Eight Departments Including the Central Bank: Any Losses Incurred by Individuals or Entities from Investing in Virtual Currencies and Related Financial Products Shall Be Borne by Themselves

Odaily News: The People's Bank of China and seven other departments have issued a notice on further preventing and addressing risks related to virtual currencies and similar assets. The notice states that conducting illegal financial activities related to virtual currencies or the tokenization of real-world assets in violation of this notice's provisions, as well as providing services for such businesses, will be penalized according to relevant regulations; if a crime is constituted, criminal liability will be pursued according to law. For domestic entities or individuals who, knowingly or should have known, assist overseas entities in illegally providing services related to virtual currencies or the tokenization of real-world assets within China, relevant responsibilities will be pursued according to law; if a crime is constituted, criminal liability will be pursued according to law. Any investment by individuals or entities in virtual currencies, tokenized real-world assets, and related financial products that violates public order and good customs renders the related civil legal acts invalid, and any resulting losses shall be borne by the investors themselves; if suspected of disrupting financial order or endangering financial security, they will be investigated and dealt with by relevant departments according to law.