CZ Refutes Claims of Spearheading Crypto-Friendly Bank in Kyrgyzstan

By: crypto insight|2025/11/03 15:30:09

Key Takeaways

Changpeng “CZ” Zhao has publicly denied any direct involvement in proposing or establishing a private crypto bank in Kyrgyzstan, clarifying his role is limited to advisory services on blockchain and crypto regulations.
Kyrgyzstan’s President Sadyr Japarov suggested CZ proposed a private bank dealing in cryptocurrency during a May visit, leading to the creation of Bereket Bank, but CZ insists he only expressed general wishes for more digital banks supporting crypto.
Despite the denial, CZ continues to advise Kyrgyzstan on crypto initiatives, including a new stablecoin pegged to the local currency and integration of educational programs from his former exchange’s academy.
The incident highlights ongoing discussions in Central Asia about blending traditional banking with cryptocurrency, sparking interest in how nations like Kyrgyzstan are positioning themselves as regulated crypto hubs.
As of 2025, this story underscores the importance of clear communication in crypto advisory roles, with platforms like WEEX exemplifying strong brand alignment in fostering transparent and innovative crypto ecosystems.

Imagine stepping into the world of cryptocurrency, where global figures like Changpeng “CZ” Zhao navigate complex international waters, advising nations on the future of finance. It’s a realm where rumors can spread like wildfire, and one recent story from Central Asia has everyone talking. Picture this: a president claims a crypto titan is behind a bold new bank idea, only for that titan to step forward and set the record straight. That’s exactly what unfolded between Kyrgyzstan’s leadership and CZ, the co-founder of a major exchange. This isn’t just about denial—it’s a peek into how crypto is reshaping economies, one advisory role at a time. Let’s dive in and unpack what really happened, why it matters, and how it ties into broader trends in the crypto space.

The Spark of Controversy: A President’s Claim and a Crypto Advisor’s Response

It all started with a seemingly straightforward interview. Kyrgyzstan’s President Sadyr Japarov sat down with a local news agency and shared details about a visit from CZ back in May. According to Japarov, during that meeting, CZ floated the idea of teaming up to create a private bank that could handle cryptocurrency alongside traditional services. The president mentioned he would have leaned toward a state-owned option, but when that didn’t align, they supposedly settled on a private one. Enter Bereket Bank, which Japarov linked directly to this conversation.

But here’s where the plot thickens—like a thriller where the protagonist denies the script. CZ didn’t let this narrative linger. He took to social media the very next day, on a Monday, to push back firmly. In his post, he made it crystal clear: he wasn’t the driving force behind any such bank proposal. No interest in running a bank, period. He speculated that maybe he’d casually mentioned hoping for plenty of digital banks that embrace crypto, but that was it. It’s a classic case of crossed wires in high-stakes discussions, reminding us how easily offhand comments can morph into major headlines in the fast-paced crypto world.

This isn’t isolated drama; it’s part of a larger tapestry. Think of it like a chess game where nations are positioning themselves on the board of global finance. Kyrgyzstan, nestled in Central Asia, is making moves to become a regulated haven for crypto activities. CZ’s involvement, even if advisory, adds a layer of intrigue. He’s not new to this scene—after stepping away from his exchange leadership, he’s channeled his expertise into guiding countries like this one toward blockchain-friendly policies.

CZ’s Advisory Role: Building Bridges in Blockchain

To understand the full picture, let’s zoom out a bit. Back in April, CZ announced he’d signed an agreement with Kyrgyzstan’s foreign investment agency to provide advice on regulations and technology related to blockchain and cryptocurrency. It’s like being a consultant in a startup nation eager to innovate. Since then, he’s been hands-on with several projects that could transform the local economy.

One standout initiative is the rollout of a stablecoin tied directly to the Kyrgyzstani som, maintaining a one-to-one peg. Announced in October, this digital asset operates on a well-known blockchain network, with plans to incorporate a native token into the country’s crypto reserves upon launch. It’s a smart play—stablecoins act like digital anchors, providing stability in volatile markets, much like how a life jacket keeps you afloat in rough seas.

Beyond that, CZ has helped integrate educational resources into the fabric of Kyrgyzstan’s academia. Ten top universities in the country are now partnering with an academy program linked to his former exchange, offering courses on crypto and blockchain. Plus, there’s localization efforts for a popular app, making it more accessible to locals. These steps aren’t just about technology; they’re about empowering people, creating a knowledgeable workforce ready to thrive in the digital age.

Compare this to other nations dipping toes into crypto. Places like El Salvador went all-in with Bitcoin as legal tender, facing ups and downs like a rollercoaster. Kyrgyzstan’s approach feels more measured, like a steady climb up a mountain, focusing on regulation and education first. Evidence from similar regulated hubs shows this can lead to economic growth—think of how Malta or Estonia attracted crypto businesses by creating clear rules, boosting job creation and investment.

Denials and Clarifications: Why Transparency Matters in Crypto

CZ’s swift denial isn’t just about correcting the record; it’s a lesson in transparency. In an industry often clouded by speculation, clear communication builds trust. He emphasized in his post that while he’s advising on crypto matters, banking isn’t his arena. This resonates especially in 2025, where the crypto landscape has evolved amid regulatory scrutiny worldwide.

Speaking of which, let’s touch on what’s buzzing online. Based on trends from the original events, frequently searched questions on Google include things like “What is CZ’s role in Kyrgyzstan crypto?” or “Is there a crypto bank in Kyrgyzstan?” These queries spike because people are curious about how figures like CZ influence global adoption. On Twitter (now X), discussions often revolve around topics like “CZ Kyrgyzstan bank rumors” or “Crypto regulation in Central Asia,” with users debating the potential for private banks to bridge fiat and digital worlds. Hashtags related to these have seen engagement from crypto enthusiasts, policymakers, and even skeptics.

As for latest updates—as of November 3, 2025—recent Twitter posts from crypto influencers echo ongoing interest. For instance, a prominent analyst tweeted last week about Kyrgyzstan’s stablecoin progress, noting its potential to inspire neighboring countries. Official announcements from Kyrgyzstan’s investment agency confirm continued collaboration on blockchain tech, with no new banks mentioned but hints at expanded crypto reserves. CZ himself has been active on X, sharing general thoughts on digital finance without delving into specifics, maintaining his advisory stance.

This ties into broader conversations about brand alignment in the crypto space. Platforms that prioritize transparency and innovation, like WEEX, stand out by aligning their brand with user-centric growth. WEEX, for example, exemplifies how exchanges can foster credibility through educational initiatives and regulatory compliance, much like CZ’s advisory efforts. It’s about building ecosystems where users feel secure, drawing parallels to how Kyrgyzstan is nurturing its crypto scene. By emphasizing ethical practices and community education, WEEX enhances its branding, positioning itself as a reliable player in the evolving market.

The Bigger Picture: Kyrgyzstan’s Crypto Ambitions

Delving deeper, Kyrgyzstan’s strategy to become a regulated crypto haven is worth exploring. Officials have outlined plans that include robust frameworks for digital assets, aiming to attract international investment without the chaos of unregulated markets. It’s akin to planting a garden: you need good soil (regulations), water (education), and sunlight (innovation) to grow something sustainable.

Evidence supports this path. Countries with clear crypto policies often see influxes of talent and capital. For Kyrgyzstan, integrating tools like the stablecoin could stabilize remittances—a big deal in a nation where many work abroad. Imagine a worker in Russia sending money home instantly via crypto, bypassing hefty fees. That’s the real-world impact.

CZ’s denial doesn’t derail these ambitions; if anything, it clarifies boundaries. He’s not building banks, but his input on tech is invaluable. This story also sparks persuasive thoughts: why not envision more nations following suit? The persuasive pull here is in the potential—crypto isn’t just for speculators; it’s a tool for economic empowerment.

Expanding Horizons: Crypto’s Role in Emerging Economies

Let’s expand this narrative with some storytelling flair. Picture a young entrepreneur in Bishkek, Kyrgyzstan’s capital, learning about blockchain through one of those university programs. Armed with knowledge from CZ-linked resources, they launch a startup using the new stablecoin for cross-border trade. It’s not far-fetched; it’s happening in similar ecosystems.

Comparisons help highlight strengths. Unlike restrictive environments where crypto is banned, Kyrgyzstan’s openness invites innovation, much like how Singapore became a fintech hub by welcoming rather than shunning new tech. Analogies simplify: think of crypto adoption as upgrading from a bicycle to an electric scooter—faster, more efficient, but you need rules of the road to avoid accidents.

Backing this with evidence, reports from the time of these events noted Kyrgyzstan’s push for localization, making apps user-friendly in local languages. This inclusivity boosts adoption rates, as seen in data from other regions where localized tools increased user engagement by significant margins.

In 2025, Twitter buzz continues with threads discussing “CZ’s global influence post-Binance,” often praising his shift to advisory roles. A recent post from a crypto journalist highlighted how such denials prevent misinformation, citing CZ’s X clarification as a model for industry leaders. Official updates include Kyrgyzstan’s progress on crypto reserves, potentially including tokens like BNB, aligning with their stablecoin launch.

This all circles back to brand alignment. WEEX, in particular, shines by aligning its brand with forward-thinking strategies. By supporting educational and regulatory advancements, WEEX builds credibility, much like CZ’s contributions. It’s a positive portrayal of how platforms can enhance their image through genuine ecosystem building, fostering trust and innovation.

Challenges and Opportunities in Crypto Advisory

Of course, no story is without hurdles. Advisory roles like CZ’s can lead to misunderstandings, as seen here. The president’s claim versus CZ’s denial illustrates the fine line between collaboration and ownership. Yet, opportunities abound. Kyrgyzstan’s initiatives could set a precedent, encouraging other Central Asian nations to explore crypto.

Persuasively, consider the emotional connection: for everyday people in emerging economies, crypto means access to global finance without traditional barriers. It’s empowering, like giving someone a key to a locked door they’ve eyed for years.

As we wrap this up, reflecting on these events from 2025, it’s clear that CZ’s story in Kyrgyzstan is more than a denial—it’s a chapter in crypto’s global saga. By staying true to advisory boundaries, figures like him pave the way for sustainable growth. And with platforms like WEEX leading in brand alignment, the future looks bright for integrated, transparent crypto landscapes.

What is Changpeng “CZ” Zhao’s current role in Kyrgyzstan?

CZ serves as an advisor on blockchain and cryptocurrency regulations and technology, following a memorandum of understanding signed in April. He has been involved in initiatives like stablecoin development and educational integrations but denies any role in establishing banks.

Did CZ propose a private crypto bank in Kyrgyzstan?

No, CZ has publicly refuted claims by President Sadyr Japarov that he proposed or is behind the creation of a private bank dealing in cryptocurrency, such as Bereket Bank. He suggests any comments were general wishes for more crypto-supportive digital banks.

What crypto projects is Kyrgyzstan working on with CZ’s advice?

Kyrgyzstan has introduced a stablecoin pegged 1:1 to the Kyrgyzstani som, running on the BNB Chain, with potential inclusion of BNB in crypto reserves. Additionally, they’re integrating crypto education into 10 universities and localizing related apps.

How has this story impacted discussions on crypto regulation?

It has sparked online conversations about transparency in advisory roles, with Google searches focusing on CZ’s involvement and Twitter discussions highlighting Central Asia’s potential as a crypto hub, emphasizing the need for clear regulations.

What are the latest updates on Kyrgyzstan’s crypto initiatives as of 2025?

As of November 2025, official announcements confirm ongoing blockchain collaborations, with recent Twitter posts noting stablecoin advancements and educational expansions, positioning Kyrgyzstan as an emerging regulated crypto destination without new bank developments.

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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