On the evening of December 5, the China Internet Finance Association, along with several other associations, issued a risk warning titled "Risk Warning on Preventing Illegal Activities Related to Virtual Currencies," which alerts the public to the risks associated with air coins, real-world asset tokens, mining, and other activities involving cryptocurrency. The public is urged to enhance their risk awareness and identification capabilities, protect their "wallets," and refrain from participating in activities related to virtual currencies, real-world asset tokens, as well as illegal fundraising and securities issuance activities conducted under the guise of "mining" virtual currencies.

The following is the full text of the risk warning:

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 harming the property safety of the public and disrupting the normal order of the economy and finance. To further implement the requirements set forth in the announcements issued by the People's Bank of China, the Financial Regulatory Administration, the China Securities Regulatory Commission, and other departments regarding the prevention of risks associated with token issuance and financing, as well as the notification on further preventing and addressing risks related to 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 provide the following risk warning:

1. Correctly understand the essential attributes of virtual currencies, real-world asset tokens, and related activities.

Virtual currencies are not issued by monetary authorities, are not legal tender, do not have the same legal status as legal currencies, and cannot be circulated or used as currency within China. Among them, air coins such as π coins lack substantial technological innovation, have no clear commercial application scenarios or value, have opaque issuance and operational mechanisms, and are severely plagued by fraud and market manipulation issues, often associated with pyramid schemes and scams conducted in their name. Stablecoins currently cannot effectively meet customer identity verification, anti-money laundering, and other requirements, posing risks of being used for money laundering, fundraising fraud, and illegal cross-border fund transfers. Tokenization of real-world assets involves financing and trading activities through the issuance of tokens or other rights and bond certificates with token characteristics, which carries multiple risks, including false asset risks, operational failure risks, and speculative risks. Currently, no real-world asset tokenization activities have been approved by China's financial regulatory authorities.

Domestic institutions and individuals engaging in activities such as the exchange of legal currency for virtual currencies, issuance and financing of real-world asset tokens within China are suspected of illegal token sales, illegal fundraising, unauthorized public issuance of securities, and illegal operation of futures businesses. Foreign virtual currency and real-world asset token service providers that directly or indirectly engage in related business activities within China also constitute illegal financial activities. Domestic staff of relevant foreign virtual currency service providers, as well as domestic institutions and individuals who knowingly or should have known that they are providing services for virtual currency-related businesses, will be held legally accountable.

2. Relevant institutions must not engage in businesses related to virtual currencies and real-world asset tokens.

All member units must not participate in the issuance and trading activities of virtual currencies and real-world asset tokens within China, nor provide related services for customers to issue and trade virtual currencies and real-world asset tokens directly or indirectly. Bank and payment institution member units must not provide services for the issuance and trading of virtual currencies and real-world asset tokens within China, nor provide any form of financial services and credit support to virtual currency "mining" enterprises and projects. They must strictly conduct customer due diligence, timely assess whether there are risks related to virtual currency, real-world asset token trading, or money laundering, and ensure that their operations comply with regulatory requirements. Any suspicious clues must be reported to the relevant authorities according to procedures. Securities, fund, and futures institution member units must not provide services for the issuance and trading of virtual currencies, real-world asset tokens, and related financial products within China. Internet platform enterprise member units must not provide any form of marketing, promotional, or information technology services for the issuance and trading of virtual currencies and real-world asset tokens within China, and must ensure compliance checks on the information published on their platforms. All member units should conduct multi-faceted risk warnings and educational activities regarding virtual currencies and real-world asset tokens, reminding the public to discern risks and stay away from illegal activities.

3. The public should remain highly vigilant against various forms of virtual currency and real-world asset token business activities.

The prices of virtual currencies fluctuate dramatically and are often used for speculative trading and illegal activities such as pyramid schemes and fraud. The public is urged to enhance their risk awareness and identification capabilities, protect their "wallets," and refrain from participating in activities related to virtual currencies and real-world asset tokens, as well as illegal fundraising and securities issuance activities conducted under the guise of "mining" virtual currencies. Stay away from virtual currencies and real-world asset tokens to avoid being involved in related illegal activities. Be cautious of joining communities promoting virtual currency and real-world asset token business activities, and be wary of false advertisements containing historical returns, trading suggestions, or speculative prospects related to virtual currencies and real-world asset tokens. Refuse to click on links or QR codes leading to foreign virtual currency and real-world asset token trading platforms. If any clues related to virtual currency and real-world asset token business activities are discovered, promptly report them to the relevant regulatory authorities, and report any suspected illegal activities to the public security organs.

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