According to TechFlow TechFlow, on December 5th, seven departments, including the National Internet Finance Association of China, issued a risk warning regarding the prevention of illegal activities involving virtual currencies. The warning stated that "Recently, concepts related to virtual currencies have rapidly gained popularity, and some criminals have taken this opportunity to promote related trading and speculation activities. They are using stablecoins, worthless coins (such as π coins), Real-World Asset (RWA) tokens, and 'mining' as a guise to conduct illegal fundraising, pyramid schemes, and other illegal activities, and are using virtual currencies to transfer proceeds from illegal activities. This seriously infringes upon the property security of the public and disrupts the normal economic and financial order. To further implement the requirements of the 'Announcement on Preventing Risks of Token Issuance Financing' and the 'Notice on Further Preventing and Handling Risks of Virtual Currency Trading and Speculation' issued by the People's Bank of China, the State Financial Regulatory Commission, and the China Securities Regulatory Commission, and to implement the spirit of the meeting of the Coordination Mechanism for Combating Virtual Currency Trading and Speculation, the National 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 Payment and Clearing Association jointly issued this risk warning."
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