<p>2026 年 2 月 6 日，中國人民銀行及其他八個部門發佈了《進一步防範和處置虛擬貨幣相關風險的通知》（銀髮〔2026〕42 號，以下簡稱 “42 號文件”）。42 號文件總體上延續了中國大陸對虛擬貨幣的嚴格 “一刀切” 監管態度。關於穩定幣，42 號文件沒有詳細闡述，但基於 “動態評估” 的監管原則，留出了其合法運營的空間。更重要的是，42 號文件首次將真實世界資產代幣化（RWA）納入監管範圍。同時，中國證券監督管理委員會（CSRC）也發佈了《境內資產境外發行資產支持證券代幣的監管指引》（以下簡稱 “指引”）。這些指引以及 42 號文件中關於真實世界資產代幣化（RWA）業務的監管要求，為之前的灰色地帶 RWA 業務提供了框架。42 號文件將三種類型的虛擬資產/數字資產——加密貨幣、穩定幣和真實世界資產代幣——納入監管，填補了之前的監管空白，代表了中國大陸虛擬資產相關業務最精確和完整的法律框架。因此，中國的虛擬資產監管框架初步建立。</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、中國大陸虛擬資產監管的歷史演變</h2>
<p>2017 年 9 月 4 日的 “94 號公告”（關於防範代幣發行融資風險的公告）將代幣發行融資（ICO）認定為本質上未經批准和非法的公眾融資。</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 號文件核心條款解讀</h2>
<p><em>中國人民銀行、國家發展和改革委員會、工業和信息化部、公安部、市場監管總局、國家金融監管總局、中國證券監督管理委員會、國家外匯管理局關於進一步防範和處置虛擬貨幣相關風險的通知（銀髮〔2026〕42 號）</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、中國初步建立虛擬資產監管框架</h2>
<p>中國對虛擬貨幣的監管態度沒有改變，但這次 42 號文件不僅僅是對虛擬貨幣嚴格態度的重申。</p>
<p>中國對虛擬貨幣的監管態度沒有改變，但這次 42 號文件不僅僅是對虛擬貨幣嚴格態度的重申。</p>
<p>42 號文件區分了三種重要的虛擬/數字資產形式：從對虛擬貨幣的 “一刀切” 方法，到對穩定幣的 “動態評估”，再到對代幣化真實世界資產（RWA）的 “許可業務” 的積極轉變，這代表了一種漸進的監管方法。這也意味着中國將推動虛擬/數字資產從虛擬經濟向實體經濟的發展。上面的圖展示了我一直在分享的虛擬/數字資產類別，而 42 號文件的差異化監管進一步確認了這一點。因此，中國初步建立了虛擬/數字資產的監管框架，後續將完善更詳細的規則。然而，核心紅線依然存在：嚴禁在國內開展業務，或在國內開展業務。嚴禁使用虛擬貨幣（穩定幣）履行法定貨幣的職能。回顧 Hashkey 的肖峯博士提出的 “從源頭出發，關注區塊鏈的第一原則” 的提議，其底層邏輯依然清晰：區塊鏈正在成為全球統一的新賬本和新金融的基礎設施；基於這一賬本構建的代幣化貨幣將提升全球價值轉移的效率和成本；因此，一個全球性的、24/7 的、多資產的支付、借貸和資本金融市場正在構建中。中國新興的虛擬/數字資產框架將充分利用區塊鏈和代幣化的優勢，為實體經濟和傳統金融注入更多創新活力。</p>

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<p>2026 年 2 月 6 日，中國人民銀行和八個部委發佈了第 42 號文件，建立了虛擬資產的監管框架。該文件對虛擬貨幣保持嚴格的監管立場，同時允許對穩定幣進行動態評估。值得注意的是，它將真實世界資產代幣化（RWA）納入監管，標誌着一個重要的轉變。中國證券監督管理委員會還發布了資產支持證券代幣的指導方針。總體而言，第 42 號文件填補了監管空白，代表了中國對加密貨幣、穩定幣和 RWA 的全面法律框架，促進了虛擬資產與實體經濟的融合</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，中國人民銀行及其他八個部門發佈了《進一步防範和處置虛擬貨幣相關風險的通知》（銀髮〔2026〕42 號，以下簡稱 “42 號文件”）。42 號文件總體上延續了中國大陸對虛擬貨幣的嚴格 “一刀切” 監管態度。關於穩定幣，42 號文件沒有詳細闡述，但基於 “動態評估” 的監管原則，留出了其合法運營的空間。更重要的是，42 號文件首次將真實世界資產代幣化（RWA）納入監管範圍。同時，中國證券監督管理委員會（CSRC）也發佈了《境內資產境外發行資產支持證券代幣的監管指引》（以下簡稱 “指引”）。這些指引以及 42 號文件中關於真實世界資產代幣化（RWA）業務的監管要求，為之前的灰色地帶 RWA 業務提供了框架。42 號文件將三種類型的虛擬資產/數字資產——加密貨幣、穩定幣和真實世界資產代幣——納入監管，填補了之前的監管空白，代表了中國大陸虛擬資產相關業務最精確和完整的法律框架。因此，中國的虛擬資產監管框架初步建立。</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、中國大陸虛擬資產監管的歷史演變</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 號公告”（關於防範代幣發行融資風險的公告）將代幣發行融資（ICO）認定為本質上未經批准和非法的公眾融資。</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 號文件核心條款解讀</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>中國人民銀行、國家發展和改革委員會、工業和信息化部、公安部、市場監管總局、國家金融監管總局、中國證券監督管理委員會、國家外匯管理局關於進一步防範和處置虛擬貨幣相關風險的通知（銀髮〔2026〕42 號）</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、中國初步建立虛擬資產監管框架</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>中國對虛擬貨幣的監管態度沒有改變，但這次 42 號文件不僅僅是對虛擬貨幣嚴格態度的重申。</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>中國對虛擬貨幣的監管態度沒有改變，但這次 42 號文件不僅僅是對虛擬貨幣嚴格態度的重申。</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 號文件區分了三種重要的虛擬/數字資產形式：從對虛擬貨幣的 “一刀切” 方法，到對穩定幣的 “動態評估”，再到對代幣化真實世界資產（RWA）的 “許可業務” 的積極轉變，這代表了一種漸進的監管方法。這也意味着中國將推動虛擬/數字資產從虛擬經濟向實體經濟的發展。上面的圖展示了我一直在分享的虛擬/數字資產類別，而 42 號文件的差異化監管進一步確認了這一點。因此，中國初步建立了虛擬/數字資產的監管框架，後續將完善更詳細的規則。然而，核心紅線依然存在：嚴禁在國內開展業務，或在國內開展業務。嚴禁使用虛擬貨幣（穩定幣）履行法定貨幣的職能。回顧 Hashkey 的肖峯博士提出的 “從源頭出發，關注區塊鏈的第一原則” 的提議，其底層邏輯依然清晰：區塊鏈正在成為全球統一的新賬本和新金融的基礎設施；基於這一賬本構建的代幣化貨幣將提升全球價值轉移的效率和成本；因此，一個全球性的、24/7 的、多資產的支付、借貸和資本金融市場正在構建中。中國新興的虛擬/數字資產框架將充分利用區塊鏈和代幣化的優勢，為實體經濟和傳統金融注入更多創新活力。</p>
</div>

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

- 中國人民銀行與八部委發佈虛擬貨幣風險防控通知（文件編號 42）。  
- 文件首次納入現實資產代幣化（RWA）監管，填補監管空白。  
- 中國初步建立虛擬資產監管框架，明確禁止虛擬貨幣作為法定貨幣使用。

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超越 RWA：隨着第 42 號文件的實施，中國的虛擬資產監管框架正在初步成型