Another piece of domestic regulation on virtual currencies has been finalized. Tonight, multiple ministries issued a notice to further prevent the spread of virtual currencies, officially transforming the coordination meeting of November 28th last year into departmental regulations. The notice issued by multiple ministries in 2021 was also repealed. Comparing the two notices, the new regulations mainly increase requirements related to RWA (Real Money Market Funds), strictly prohibiting the provision of any services for unapproved RWA businesses. However, it also leaves room for domestic entities to issue RWA assets overseas, adding approval and regulatory requirements for domestic entities issuing virtual currencies and conducting RWA business overseas, filling a regulatory gap. The industry had anticipated the formal implementation of this notice, previously expecting it to include regulations on OTC (Over-the-Counter) trading, but this has not materialized. Furthermore, there has been no impact on market prices.