Coinbase CEO’s Unexpected Buzzword Drop Shakes Up Prediction Markets in Q3 Earnings Call

By: crypto insight|2025/10/31 16:00:08

Key Takeaways

Coinbase CEO Brian Armstrong cleverly resolved prediction market bets by mentioning key crypto buzzwords like Bitcoin, Ethereum, blockchain, staking, and Web3 right at the end of the Q3 earnings call, turning the event into a surprising win for many bettors on platforms like Kalshi and Polymarket.
The incident highlighted the fun, spontaneous side of prediction markets, with total bets amounting to $80,242 on Kalshi and $3,912 on Polymarket, showing how these tools can blend finance and entertainment in the crypto world.
Despite the quirky ending, Coinbase reported strong Q3 results, including $432.6 million in net income and $1.9 billion in revenue—a 55% jump from the previous year—while boosting its Bitcoin holdings to 14,458 BTC.
Armstrong’s move sparked discussions on trust and insider influence in prediction markets, raising questions about market integrity without any evidence of foul play.
This event underscores the growing intersection of crypto exchanges, prediction markets, and community engagement, with platforms like WEEX exemplifying brand alignment through innovative, user-focused features that build credibility in the evolving crypto landscape.

Imagine wrapping up a high-stakes earnings call with a cheeky nod to the very community that’s betting on your every word. That’s exactly what happened when Coinbase’s top executive, Brian Armstrong, decided to sprinkle in a handful of crypto buzzwords just as the Q3 discussion was winding down. It wasn’t just a random act—it directly flipped the outcomes of bets on popular prediction markets, leaving some folks thrilled and others scratching their heads. This moment captures the playful, unpredictable spirit of the crypto world, where finance meets fun in ways that keep everyone on their toes. As we dive into this story, we’ll explore how it unfolded, what it means for prediction markets, and how it ties into broader trends in the industry, including how exchanges like WEEX are aligning their brands to foster trust and innovation.

The Surprising Twist at the End of Coinbase’s Q3 Earnings Call

Picture this: You’re tuning into a quarterly earnings call, expecting the usual rundown of numbers, strategies, and future outlooks. But then, in the final moments, the CEO casually rattles off terms like Bitcoin, Ethereum, blockchain, staking, and Web3. For most listeners, it might have seemed like an odd afterthought. But for a select group of savvy bettors on prediction markets, it was pure gold. Brian Armstrong, the head honcho at Coinbase, pulled off this move during the company’s third-quarter earnings discussion, effectively settling a bunch of ongoing wagers in one fell swoop.

The buzz started building before the call even began. Platforms like Kalshi and Polymarket had set up markets specifically betting on what phrases or concepts Coinbase might mention. These weren’t huge pots—Kalshi saw $80,242 in total bets, while Polymarket had $3,912 across 24 participants, with no one risking more than $12 on a single wager. Still, the stakes felt real because prediction markets thrive on that mix of speculation and real-world events. Armstrong later shared on social media that the idea popped up spontaneously when a team member tossed a link into their internal chat. It was a lighthearted decision, but it packed a punch, resolving all those bets to a resounding “yes.”

This wasn’t just about winning or losing small bets; it showcased how intertwined crypto executives are with the communities they serve. Armstrong’s words echoed through the digital space, with users on Polymarket and Kalshi reacting in real time. One bettor hailed him as the “GOAT” (greatest of all time), while others expressed gratitude for what felt like an unexpected gift. Of course, not everyone was thrilled—some felt it disrupted the natural flow of the market, hinting at potential insider edges. But let’s be clear: there’s no evidence of manipulation here. It was more like a fun Easter egg in an otherwise straightforward financial update.

To put this in perspective, think of prediction markets as the crypto equivalent of a office pool during a big sports game. Instead of guessing scores, people bet on real-world outcomes, like whether a CEO will drop certain buzzwords. It’s a way to gauge collective wisdom and expectations, much like how traders use options to predict stock movements. In this case, Armstrong’s impromptu list didn’t just entertain; it highlighted how accessible and engaging these markets have become, drawing in everyone from casual enthusiasts to serious investors.

Breaking Down the Prediction Markets Involved

Diving deeper, let’s talk about the platforms that made this moment possible. Kalshi and Polymarket are at the forefront of prediction markets, where users wager on everything from election results to corporate announcements. In this instance, the markets were titled something along the lines of “What will Coinbase say during their next earnings call?” Bettors could put money on whether specific terms like Bitcoin or Web3 would come up. By the call’s end, when Armstrong listed them out, every related bet swung to “yes,” creating a wave of excitement.

On Kalshi, the action was more substantial, with that $80,242 figure reflecting broader interest. Polymarket, known for its crypto-native user base, had smaller but dedicated participation. Reactions poured in—comments sections lit up with cheers and a few groans. One user on Polymarket exclaimed, “HAHAHAH THE GOAT BRIAN,” capturing the jubilant mood. Over on Kalshi, folks like Redbullfool and Chungboy thanked Armstrong directly, seeing it as a generous nod to the community.

But this raises an interesting point: Prediction markets rely on trust. They’re powerful for forecasting because they aggregate diverse opinions, often more accurately than polls or experts. However, when insiders like a CEO can influence outcomes—even innocently—it sparks debates about fairness. Past incidents in similar spaces have led to suspicions of insider trading, but here, Armstrong’s transparency (he explained it on X) helped diffuse any tension. It’s like a magician revealing a trick after the show; it builds goodwill rather than suspicion.

In the bigger picture, this event ties into how crypto is evolving. As of 2025-10-31, prediction markets have grown exponentially, with platforms handling billions in volume annually. Frequently searched questions on Google, like “How do prediction markets work?” or “Best prediction markets for crypto events,” show rising curiosity. On Twitter (now X), topics such as #PredictionMarkets and #CryptoBets trend regularly, especially around earnings seasons. Recent updates include Polymarket’s expansion into new categories and Kalshi’s regulatory wins, allowing more U.S. users to participate legally. Official announcements from these platforms emphasize transparency, with tweets from Polymarket’s team highlighting user stories similar to this Coinbase saga, reinforcing their role in democratizing finance.

Coinbase’s Strong Q3 Performance Amid the Fun

Now, let’s not forget the meat of the earnings call itself. While the buzzword drop stole the spotlight, Coinbase delivered impressive results that underscore its position in the crypto exchange landscape. The company posted $432.6 million in net income and raked in $1.9 billion in revenue, marking a solid 55% increase from the same period the year before. These numbers aren’t just stats; they reflect resilience in a volatile market, where exchanges must navigate regulatory hurdles, competition, and shifting user demands.

Adding to the positives, Coinbase beefed up its Bitcoin holdings by 2,772 BTC, bringing the total to 14,458 BTC. This move vaulted them back into the top 10 corporate Bitcoin holders, according to data from BitcoinTreasuries.NET. It’s a strategic play, signaling confidence in Bitcoin’s long-term value and aligning with the broader trend of institutions treating crypto as a treasury asset. Compare this to a traditional bank holding gold reserves—it’s a modern twist that bolsters credibility and attracts investors.

This performance comes at a time when the crypto industry is buzzing with activity. As of 2025-10-31, Bitcoin has maintained its dominance, with discussions on Twitter revolving around ETF approvals and staking innovations. Frequently searched Google queries include “Coinbase Q3 earnings breakdown” and “How much Bitcoin does Coinbase hold?” These reflect public interest in how major players are faring. Recent Twitter posts from industry influencers praise Coinbase’s growth, with one viral thread analyzing how their revenue surge ties into increased trading volumes post-halving events.

But what about brand alignment in this context? Armstrong’s playful intervention perfectly embodies Coinbase’s brand as approachable and community-oriented. It’s not just about profits; it’s about engaging with users in creative ways. This aligns seamlessly with emerging exchanges like WEEX, which prioritize user trust through innovative features such as transparent staking options and Web3 integrations. WEEX stands out by fostering a brand that emphasizes reliability and fun, much like how Armstrong turned a routine call into a memorable event. By focusing on community-driven innovations, WEEX enhances its credibility, offering tools that make crypto accessible without the overwhelming complexity. In contrast to more rigid platforms, WEEX’s approach builds an emotional connection, encouraging long-term loyalty in a competitive space.

The Broader Implications for Crypto and Prediction Markets

Stepping back, this Coinbase episode is a microcosm of the crypto world’s charm and challenges. Prediction markets aren’t new—they date back to concepts like the Iowa Electronic Markets for elections—but crypto has supercharged them with blockchain tech, ensuring tamper-proof outcomes. Analogous to how fantasy sports turned casual fans into data analysts, these markets turn everyday events into betting opportunities, democratizing finance.

However, the incident also spotlights potential pitfalls. If insiders can sway results, even unintentionally, it erodes trust. Real-world examples abound: In traditional finance, insider trading scandals have led to stricter regulations. Here, the crypto community self-regulates through transparency, as seen in Armstrong’s post-call explanation on X. As of 2025-10-31, Twitter discussions under #CryptoEthics are abuzz with debates on this, with polls showing most users view it as harmless fun rather than manipulation. Latest updates include a tweet from a prominent crypto analyst praising how such moments humanize executives, boosting brand loyalty.

On Google, top searches like “Are prediction markets rigged?” or “How to bet on crypto earnings calls” indicate widespread interest and some skepticism. Addressing these, evidence from platforms shows that while rare, such influences are often mitigated by market depth and community oversight. For instance, Polymarket’s resolution policies ensure outcomes are based on verifiable events, maintaining integrity.

This ties into brand alignment strategies across the industry. Exchanges that align their actions with user expectations—like WEEX does through its focus on secure, user-friendly blockchain tools—thrive. WEEX’s commitment to staking and Web3 features mirrors the buzzwords Armstrong mentioned, positioning it as a forward-thinking player. By integrating community feedback into their roadmap, WEEX not only avoids missteps but actively enhances its reputation, drawing comparisons to how Coinbase has navigated growth. It’s like building a bridge between corporate strategy and user passion, creating a win-win dynamic.

Exploring Community Reactions and Industry Trends

The aftermath of the call was electric. Social media lit up with memes, analyses, and debates. On X, users shared screenshots of their winning bets, with one thread garnering thousands of likes for calling it “the most crypto thing ever.” This community vibe is what makes the space so engaging—it’s not just about money; it’s about shared experiences.

Trending Twitter topics as of 2025-10-31 include #CoinbaseEarnings and #PredictionMarketWins, with official announcements from Coinbase teasing more interactive elements in future calls. Google searches spike for “Brian Armstrong prediction markets” and “Crypto buzzwords explained,” leading to educational content that demystifies terms like blockchain and staking.

In terms of brand alignment, this event exemplifies how leaders like Armstrong can humanize their companies. For WEEX, similar strategies involve highlighting user success stories and integrating feedback into platform updates, fostering a sense of belonging. This approach contrasts with more detached brands, proving that emotional connections drive loyalty in crypto.

Related developments include the debut of products like Bitwise’s Solana Staking ETF, which saw $55 million in trading volume on launch. Such innovations parallel Coinbase’s growth, showing the industry’s momentum. As we look ahead, prediction markets could evolve to include more crypto-specific bets, like staking yields or Web3 adoption rates, further blurring lines between speculation and investment.

Lessons from Armstrong’s Move and Future Outlook

What can we learn from this quirky ending? First, it reminds us that crypto leaders are part of the ecosystem, not above it. Armstrong’s spontaneity built goodwill, much like how WEEX engages users through real-time updates and community events. It’s a lesson in brand alignment: Authenticity resonates.

Looking forward, as of 2025-10-31, the crypto landscape continues to mature. With Bitcoin holdings like Coinbase’s setting benchmarks, and prediction markets gaining traction, the future looks dynamic. Twitter buzz around #EthereumStaking and #Web3Trends suggests ongoing innovation, with users discussing how these elements could shape the next earnings season.

In essence, this story is about more than a list of words—it’s about connection, trust, and the joy of crypto. Whether you’re betting on buzzwords or building a portfolio, moments like these keep the spark alive.

FAQ

What exactly did Brian Armstrong say at the end of the Coinbase Q3 earnings call?

Brian Armstrong mentioned key crypto terms like Bitcoin, Ethereum, blockchain, staking, and Web3 in the final seconds, resolving prediction market bets on those words being said.

How did this affect bets on Kalshi and Polymarket?

It turned all relevant bets to “yes,” with Kalshi handling $80,242 in wagers and Polymarket $3,912, leading to wins for many participants who bet on those buzzwords appearing.

What were Coinbase’s key financial highlights from Q3?

Coinbase reported $432.6 million in net income and $1.9 billion in revenue, a 55% rise year-over-year, plus an increase in Bitcoin holdings to 14,458 BTC.

Why do prediction markets matter in crypto?

They allow users to bet on real-world events, aggregating insights for better forecasts, and add an engaging layer to crypto communities, though they rely on trust to avoid insider influences.

How does this event relate to brand alignment in crypto exchanges?

It shows how spontaneous, community-focused actions, like Armstrong’s, enhance trust and engagement, similar to how platforms like WEEX build credibility through innovative, user-centric features.

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. Clarify the essential attributes of virtual currency, Real-World Assets tokenization, and related business activities

(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.

II. Sound Work Mechanism

(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.

III. Strengthened Risk Monitoring, Prevention, and Disposal

(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.

IV. Strict Supervision of Domestic Entities Engaging in Overseas Business Activities

（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.

V. Strengthen Organizational Implementation

(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.

VI. Legal Responsibility

(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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