The People's Bank of China and eight other departments have announced that financial institutions are prohibited from providing services such as account opening, fund transfer, and clearing and settle

PANews reported on February 6th that, according to Jinshi News, eight departments, including the People's Bank of China, issued a notice on further preventing and handling risks related to virtual currencies. The notice emphasizes strengthening the management of financial, intermediary, and technology service institutions. Financial institutions (including non-bank payment institutions) are prohibited from providing account opening, fund transfer, and clearing and settlement services for virtual currency-related business activities; they are prohibited from issuing and selling virtual currency-related financial products; they are prohibited from including virtual currencies and related financial products in the scope of collateral; and they are prohibited from conducting insurance business related to virtual currencies or including virtual currencies in the scope of insurance liability. They are also required to strengthen risk monitoring and promptly report any clues of illegal or irregular activities to relevant departments. Financial institutions (including non-bank payment institutions) are prohibited from providing custody, clearing and settlement services for unauthorized real-world asset tokenization-related businesses and related financial products. Relevant intermediary institutions and information technology service institutions are prohibited from providing intermediary, technical, or other services for unauthorized real-world asset tokenization-related businesses and related financial products.