Report of the State Council on the Situation of Financial Work: Strengthen RWA Tokenization Regulation, Improve the Regulatory Policy Framework for Virtual Currency

The Governor of the People's Bank of China, Pan Gongsheng, reported to the Standing Committee of the National People's Congress on the financial work situation since October 2025 at the 25th meeting of the 14th National People's Congress Standing Committee, entrusted by the State Council. It was pointed out that the positioning of the digital renminbi has smoothly transitioned from cash to deposit currency.

In terms of preventing and resolving financial risk hidden dangers, a new round of crackdown on illegal and criminal activities in the financial sector related to "black and gray industries" has been launched, completing a nationwide special action against illegal fundraising. The regulatory policy framework for virtual currencies has been improved, strengthening the analysis of clues related to underground money laundering involving virtual currencies, and establishing a normalized mechanism for the rectification of the entire chain of virtual currency "mining." Strengthening the regulation of real-world asset (RWA) tokenization.