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Full Text of Trump's Inaugural Speech: The American Golden Age Begins Now
Original Text: Golden Ten Data
After being sworn in at the Capitol Rotunda on Monday, Trump gave his first speech, depicting himself as the sole figure who can save America from decline, and he outlined the initial actions he will take after taking office.
Here is the transcript of the speech:
Thank you, thank you everyone, thank you very much. Vice President Pence, Speaker Ryan, Senator McConnell, Chief Justice Roberts, and the Justices of the Supreme Court.
President Clinton, President Bush, President Obama, President Biden, Vice President Harris, and my fellow citizens, America's golden age begins now.
From this day forward, our country will thrive again, and we will regain respect around the world. We will be the envy of every nation, and we will not allow ourselves to be bullied anymore.
Every day of the Trump administration, I will put America first.
Our sovereignty will be restored. Our security will be reinstated. The scales of justice will be rebalanced. The weaponization of the Justice Department and our government's malice, violence, and unfairness will end.
Our top priority is to build a country of pride, prosperity, and freedom. America will soon be greater, stronger, and more exceptional than ever before.
I confidently and optimistically return to the presidency, believing that we are at the beginning of an exciting new era of national success. A wave of change is sweeping across the nation, sunlight is shining around the world, and America has an unprecedented opportunity to seize it.
But first, we must honestly confront the challenges we face. While these challenges are many, they will be destroyed by the great momentum America is currently experiencing.
As we gather here today, our government is facing a crisis of trust. For years, a radical and corrupt system has seized power and wealth from our citizens, while the pillars of our society lie in ruins, seemingly completely broken.
Our current government is unable to address even a simple domestic crisis, while also getting entangled in one disastrous event after another overseas.
It has failed to protect our great law-abiding American citizens but has provided shelter and protection to dangerous criminals, many of whom come from prisons and mental institutions, illegally entering our country from around the world. Our government has provided unlimited funding to protect foreign borders but has refused to protect American borders, or more importantly, to protect our own people.
Our country has already been unable to provide basic services in times of emergency, as recently demonstrated by the outstanding people of North Carolina. They have been treated so badly. And several other states are still suffering months after hurricanes hit.
Or more recently, in Los Angeles, we are witnessing wildfires that continue to ruthlessly burn. Starting several weeks ago, they swept through homes and communities unprepared, even affecting some of the wealthiest and most powerful people in our country, some of whom are now sitting here. They are now homeless. It's quite interesting.
But we cannot allow this situation to persist. Everyone is powerless against it. This situation will change. We have a public health system that does not function in times of disaster, yet we spend more on this system than any other country in the world.
And we have an education system that, in many cases, teaches our children to be ashamed, to hate our country, despite our best efforts to instill love in them. From today, all of this will change, and it will change very quickly.
My recent election is a mandate to let me thoroughly reverse a terrible betrayal and all the betrayals that have already occurred, to give the people back their faith, wealth, democracy, and freedom.
From this moment on, America's decline is over.
Our freedom and the glorious destiny of our nation will no longer be denied. We will immediately restore the integrity, capability, and loyalty of the American government.
Over the past eight years, I have faced more trials and challenges than any president in our 250-year history. In the process, I have learned a lot. I can tell you that the path to reviving our republic is not easy.
Those who sought to thwart our mission have tried to deprive me of my freedom, even my life.
Just a few months ago, in those beautiful Pennsylvania fields, an assassin's bullet went through my ear. But at that moment, I felt, and now I am even more convinced, that my life was saved for a reason. I was saved by God to make America great again.
Thank you, thank you very much.
That is why under our American patriots' leadership, every day we will confront every crisis with dignity, strength, and might.
We will, with clear goals and swift action, bring hope, prosperity, security, and peace back to every citizen of every race, religion, color, and creed. For American citizens, January 20, 2025, will be the day of liberation.
I hope that our recent presidential election will be remembered as the greatest and most impactful election in our nation's history.
As our victory has shown, the nation is rapidly coming together under our agenda, with support from nearly all walks of life seeing a significant increase: whether young or old, male or female, African American, Hispanic American, Asian American, whether urban, suburban, or rural, and most importantly, we have had strong victories in all seven swing states and won the popular vote by millions.
To the Black and Hispanic communities, I thank you for the tremendous love and trust you have expressed to me through your votes. We have made history, and I will not forget any of it.
I have heard your voices in the campaign, and I look forward to working with you in the months and years ahead. Today is Martin Luther King Jr. Day, which is a great honor. In his memory, we will work together to make his dream a reality. We will achieve his dream.
National unity is returning to America, with confidence and pride at an all-time high. In all that we do, my administration will be driven by a relentless quest for excellence and unwavering success.
We will not forget our nation, we will not forget our Constitution, we will not forget our God. We cannot do that.
Today, I will be signing a series of historically significant executive orders. Through these actions, we will begin the full recovery of America and usher in a revolution of common sense. It's all about common sense.
First, I will announce that our southern border is entering a national emergency. All illegal entries will cease immediately, and we will begin repatriating millions of criminal aliens to their places of origin.
We will reinstate my Remain in Mexico policy. I will end the practice of catch and release. Meanwhile, I will deploy troops to the southern border to halt the disastrous invasion of our country.
Under the orders I am signing today, we will also designate these drug cartels as foreign terrorist organizations.
By invoking the 1798 Alien Enemies Act, I will direct our government to utilize the full power of federal and state law enforcement to eliminate the presence of all foreign criminal networks that bring destructive crime onto American soil, including our cities and downtowns.
As Commander-in-Chief, my highest duty is to defend our nation from threats and invasions, and that is exactly what I will do. We will accomplish this task at a level never seen before.
Next, I will instruct all Cabinet members to mobilize the vast powers they hold to defeat record-high inflation and rapidly reduce costs and prices. The inflation crisis is driven by massive overspending and skyrocketing energy prices.
That is why today I will also declare a national energy emergency. We will "drill, baby, drill."
America will once again be a manufacturing nation, and we have something that no other manufacturing nation has: the most oil and natural gas reserves on Earth, and we will use it. We will use it.
We will lower prices, refill our strategic reserves to the brim, and export American energy to the world.
We will once again be a wealthy nation, and the liquid gold beneath our feet will help achieve this goal.
Through my actions today, we will end the Green New Deal, we will rescind the electric vehicle mandate, save our auto industry, and fulfill my sacred promise to the great American autoworkers.
In other words, you will be able to buy the car of your choice. We will manufacture cars in America again at a speed that few years ago would have been unthinkable. Thank you to our country's auto workers for your inspiring vote of confidence. We have performed very well based on their vote.
I will immediately begin a comprehensive overhaul of our trade system to protect American workers and families. We will impose tariffs and taxes on foreign countries to benefit our citizens, rather than benefiting other countries by taxing our citizens.
To this end, we are establishing an External Revenue Service to collect all tariffs, taxes, and revenues. This will channel a substantial amount of funds from abroad into our treasury.
The American Dream will soon return and prosper as never before. To restore the ability and efficiency of the federal government, my administration will establish a new Department of Government Efficiency.
After years of the federal government unlawfully and unconstitutionally restricting freedom of speech, I will also sign an executive order to immediately cease all government censorship and restore free speech to America.
The vast power of the nation will no longer be wielded as a weapon to persecute political opponents, a lesson I have learned firsthand. We will not allow this to happen. This will not happen again.
Under my leadership, we will restore fairness, equality, and justice under constitutional law. We will bring law and order back to our cities.
This week, I will also be ending the government's attempt to incorporate race and gender into all aspects of public and private life. We will build a society that is colorblind and merit-based.
Effective immediately, the official policy of the United States government will recognize only two genders: male and female.
This week, I will be reinstating all military personnel who were unfairly discharged for opposing mandatory COVID-19 vaccinations, and they will receive full back pay.
I will sign an order to stop our warriors from being forced to undergo radical political indoctrination and social experimentation while on mission. This will end immediately. Our armed forces will focus on their one and only mission: to defeat America's enemies.
Just like in 2017, we will once again have the world's most powerful military. To measure our success, we will not only look at how many battles we have won, but also at which wars we have ended, and perhaps most importantly, which wars we have not been involved in.
My proudest legacy will be as a peacemaker and unifier. That's who I want to be, a peacemaker and unifier. I am pleased to announce that as of yesterday, on the day before I took office, hostages in the Middle East were returning to their families. Thank you.
America will regain its rightful place as the greatest, most powerful, most respected nation on Earth, inspiring awe and admiration around the world. Soon, we will rename the Gulf of Mexico to the Gulf of America.
We will restore the name of the great President William McKinley to Mount McKinley, where it belongs and has always belonged. President McKinley made our country very rich through tariffs and skill. He was a natural-born businessman who provided funding for many great things that Teddy Roosevelt did, including the Panama Canal, which was later foolishly given to the country of Panama.
I mean, think about it, the United States spent an unprecedented amount of money on the construction of the Panama Canal and sacrificed 38,000 lives for it. Yet, we have been unfairly treated because of this foolish give-away.
Panama's commitment to us has been broken. The purpose of our agreement and the spirit of the treaty have been completely violated. American ships have been severely overcharged, and not treated fairly at all. Among them the U.S. Navy... we will take it back.
Most importantly, what I want to say to the American people today is that now is the time for us to once again act with courage, vigor, and the vitality of the greatest civilization in history. So, as we liberate our country, we will lead it to new heights of victory and success. We will not be intimidated.
We will together end the epidemic of chronic diseases, keeping our children safe, healthy, and free from illness.
America will once again view itself as a nation constantly evolving, one that increases our wealth, expands our territory, builds our cities, raises our expectations, and takes our flag to new horizons of greatness.
We will pursue our manifest destiny, reach for the stars, send American astronauts to Mars, and plant the American flag on Mars.
Ambition is the lifeblood of a great nation. And now, our nation is more ambitious than any other. No nation can compare to ours. Americans are explorers, builders, innovators, entrepreneurs, and pioneers. The spirit of pioneering is ingrained in our hearts.
The call of the next great adventure echoes from the depths of our souls. Our American ancestors transformed a small group of colonies on the edge of a vast continent into the most extraordinary republic on Earth. Unmatched.
Americans traversed thousands of miles of rugged wilderness. They crossed deserts, scaled mountains, braved dangers, conquered the wild West, ended slavery, freed millions from tyranny, lifted billions out of poverty, harnessed electricity, split atoms, sent humanity to the heavens, and placed the universe of human knowledge in human hands.
If we work together, there is nothing we cannot accomplish, and no dream we cannot achieve.
Many thought I could never stage such a historic political comeback. But as you can see today, I did it. The American people have spoken.
I stand before you now, proving that you should never believe that some things are impossible to achieve. In America, the impossible is what we excel at.
From New York to Los Angeles, from Philadelphia to Phoenix, from Chicago to Miami, from Houston to here in Washington, D.C., our nation has been forged and built by generation after generation of patriots who have sacrificed everything for our rights and freedoms.
They were farmers and soldiers, cowboys and factory workers, steelworkers and coal miners, police officers and pioneers. They moved forward together, marching on, not allowing any obstacle to defeat their spirit or pride.
They laid down the railroads, erected skyscrapers, built the great highways, won two World Wars, defeated fascism... overcame every challenge they faced.
After going through all this together, we are about to embark on the greatest four years in American history. With your help, we will restore America's promise, we will rebuild this country we love so deeply.
We are one nation, one family, and one glorious nation under God's protection. So, to every parent who dreams for their child and every child who dreams for the future, I stand with you, I will fight for you, I will win for you.
We will achieve unprecedented victory.
Thank you, thank you.
In recent years, our country has suffered great hardship. But we will recover and make it great again, more magnificent than ever before. We will become an unparalleled nation, full of compassion, courage, and excellence.
Our strength will stop all wars and bring a new sense of unity to this angry, violent, and wholly unpredictable world.
America will once again be respected and admired, even by those with religious beliefs and goodwill. We will thrive, we will be proud, we will be incredibly strong, we will win like never before.
We will not be conquered, we will not be threatened, we will not be brought down, we will not fail. From this day forward, the United States of America will be a free, sovereign, and independent nation.
We will stand brave, we will live proud, we will dream boldly, nothing can stop us because we are Americans. The future is ours. Our golden age is just beginning. Thank you, may God bless America, thank you all.
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China's Central Bank and Eight Other Departments' Latest Regulatory Focus: Key Attention to RWA Tokenized Asset Risk
Foreword: Today, the People's Bank of China's website published the "Notice of the People's Bank of China, National Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Public Security, State Administration for Market Regulation, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission, State Administration of Foreign Exchange on Further Preventing and Dealing with Risks Related to Virtual Currency and Others (Yinfa [2026] No. 42)", the latest regulatory requirements from the eight departments including the central bank, which are basically consistent with the regulatory requirements of recent years. The main focus of the regulation is on speculative activities such as virtual currency trading, exchanges, ICOs, overseas platform services, and this time, regulatory oversight of RWA has been added, explicitly prohibiting RWA tokenization, stablecoins (especially those pegged to the RMB). The following is the full text:
To the people's governments of all provinces, autonomous regions, and municipalities directly under the Central Government, the Xinjiang Production and Construction Corps:
Recently, there have been speculative activities related to virtual currency and Real-World Assets (RWA) tokenization, disrupting the economic and financial order and jeopardizing the property security of the people. In order to further prevent and address the risks related to virtual currency and Real-World Assets tokenization, effectively safeguard national security and social stability, in accordance with the "Law of the People's Republic of China on the People's Bank of China," "Law of the People's Republic of China on Commercial Banks," "Securities Law of the People's Republic of China," "Law of the People's Republic of China on Securities Investment Funds," "Law of the People's Republic of China on Futures and Derivatives," "Cybersecurity Law of the People's Republic of China," "Regulations of the People's Republic of China on the Administration of Renminbi," "Regulations on Prevention and Disposal of Illegal Fundraising," "Regulations of the People's Republic of China on Foreign Exchange Administration," "Telecommunications Regulations of the People's Republic of China," and other provisions, after reaching consensus with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, and with the approval of the State Council, the relevant matters are notified as follows:
(I) Virtual currency does not possess the legal status equivalent to fiat currency. Virtual currencies such as Bitcoin, Ether, Tether, etc., have the main characteristics of being issued by non-monetary authorities, using encryption technology and distributed ledger or similar technology, existing in digital form, etc. They do not have legal tender status, should not and cannot be circulated and used as currency in the market.
The business activities related to virtual currency are classified as illegal financial activities. The exchange of fiat currency and virtual currency within the territory, exchange of virtual currencies, acting as a central counterparty in buying and selling virtual currencies, providing information intermediary and pricing services for virtual currency transactions, token issuance financing, and trading of virtual currency-related financial products, etc., fall under illegal financial activities, such as suspected illegal issuance of token vouchers, unauthorized public issuance of securities, illegal operation of securities and futures business, illegal fundraising, etc., are strictly prohibited across the board and resolutely banned in accordance with the law. Overseas entities and individuals are not allowed to provide virtual currency-related services to domestic entities in any form.
A stablecoin pegged to a fiat currency indirectly fulfills some functions of the fiat currency in circulation. Without the consent of relevant authorities in accordance with the law and regulations, any domestic or foreign entity or individual is not allowed to issue a RMB-pegged stablecoin overseas.
（II）Tokenization of Real-World Assets refers to the use of encryption technology and distributed ledger or similar technologies to transform ownership rights, income rights, etc., of assets into tokens (tokens) or other interests or bond certificates with token (token) characteristics, and carry out issuance and trading activities.
Engaging in the tokenization of real-world assets domestically, as well as providing related intermediary, information technology services, etc., which are suspected of illegal issuance of token vouchers, unauthorized public offering of securities, illegal operation of securities and futures business, illegal fundraising, and other illegal financial activities, shall be prohibited; except for relevant business activities carried out with the approval of the competent authorities in accordance with the law and regulations and relying on specific financial infrastructures. Overseas entities and individuals are not allowed to illegally provide services related to the tokenization of real-world assets to domestic entities in any form.
(III) Inter-agency Coordination. The People's Bank of China, together with the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Public Security, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and other departments, will improve the work mechanism, strengthen coordination with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, coordinate efforts, and overall guide regions to carry out risk prevention and disposal of virtual currency-related illegal financial activities.
The China Securities Regulatory Commission, together with the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Public Security, the People's Bank of China, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the State Administration of Foreign Exchange, and other departments, will improve the work mechanism, strengthen coordination with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, coordinate efforts, and overall guide regions to carry out risk prevention and disposal of illegal financial activities related to the tokenization of real-world assets.
(IV) Strengthening Local Implementation. The people's governments at the provincial level are overall responsible for the prevention and disposal of risks related to virtual currencies and the tokenization of real-world assets in their respective administrative regions. The specific leading department is the local financial regulatory department, with participation from branches and dispatched institutions of the State Council's financial regulatory department, telecommunications regulators, public security, market supervision, and other departments, in coordination with cyberspace departments, courts, and procuratorates, to improve the normalization of the work mechanism, effectively connect with the relevant work mechanisms of central departments, form a cooperative and coordinated working pattern between central and local governments, effectively prevent and properly handle risks related to virtual currencies and the tokenization of real-world assets, and maintain economic and financial order and social stability.
(5) Enhanced Risk Monitoring. The People's Bank of China, China Securities Regulatory Commission, National Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Public Security, State Administration of Foreign Exchange, Cyberspace Administration of China, and other departments continue to improve monitoring techniques and system support, enhance cross-departmental data analysis and sharing, establish sound information sharing and cross-validation mechanisms, promptly grasp the risk situation of activities related to virtual currency and real-world asset tokenization. Local governments at all levels give full play to the role of local monitoring and early warning mechanisms. Local financial regulatory authorities, together with branches and agencies of the State Council's financial regulatory authorities, as well as departments of cyberspace and public security, ensure effective connection between online monitoring, offline investigation, and fund tracking, efficiently and accurately identify activities related to virtual currency and real-world asset tokenization, promptly share risk information, improve early warning information dissemination, verification, and rapid response mechanisms.
(6) Strengthened Oversight of Financial Institutions, Intermediaries, and Technology Service Providers. Financial institutions (including non-bank payment institutions) are prohibited from providing account opening, fund transfer, and clearing services for virtual currency-related business activities, issuing and selling financial products related to virtual currency, including virtual currency and related financial products in the scope of collateral, conducting insurance business related to virtual currency, or including virtual currency in the scope of insurance liability. Financial institutions (including non-bank payment institutions) are prohibited from providing custody, clearing, and settlement services for unauthorized real-world asset tokenization-related business and related financial products. Relevant intermediary institutions and information technology service providers are prohibited from providing intermediary, technical, or other services for unauthorized real-world asset tokenization-related businesses and related financial products.
(7) Enhanced Management of Internet Information Content and Access. Internet enterprises are prohibited from providing online business venues, commercial displays, marketing, advertising, or paid traffic diversion services for virtual currency and real-world asset tokenization-related business activities. Upon discovering clues of illegal activities, they should promptly report to relevant departments and provide technical support and assistance for related investigations and inquiries. Based on the clues transferred by the financial regulatory authorities, the cyberspace administration, telecommunications authorities, and public security departments should promptly close and deal with websites, mobile applications (including mini-programs), and public accounts engaged in virtual currency and real-world asset tokenization-related business activities in accordance with the law.
(8) Strengthened Entity Registration and Advertisement Management. Market supervision departments strengthen entity registration and management, and enterprise and individual business registrations must not contain terms such as "virtual currency," "virtual asset," "cryptocurrency," "crypto asset," "stablecoin," "real-world asset tokenization," or "RWA" in their names or business scopes. Market supervision departments, together with financial regulatory authorities, legally enhance the supervision of advertisements related to virtual currency and real-world asset tokenization, promptly investigating and handling relevant illegal advertisements.
（IX） Continued Rectification of Virtual Currency Mining Activities. The National Development and Reform Commission, together with relevant departments, strictly controls virtual currency mining activities, continuously promotes the rectification of virtual currency mining activities. The people's governments of various provinces take overall responsibility for the rectification of "mining" within their respective administrative regions. In accordance with the requirements of the National Development and Reform Commission and other departments in the "Notice on the Rectification of Virtual Currency Mining Activities" (NDRC Energy-saving Building [2021] No. 1283) and the provisions of the "Guidance Catalog for Industrial Structure Adjustment (2024 Edition)," a comprehensive review, investigation, and closure of existing virtual currency mining projects are conducted, new mining projects are strictly prohibited, and mining machine production enterprises are strictly prohibited from providing mining machine sales and other services within the country.
（X） Severe Crackdown on Related Illegal Financial Activities. Upon discovering clues to illegal financial activities related to virtual currency and the tokenization of real-world assets, local financial regulatory authorities, branches of the State Council's financial regulatory authorities, and other relevant departments promptly investigate, determine, and properly handle the issues in accordance with the law, and seriously hold the relevant entities and individuals legally responsible. Those suspected of crimes are transferred to the judicial authorities for processing according to the law.
（XI） Severe Crackdown on Related Illegal and Criminal Activities. The Ministry of Public Security, the People's Bank of China, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, as well as judicial and procuratorial organs, in accordance with their respective responsibilities, rigorously crack down on illegal and criminal activities related to virtual currency, the tokenization of real-world assets, such as fraud, money laundering, illegal business operations, pyramid schemes, illegal fundraising, and other illegal and criminal activities carried out under the guise of virtual currency, the tokenization of real-world assets, etc.
（XII） Strengthen Industry Self-discipline. Relevant industry associations should enhance membership management and policy advocacy, based on their own responsibilities, advocate and urge member units to resist illegal financial activities related to virtual currency and the tokenization of real-world assets. Member units that violate regulatory policies and industry self-discipline rules are to be disciplined in accordance with relevant self-regulatory management regulations. By leveraging various industry infrastructure, conduct risk monitoring related to virtual currency, the tokenization of real-world assets, and promptly transfer issue clues to relevant departments.
（XIII） Without the approval of relevant departments in accordance with the law and regulations, domestic entities and foreign entities controlled by them may not issue virtual currency overseas.
（XIV） Domestic entities engaging directly or indirectly in overseas external debt-based tokenization of real-world assets, or conducting asset securitization activities abroad based on domestic ownership rights, income rights, etc. (hereinafter referred to as domestic equity), should be strictly regulated in accordance with the principles of "same business, same risk, same rules." The National Development and Reform Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and other relevant departments regulate it according to their respective responsibilities. For other forms of overseas real-world asset tokenization activities based on domestic equity by domestic entities, the China Securities Regulatory Commission, together with relevant departments, supervise according to their division of responsibilities. Without the consent and filing of relevant departments, no unit or individual may engage in the above-mentioned business.
(15) Overseas subsidiaries and branches of domestic financial institutions providing Real World Asset Tokenization-related services overseas shall do so legally and prudently. They shall have professional personnel and systems in place to effectively mitigate business risks, strictly implement customer onboarding, suitability management, anti-money laundering requirements, and incorporate them into the domestic financial institutions' compliance and risk management system. Intermediaries and information technology service providers offering Real World Asset Tokenization services abroad based on domestic equity or conducting Real World Asset Tokenization business in the form of overseas debt for domestic entities directly or indirectly venturing abroad must strictly comply with relevant laws and regulations. They should establish and improve relevant compliance and internal control systems in accordance with relevant normative requirements, strengthen business and risk control, and report the business developments to the relevant regulatory authorities for approval or filing.
(16) Strengthen organizational leadership and overall coordination. All departments and regions should attach great importance to the prevention of risks related to virtual currencies and Real World Asset Tokenization, strengthen organizational leadership, clarify work responsibilities, form a long-term effective working mechanism with centralized coordination, local implementation, and shared responsibilities, maintain high pressure, dynamically monitor risks, effectively prevent and mitigate risks in an orderly and efficient manner, legally protect the property security of the people, and make every effort to maintain economic and financial order and social stability.
(17) Widely carry out publicity and education. All departments, regions, and industry associations should make full use of various media and other communication channels to disseminate information through legal and policy interpretation, analysis of typical cases, and education on investment risks, etc. They should promote the illegality and harm of virtual currencies and Real World Asset Tokenization-related businesses and their manifestations, fully alert to potential risks and hidden dangers, and enhance public awareness and identification capabilities for risk prevention.
(18) Engaging in illegal financial activities related to virtual currencies and Real World Asset Tokenization in violation of this notice, as well as providing services for virtual currencies and Real World Asset Tokenization-related businesses, shall be punished in accordance with relevant regulations. If it constitutes a crime, criminal liability shall be pursued according to the law. For domestic entities and individuals who knowingly or should have known that overseas entities illegally provided virtual currency or Real World Asset Tokenization-related services to domestic entities and still assisted them, relevant responsibilities shall be pursued according to the law. If it constitutes a crime, criminal liability shall be pursued according to the law.
(19) If any unit or individual invests in virtual currencies, Real World Asset Tokens, and related financial products against public order and good customs, the relevant civil legal actions shall be invalid, and any resulting losses shall be borne by them. If there are suspicions of disrupting financial order and jeopardizing financial security, the relevant departments shall deal with them according to the law.
This notice shall enter into force upon the date of its issuance. The People's Bank of China and ten other departments' "Notice on Further Preventing and Dealing with the Risks of Virtual Currency Trading Speculation" (Yinfa [2021] No. 237) is hereby repealed.
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Foreword: Today, the People's Bank of China's website published the "Notice of the People's Bank of China, National Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Public Security, State Administration for Market Regulation, China Banking and Insurance Regulatory Commission, China Securities Regulatory Commission, State Administration of Foreign Exchange on Further Preventing and Dealing with Risks Related to Virtual Currency and Others (Yinfa [2026] No. 42)", the latest regulatory requirements from the eight departments including the central bank, which are basically consistent with the regulatory requirements of recent years. The main focus of the regulation is on speculative activities such as virtual currency trading, exchanges, ICOs, overseas platform services, and this time, regulatory oversight of RWA has been added, explicitly prohibiting RWA tokenization, stablecoins (especially those pegged to the RMB). The following is the full text:
To the people's governments of all provinces, autonomous regions, and municipalities directly under the Central Government, the Xinjiang Production and Construction Corps:
Recently, there have been speculative activities related to virtual currency and Real-World Assets (RWA) tokenization, disrupting the economic and financial order and jeopardizing the property security of the people. In order to further prevent and address the risks related to virtual currency and Real-World Assets tokenization, effectively safeguard national security and social stability, in accordance with the "Law of the People's Republic of China on the People's Bank of China," "Law of the People's Republic of China on Commercial Banks," "Securities Law of the People's Republic of China," "Law of the People's Republic of China on Securities Investment Funds," "Law of the People's Republic of China on Futures and Derivatives," "Cybersecurity Law of the People's Republic of China," "Regulations of the People's Republic of China on the Administration of Renminbi," "Regulations on Prevention and Disposal of Illegal Fundraising," "Regulations of the People's Republic of China on Foreign Exchange Administration," "Telecommunications Regulations of the People's Republic of China," and other provisions, after reaching consensus with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, and with the approval of the State Council, the relevant matters are notified as follows:
(I) Virtual currency does not possess the legal status equivalent to fiat currency. Virtual currencies such as Bitcoin, Ether, Tether, etc., have the main characteristics of being issued by non-monetary authorities, using encryption technology and distributed ledger or similar technology, existing in digital form, etc. They do not have legal tender status, should not and cannot be circulated and used as currency in the market.
The business activities related to virtual currency are classified as illegal financial activities. The exchange of fiat currency and virtual currency within the territory, exchange of virtual currencies, acting as a central counterparty in buying and selling virtual currencies, providing information intermediary and pricing services for virtual currency transactions, token issuance financing, and trading of virtual currency-related financial products, etc., fall under illegal financial activities, such as suspected illegal issuance of token vouchers, unauthorized public issuance of securities, illegal operation of securities and futures business, illegal fundraising, etc., are strictly prohibited across the board and resolutely banned in accordance with the law. Overseas entities and individuals are not allowed to provide virtual currency-related services to domestic entities in any form.
A stablecoin pegged to a fiat currency indirectly fulfills some functions of the fiat currency in circulation. Without the consent of relevant authorities in accordance with the law and regulations, any domestic or foreign entity or individual is not allowed to issue a RMB-pegged stablecoin overseas.
（II）Tokenization of Real-World Assets refers to the use of encryption technology and distributed ledger or similar technologies to transform ownership rights, income rights, etc., of assets into tokens (tokens) or other interests or bond certificates with token (token) characteristics, and carry out issuance and trading activities.
Engaging in the tokenization of real-world assets domestically, as well as providing related intermediary, information technology services, etc., which are suspected of illegal issuance of token vouchers, unauthorized public offering of securities, illegal operation of securities and futures business, illegal fundraising, and other illegal financial activities, shall be prohibited; except for relevant business activities carried out with the approval of the competent authorities in accordance with the law and regulations and relying on specific financial infrastructures. Overseas entities and individuals are not allowed to illegally provide services related to the tokenization of real-world assets to domestic entities in any form.
(III) Inter-agency Coordination. The People's Bank of China, together with the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Public Security, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and other departments, will improve the work mechanism, strengthen coordination with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, coordinate efforts, and overall guide regions to carry out risk prevention and disposal of virtual currency-related illegal financial activities.
The China Securities Regulatory Commission, together with the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Public Security, the People's Bank of China, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the State Administration of Foreign Exchange, and other departments, will improve the work mechanism, strengthen coordination with the Cyberspace Administration of China, the Supreme People's Court, and the Supreme People's Procuratorate, coordinate efforts, and overall guide regions to carry out risk prevention and disposal of illegal financial activities related to the tokenization of real-world assets.
(IV) Strengthening Local Implementation. The people's governments at the provincial level are overall responsible for the prevention and disposal of risks related to virtual currencies and the tokenization of real-world assets in their respective administrative regions. The specific leading department is the local financial regulatory department, with participation from branches and dispatched institutions of the State Council's financial regulatory department, telecommunications regulators, public security, market supervision, and other departments, in coordination with cyberspace departments, courts, and procuratorates, to improve the normalization of the work mechanism, effectively connect with the relevant work mechanisms of central departments, form a cooperative and coordinated working pattern between central and local governments, effectively prevent and properly handle risks related to virtual currencies and the tokenization of real-world assets, and maintain economic and financial order and social stability.
(5) Enhanced Risk Monitoring. The People's Bank of China, China Securities Regulatory Commission, National Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Public Security, State Administration of Foreign Exchange, Cyberspace Administration of China, and other departments continue to improve monitoring techniques and system support, enhance cross-departmental data analysis and sharing, establish sound information sharing and cross-validation mechanisms, promptly grasp the risk situation of activities related to virtual currency and real-world asset tokenization. Local governments at all levels give full play to the role of local monitoring and early warning mechanisms. Local financial regulatory authorities, together with branches and agencies of the State Council's financial regulatory authorities, as well as departments of cyberspace and public security, ensure effective connection between online monitoring, offline investigation, and fund tracking, efficiently and accurately identify activities related to virtual currency and real-world asset tokenization, promptly share risk information, improve early warning information dissemination, verification, and rapid response mechanisms.
(6) Strengthened Oversight of Financial Institutions, Intermediaries, and Technology Service Providers. Financial institutions (including non-bank payment institutions) are prohibited from providing account opening, fund transfer, and clearing services for virtual currency-related business activities, issuing and selling financial products related to virtual currency, including virtual currency and related financial products in the scope of collateral, conducting insurance business related to virtual currency, or including virtual currency in the scope of insurance liability. Financial institutions (including non-bank payment institutions) are prohibited from providing custody, clearing, and settlement services for unauthorized real-world asset tokenization-related business and related financial products. Relevant intermediary institutions and information technology service providers are prohibited from providing intermediary, technical, or other services for unauthorized real-world asset tokenization-related businesses and related financial products.
(7) Enhanced Management of Internet Information Content and Access. Internet enterprises are prohibited from providing online business venues, commercial displays, marketing, advertising, or paid traffic diversion services for virtual currency and real-world asset tokenization-related business activities. Upon discovering clues of illegal activities, they should promptly report to relevant departments and provide technical support and assistance for related investigations and inquiries. Based on the clues transferred by the financial regulatory authorities, the cyberspace administration, telecommunications authorities, and public security departments should promptly close and deal with websites, mobile applications (including mini-programs), and public accounts engaged in virtual currency and real-world asset tokenization-related business activities in accordance with the law.
(8) Strengthened Entity Registration and Advertisement Management. Market supervision departments strengthen entity registration and management, and enterprise and individual business registrations must not contain terms such as "virtual currency," "virtual asset," "cryptocurrency," "crypto asset," "stablecoin," "real-world asset tokenization," or "RWA" in their names or business scopes. Market supervision departments, together with financial regulatory authorities, legally enhance the supervision of advertisements related to virtual currency and real-world asset tokenization, promptly investigating and handling relevant illegal advertisements.
（IX） Continued Rectification of Virtual Currency Mining Activities. The National Development and Reform Commission, together with relevant departments, strictly controls virtual currency mining activities, continuously promotes the rectification of virtual currency mining activities. The people's governments of various provinces take overall responsibility for the rectification of "mining" within their respective administrative regions. In accordance with the requirements of the National Development and Reform Commission and other departments in the "Notice on the Rectification of Virtual Currency Mining Activities" (NDRC Energy-saving Building [2021] No. 1283) and the provisions of the "Guidance Catalog for Industrial Structure Adjustment (2024 Edition)," a comprehensive review, investigation, and closure of existing virtual currency mining projects are conducted, new mining projects are strictly prohibited, and mining machine production enterprises are strictly prohibited from providing mining machine sales and other services within the country.
（X） Severe Crackdown on Related Illegal Financial Activities. Upon discovering clues to illegal financial activities related to virtual currency and the tokenization of real-world assets, local financial regulatory authorities, branches of the State Council's financial regulatory authorities, and other relevant departments promptly investigate, determine, and properly handle the issues in accordance with the law, and seriously hold the relevant entities and individuals legally responsible. Those suspected of crimes are transferred to the judicial authorities for processing according to the law.
（XI） Severe Crackdown on Related Illegal and Criminal Activities. The Ministry of Public Security, the People's Bank of China, the State Administration for Market Regulation, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, as well as judicial and procuratorial organs, in accordance with their respective responsibilities, rigorously crack down on illegal and criminal activities related to virtual currency, the tokenization of real-world assets, such as fraud, money laundering, illegal business operations, pyramid schemes, illegal fundraising, and other illegal and criminal activities carried out under the guise of virtual currency, the tokenization of real-world assets, etc.
（XII） Strengthen Industry Self-discipline. Relevant industry associations should enhance membership management and policy advocacy, based on their own responsibilities, advocate and urge member units to resist illegal financial activities related to virtual currency and the tokenization of real-world assets. Member units that violate regulatory policies and industry self-discipline rules are to be disciplined in accordance with relevant self-regulatory management regulations. By leveraging various industry infrastructure, conduct risk monitoring related to virtual currency, the tokenization of real-world assets, and promptly transfer issue clues to relevant departments.
（XIII） Without the approval of relevant departments in accordance with the law and regulations, domestic entities and foreign entities controlled by them may not issue virtual currency overseas.
（XIV） Domestic entities engaging directly or indirectly in overseas external debt-based tokenization of real-world assets, or conducting asset securitization activities abroad based on domestic ownership rights, income rights, etc. (hereinafter referred to as domestic equity), should be strictly regulated in accordance with the principles of "same business, same risk, same rules." The National Development and Reform Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange, and other relevant departments regulate it according to their respective responsibilities. For other forms of overseas real-world asset tokenization activities based on domestic equity by domestic entities, the China Securities Regulatory Commission, together with relevant departments, supervise according to their division of responsibilities. Without the consent and filing of relevant departments, no unit or individual may engage in the above-mentioned business.
(15) Overseas subsidiaries and branches of domestic financial institutions providing Real World Asset Tokenization-related services overseas shall do so legally and prudently. They shall have professional personnel and systems in place to effectively mitigate business risks, strictly implement customer onboarding, suitability management, anti-money laundering requirements, and incorporate them into the domestic financial institutions' compliance and risk management system. Intermediaries and information technology service providers offering Real World Asset Tokenization services abroad based on domestic equity or conducting Real World Asset Tokenization business in the form of overseas debt for domestic entities directly or indirectly venturing abroad must strictly comply with relevant laws and regulations. They should establish and improve relevant compliance and internal control systems in accordance with relevant normative requirements, strengthen business and risk control, and report the business developments to the relevant regulatory authorities for approval or filing.
(16) Strengthen organizational leadership and overall coordination. All departments and regions should attach great importance to the prevention of risks related to virtual currencies and Real World Asset Tokenization, strengthen organizational leadership, clarify work responsibilities, form a long-term effective working mechanism with centralized coordination, local implementation, and shared responsibilities, maintain high pressure, dynamically monitor risks, effectively prevent and mitigate risks in an orderly and efficient manner, legally protect the property security of the people, and make every effort to maintain economic and financial order and social stability.
(17) Widely carry out publicity and education. All departments, regions, and industry associations should make full use of various media and other communication channels to disseminate information through legal and policy interpretation, analysis of typical cases, and education on investment risks, etc. They should promote the illegality and harm of virtual currencies and Real World Asset Tokenization-related businesses and their manifestations, fully alert to potential risks and hidden dangers, and enhance public awareness and identification capabilities for risk prevention.
(18) Engaging in illegal financial activities related to virtual currencies and Real World Asset Tokenization in violation of this notice, as well as providing services for virtual currencies and Real World Asset Tokenization-related businesses, shall be punished in accordance with relevant regulations. If it constitutes a crime, criminal liability shall be pursued according to the law. For domestic entities and individuals who knowingly or should have known that overseas entities illegally provided virtual currency or Real World Asset Tokenization-related services to domestic entities and still assisted them, relevant responsibilities shall be pursued according to the law. If it constitutes a crime, criminal liability shall be pursued according to the law.
(19) If any unit or individual invests in virtual currencies, Real World Asset Tokens, and related financial products against public order and good customs, the relevant civil legal actions shall be invalid, and any resulting losses shall be borne by them. If there are suspicions of disrupting financial order and jeopardizing financial security, the relevant departments shall deal with them according to the law.
This notice shall enter into force upon the date of its issuance. The People's Bank of China and ten other departments' "Notice on Further Preventing and Dealing with the Risks of Virtual Currency Trading Speculation" (Yinfa [2021] No. 237) is hereby repealed.
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