The China Internet Finance Association issued a risk warning regarding the prevention of illegal activities related to virtual currencies

The China Internet Finance Association and six other departments issued a risk warning regarding the prevention of illegal activities related to virtual currencies. "Recently, concepts related to virtual currencies have rapidly gained popularity, and some criminals have taken the opportunity to promote trading speculation activities, engaging in illegal fundraising, pyramid schemes, and other illegal activities under the guise of stablecoins, air coins (such as π coins), real-world asset (RWA) tokens, and 'mining.' They also use virtual currencies to transfer illegal gains, severely infringing on the property safety of the public and disrupting the normal order of the economic and financial system.

To further implement the requirements set forth by the People's Bank of China, the Financial Regulatory Administration, the China Securities Regulatory Commission, and other departments in the "Announcement on Preventing Risks of Token Issuance Financing" and the "Notice on Further Preventing and Handling Risks of Virtual Currency Trading Speculation," and to carry out the spirit of the meeting on coordinating efforts to combat virtual currency trading speculation, the China Internet Finance Association, the China Banking Association, the China Securities Association, the China Securities Investment Fund Association, the China Futures Association, the China Listed Companies Association, and the China Payment and Clearing Association jointly issued a risk warning.