TechFlow news, on December 5, seven departments including the Internet Finance Association of China issued a risk alert regarding illegal activities related to virtual currencies. "Recently, concepts related to virtual currencies have rapidly gained popularity, and some lawbreakers are taking advantage of this trend to promote trading speculation. Under the guise of stablecoins, scam coins (such as π coins), real-world asset (RWA) tokens, and 'mining,' they are conducting illegal activities such as illicit fundraising, pyramid schemes, fraud, and using virtual currencies to transfer proceeds from criminal activities. These actions severely infringe upon the public's property safety and disrupt the normal order of economic and financial systems. To further implement requirements outlined in announcements such as 'Notice on Preventing Risks of Token Issuance Financing' and 'Notice on Further Preventing and Addressing Risks of Virtual Currency Trading Speculation' released by the People's Bank of China, the National Financial Regulatory Administration, the China Securities Regulatory Commission, and others, and to carry out the spirit of the meeting of the coordination mechanism for cracking down on virtual currency trading speculation, the Internet Finance Association of China, the China Banking Association, the Securities Association of China, the Asset Management Association of China, the China Futures Association, the China Association for Public Companies, and the China Payments Clearing Association jointly issue this risk alert."
