳定币，42 号文件没有详细阐述，但基于 “动态评估” 的监管原则，留出了其合法运营的空间。更重要的是，42 号文件首次将真实世界资产代币化（RWA）纳入监管范围。同时，中国证券监督管理委员会（CSRC）也发布了《境内资产境外发行资产支持证券代币的监管指引》（以下简称 “指引”）。这些指引以及 42 号文件中关于真实世界资产代币化（RWA）业务的监管要求，为之前的灰色地带 RWA 业务提供了框架。42 号文件将三种类型的虚拟资产/数字资产——加密货币、稳定币和真实世界资产代币——纳入监管，填补了之前的监管空白，代表了中国大陆虚拟资产相关业务最精确和完整的法律框架。因此，中国的虚拟资产监管框架初步建立。</p>
<p><strong><img src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/4001899_image3.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/4001899_image3.png"/></strong></p>
<h2>一、中国大陆虚拟资产监管的历史演变</h2>
<p>2017 年 9 月 4 日的 “94 号公告”（关于防范代币发行融资风险的公告）将代币发行融资（ICO）认定为本质上未经批准和非法的公众融资。</p>
<p><strong><img src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/4001899_image3.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/4001899_image3.png"/></strong></p>
<h2>二、42 号文件核心条款解读</h2>
<p><em>中国人民银行、国家发展和改革委员会、工业和信息化部、公安部、市场监管总局、国家金融监管总局、中国证券监督管理委员会、国家外汇管理局关于进一步防范和处置虚拟货币相关风险的通知（银发〔2026〕42 号）</em></p>
<p><img src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/4001899_image3.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/4001899_image3.png"/></p>
<h2>三、中国初步建立虚拟资产监管框架</h2>
<p>中国对虚拟货币的监管态度没有改变，但这次 42 号文件不仅仅是对虚拟货币严格态度的重申。</p>
<p>中国对虚拟货币的监管态度没有改变，但这次 42 号文件不仅仅是对虚拟货币严格态度的重申。</p>
<p>42 号文件区分了三种重要的虚拟/数字资产形式：从对虚拟货币的 “一刀切” 方法，到对稳定币的 “动态评估”，再到对代币化真实世界资产（RWA）的 “许可业务” 的积极转变，这代表了一种渐进的监管方法。这也意味着中国将推动虚拟/数字资产从虚拟经济向实体经济的发展。上面的图展示了我一直在分享的虚拟/数字资产类别，而 42 号文件的差异化监管进一步确认了这一点。因此，中国初步建立了虚拟/数字资产的监管框架，后续将完善更详细的规则。然而，核心红线依然存在：严禁在国内开展业务，或在国内开展业务。严禁使用虚拟货币（稳定币）履行法定货币的职能。回顾 Hashkey 的肖峰博士提出的 “从源头出发，关注区块链的第一原则” 的提议，其底层逻辑依然清晰：区块链正在成为全球统一的新账本和新金融的基础设施；基于这一账本构建的代币化货币将提升全球价值转移的效率和成本；因此，一个全球性的、24/7 的、多资产的支付、借贷和资本金融市场正在构建中。中国新兴的虚拟/数字资产框架将充分利用区块链和代币化的优势，为实体经济和传统金融注入更多创新活力。</p>

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<p>2026 年 2 月 6 日，中国人民银行和八个部委发布了第 42 号文件，建立了虚拟资产的监管框架。该文件对虚拟货币保持严格的监管立场，同时允许对稳定币进行动态评估。值得注意的是，它将真实世界资产代币化（RWA）纳入监管，标志着一个重要的转变。中国证券监督管理委员会还发布了资产支持证券代币的指导方针。总体而言，第 42 号文件填补了监管空白，代表了中国对加密货币、稳定币和 RWA 的全面法律框架，促进了虚拟资产与实体经济的融合</p>

<p>On February 6, 2026, the People's Bank of China and eight other ministries issued the &#34;Notice on Further Preventing and Handling Risks Related to Virtual Currencies&#34; (Yinfa [2026] No. 42, hereinafter referred to as &#34;Document No. 42&#34;). Document No. 42 generally continues the strict &#34;one-size-fits-all&#34; regulatory attitude of mainland China towards virtual currencies. Regarding stablecoins, Document No. 42 doesn't elaborate much, but based on the regulatory principle of &#34;dynamic assessment,&#34; it leaves room for their permitted operation. More importantly, Document No. 42, for the first time, includes Real-World Asset Tokenization (RWA) within its regulatory scope. Meanwhile, the China Securities Regulatory Commission (CSRC) also issued a &#34;Regulatory Guidelines on the Issuance of Asset-Backed Securities Tokens Overseas by Domestic Assets&#34; (hereinafter referred to as the &#34;Guidelines&#34;). These Guidelines, along with the regulatory requirements for real-world asset tokenization (RWA) business in Document No. 42, provide a framework for the previously gray-area RWA business. Document No. 42 brings all three types of virtual assets/digital assets—cryptocurrencies, stablecoins, and real-world asset tokens—under regulation, filling previous regulatory gaps and representing the most precise and complete legal framework for virtual asset-related businesses in mainland China. Thus, China's virtual asset regulatory framework has been initially established.</p>
<div class="lb-trans"><p>2026 年 2 月 6 日，中国人民银行及其他八个部门发布了《进一步防范和处置虚拟货币相关风险的通知》（银发〔2026〕42 号，以下简称 “42 号文件”）。42 号文件总体上延续了中国大陆对虚拟货币的严格 “一刀切” 监管态度。关于稳定币，42 号文件没有详细阐述，但基于 “动态评估” 的监管原则，留出了其合法运营的空间。更重要的是，42 号文件首次将真实世界资产代币化（RWA）纳入监管范围。同时，中国证券监督管理委员会（CSRC）也发布了《境内资产境外发行资产支持证券代币的监管指引》（以下简称 “指引”）。这些指引以及 42 号文件中关于真实世界资产代币化（RWA）业务的监管要求，为之前的灰色地带 RWA 业务提供了框架。42 号文件将三种类型的虚拟资产/数字资产——加密货币、稳定币和真实世界资产代币——纳入监管，填补了之前的监管空白，代表了中国大陆虚拟资产相关业务最精确和完整的法律框架。因此，中国的虚拟资产监管框架初步建立。</p>
</div><p><strong><img src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/4001899_image3.png" alt="" original-src="https://img.jinse.com.cn/4001899_image3.png"/></strong></p>
<div class="lb-trans"><p><strong><img src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/4001899_image3.png" alt="" original-src="https://img.jinse.com.cn/4001899_image3.png"/></strong></p>
</div><h2>I. Historical Evolution of Virtual Asset Regulation in Mainland China</h2>
<div class="lb-trans"><h2>一、中国大陆虚拟资产监管的历史演变</h2>
</div><p>The &#34;94 Announcement&#34; (Announcement on Preventing Risks of Token Issuance Financing) of September 4, 2017, identified Token Issuance Financing (ICO) as essentially an unapproved and illegal public financing</p>
<div class="lb-trans"><p>2017 年 9 月 4 日的 “94 号公告”（关于防范代币发行融资风险的公告）将代币发行融资（ICO）认定为本质上未经批准和非法的公众融资。</p>
</div><p><strong><img src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/4001899_image3.png" alt="" original-src="https://img.jinse.com.cn/4001899_image3.png"/></strong></p>
<div class="lb-trans"><p><strong><img src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/4001899_image3.png" alt="" original-src="https://img.jinse.com.cn/4001899_image3.png"/></strong></p>
</div><h2>II. Interpretation of the Core Clauses of Document No. 42</h2>
<div class="lb-trans"><h2>二、42 号文件核心条款解读</h2>
</div><p><em>Notice of the People's Bank of China, National Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Public Security, State Administration for Market Regulation, State Financial Regulatory Commission, China Securities Regulatory Commission, and State Administration of Foreign Exchange on Further Preventing and Handling Risks Related to Virtual Currency (Yinfa [2026] No. 42)</em></p>
<div class="lb-trans"><p><em>中国人民银行、国家发展和改革委员会、工业和信息化部、公安部、市场监管总局、国家金融监管总局、中国证券监督管理委员会、国家外汇管理局关于进一步防范和处置虚拟货币相关风险的通知（银发〔2026〕42 号）</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://img.jinse.com.cn/4001899_image3.png" alt="" original-src="https://img.jinse.com.cn/4001899_image3.png"/></p>
<h2>III. China has initially established a regulatory framework for virtual assets</h2>
<div class="lb-trans"><h2>三、中国初步建立虚拟资产监管框架</h2>
</div><p>China's regulatory attitude towards virtual currencies has remained unchanged, but this time, Document No. 42 is not just a reiteration of the strict attitude towards virtual currencies.</p>
<div class="lb-trans"><p>中国对虚拟货币的监管态度没有改变，但这次 42 号文件不仅仅是对虚拟货币严格态度的重申。</p>
</div><p>China's regulatory attitude towards virtual currencies has remained unchanged, but this time, Document No. 42 is not just a reiteration of the strict attitude towards virtual currencies.</p>
<div class="lb-trans"><p>中国对虚拟货币的监管态度没有改变，但这次 42 号文件不仅仅是对虚拟货币严格态度的重申。</p>
</div><p>Document No. 42 differentiates between three important forms of virtual/digital assets: from a &#34;one-size-fits-all&#34; approach to virtual currencies, to &#34;dynamic evaluation&#34; of stablecoins, and then to the positive shift towards &#34;permissioned business&#34; for tokenized real-world assets (RWA), this represents a progressive regulatory approach. It also signifies that China will promote the development of virtual/digital assets from the virtual to the real economy. The image above shows the categories of virtual/digital assets that I have been sharing, and Document No. 42's differentiated regulation serves as further confirmation of this. Thus, China has initially established a regulatory framework for virtual/digital assets, with more detailed rules to be improved. However, the core red lines remain: It is strictly prohibited to conduct business within the country, or to conduct business within the country. It is strictly prohibited to use virtual currencies (stablecoins) to perform the functions of fiat currency. Looking back at Dr. Xiao Feng's proposal from Hashkey to &#34;start from the origin and look at the first principles of blockchain,&#34; its underlying logic remains clear: Blockchain is becoming a new globally unified ledger and the infrastructure of new finance; Tokenized money built on this ledger will level the efficiency and cost of global value transfer; thus, a global, 24/7, multi-asset market for payments, lending, and capital finance is being constructed. China's nascent virtual/digital asset framework will fully leverage the advantages of blockchain and tokenization, injecting more innovative vitality into the real economy and traditional finance.</p>
<div class="lb-trans"><p>42 号文件区分了三种重要的虚拟/数字资产形式：从对虚拟货币的 “一刀切” 方法，到对稳定币的 “动态评估”，再到对代币化真实世界资产（RWA）的 “许可业务” 的积极转变，这代表了一种渐进的监管方法。这也意味着中国将推动虚拟/数字资产从虚拟经济向实体经济的发展。上面的图展示了我一直在分享的虚拟/数字资产类别，而 42 号文件的差异化监管进一步确认了这一点。因此，中国初步建立了虚拟/数字资产的监管框架，后续将完善更详细的规则。然而，核心红线依然存在：严禁在国内开展业务，或在国内开展业务。严禁使用虚拟货币（稳定币）履行法定货币的职能。回顾 Hashkey 的肖峰博士提出的 “从源头出发，关注区块链的第一原则” 的提议，其底层逻辑依然清晰：区块链正在成为全球统一的新账本和新金融的基础设施；基于这一账本构建的代币化货币将提升全球价值转移的效率和成本；因此，一个全球性的、24/7 的、多资产的支付、借贷和资本金融市场正在构建中。中国新兴的虚拟/数字资产框架将充分利用区块链和代币化的优势，为实体经济和传统金融注入更多创新活力。</p>
</div>

Beyond RWA: With the implementation of Document No. 42, China's regulatory framework for virtual assets is taking initial shape.

- 中国人民银行与八部委发布虚拟货币风险防控通知（文件编号 42）。  
- 文件首次纳入现实资产代币化（RWA）监管，填补监管空白。  
- 中国初步建立虚拟资产监管框架，明确禁止虚拟货币作为法定货币使用。

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超越 RWA：随着第 42 号文件的实施，中国的虚拟资产监管框架正在初步成型