On February 6, 2026, the People’s Bank of China and eight other ministries issued the Notice on Further Preventing and Handling Risks Related to Virtual Currencies, known as the 2.6 Notice. In many respects, the 2.6 Notice is an advanced version of the 9.24 Notice issued in 2021, with the regulatory framework largely unchanged aside from minor patches. There remain no clear regulatory standards for digital assets such as NFTs and digital artworks, while the guidelines for real-world asset tokenization (RWA) are relatively clear but stringent. In short, the current approach to RWA can be summarized as allowing it only under strict conditions.
Real-world asset tokenization uses cryptographic and distributed ledger technologies to convert ownership and income rights of assets into tokens and related instruments for issuance and trading. The notice emphasizes regulatory principles such as prohibiting domestic entities and their controlled overseas entities from issuing virtual currencies overseas without consent, a rule that also constrains RWA and ICO activities. The regime clearly establishes an approval system for RWA issuance, and past warnings suggested that RWA issuance remains difficult to separate from prohibited ICO activities regardless of method or underlying asset. The notice also notes forthcoming explanations on what constitutes a foreign entity controlled by a domestic entity and the responsibilities of intermediaries, to be addressed in future analyses.
Stablecoins pegged to legal tender face tighter oversight, with overseas issuance of RMB-pegged stablecoins prohibited without consent. This reflects the direct influence of the 2025 Stablecoin Ordinance in Hong Kong, which spurred widespread interest in stablecoins and underscored concerns about RMB stablecoins. The notice also directs internet platforms to strengthen content governance, refrain from facilitating cryptocurrency activities, report clues of illegal activity, and provide technical assistance for investigations, signaling intensified self-inspection by major tech platforms. As a consequence, platforms are expected to launch another round of self-inspection and rectification in response to the new requirements.
To implement these requirements, internet platforms cannot simply delete relevant content; they must assess and organize it, provide the clues to the relevant authorities, and offer technical support for investigations. At present, local financial management departments still need time to formulate management plans and clarify internal responsibilities, and the related work may be difficult to complete in the short term.
Leave a Reply