China Internet Finance Association and other seven departments have issued risk warnings on preventing illegal activities related to virtual currencies

The China Internet Finance Association and other seven departments issued a risk warning on preventing illegal activities related to virtual currencies, saying, "Recently, the concept of virtual currencies has been heating up rapidly. Some criminals have taken the opportunity to promote transaction speculation activities, using stablecoins, air coins (π coins, etc.), real-world asset (RWA) tokens, and" mining "to carry out illegal activities such as illegal fund-raising and pyramid scheme fraud, and use virtual currencies to transfer illegal and criminal proceeds, which seriously infringes on the property safety of the public and disrupts the normal economic and financial order. In order to further implement the requirements of the "Announcement on Preventing Token Issuance Financing Risks" and the "Notice on Further Preventing and Handling Virtual Currency Trading Hype Risks" issued by the People's Bank of China, the State Administration of Financial Supervision, the China Securities Supervision Commission and other departments, and to implement the spirit of the meeting of the coordination mechanism for combating virtual currency trading hype, the China Internet Finance Association, the China Banking Association, the China Securities Industry Association, the China Securities Investment Fund Association, the China Futures Industry Association, the China Listed Companies Association, and the China Payment and Clearing Association jointly issued a warning on relevant risks. "