State Council’s Report on Financial Work: Strengthen Regulation of RWA Tokenization and Improve the Regulatory Policy Framework for Virtual Currencies

At the 25th session of the Standing Committee of the 14th National People’s Congress, Pan Gongsheng, Governor of the People’s Bank of China, delivered a report on financial work since October 2025 to the Standing Committee, entrusted by the State Council. The report clarified that the legal status of the digital RMB has smoothly transitioned from cash-like currency to deposit money. To prevent and mitigate financial risks, relevant authorities have launched a new round of coordinated crackdowns targeting “black and gray market” criminal activities in the financial sector, and successfully concluded the nationwide campaign against illegal fundraising. Meanwhile, the regulatory policy framework for virtual currencies continues to mature; analytical capabilities for leads involving virtual currency-based underground banks have significantly improved; and a normalized governance mechanism covering the entire cryptocurrency mining value chain has been further strengthened. In addition, real-world asset (RWA) tokenization activities have been placed under enhanced regulatory scrutiny.