China Internet Finance Association and six other departments issued a risk reminder on preventing illegal activities involving virtual currencies and other related activities.

Recently, the concept of virtual currency has been rapidly heating up. Some unscrupulous individuals take advantage of this to promote speculative trading activities, engaging in illegal fundraising, pyramid schemes, and other illegal activities under the guise of stable coins, air coins, real-world asset tokens, and "mining". They use virtual currency to transfer illegally obtained proceeds of crimes, seriously infringing on the property security of the public, and disrupting the normal order of the economy and finance. In order to further implement the requirements of the announcements issued by the People's Bank of China, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission and other departments on preventing risks related to token issuance financing and preventing and handling risks of virtual currency trading speculation, and to implement the spirit of the meeting on coordinating the crackdown on virtual currency trading speculation, the China Internet Finance Association, the China Banking Association, the China Securities Association, the China Securities Investment Fund Association, the China Futures Association, the China Listed Companies Association, and the China Payment and Clearing Association jointly issue the following risk reminders: