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OKX Ventures Research Report: A Breakdown of 10+ Projects, Taking You Through the AI Agent Landscape (Part 1)
Source: OKX
The AI track is undergoing a transformation from speculative trading to practical application.
Early AI Meme tokens rode the wave of the AI frenzy, but now more functional AI trading tools, intelligent investment research, and on-chain AI execution bodies are emerging. From AI-driven on-chain sniper strategies to AI Agents autonomously executing on-chain tasks, and AI-generated DeFi yield optimization schemes, the influence of the AI track is rapidly expanding.
However, while many can see the exponential growth of AI token market capitalization, they struggle to decipher its value logic. Which AI tracks have long-term viability? Is DeFAI the best application of AI? What are the dimensions of AI project evaluation?... OKX Ventures' latest research report delves deep into the development roadmap of the AI track, from concept analysis, evolutionary history, application tracks, to project case studies, hoping to provide some inspiration and reflection on the value of AI to everyone.
This report is quite comprehensive. To make it easier for everyone to read, we have divided it into two parts: Part 1 and Part 2. This is Part 1.
1. About AI Agent
An AI Agent is an intelligent entity with the ability to perceive the environment, make decisions, and execute corresponding actions. Unlike traditional artificial intelligence systems, AI agents can think independently and utilize tools, gradually achieving specific goals. This autonomy and flexibility enable them to handle complex tasks more effectively.
In essence, an AI agent is an AI-driven agent whose workflow includes: Perception Module (collecting input), a large language model (understanding, reasoning, and planning), tool invocation (task execution), and feedback and optimization (validation and adjustment).
OpenAI defines an AI agent as a system centered around a large language model, with autonomous understanding, perception, planning, memory, and tool usage capabilities, capable of automating complex tasks. Unlike traditional AI, AI agents can gradually achieve set goals through independent thinking and tool invocation.
The definition of an AI Agent can be summarized into several key elements: Perception, where the AI Agent perceives the surrounding environment through sensors, cameras, or other input devices to gather necessary information; Reasoning, where it can analyze the perceived information and engage in complex reasoning to make reasonable decisions; Decision-making, where based on the analysis results, the AI Agent can formulate action plans and choose the best execution path; Action, where finally, the AI Agent will execute the formulated plan, interact with other systems through external tools or interfaces, and achieve the set goals.
The working principle and process of an AI Agent usually include the following steps: First, Information Input, where it receives information from the environment, such as user commands, sensor data, etc.; then, Data Processing, using built-in algorithms and models to process the input data, combined with its memory system (short-term and long-term memory) to understand the current state; next, Planning, where based on the processing results, the AI Agent breaks down a large task into manageable subtasks and devises a specific execution plan. During the Execution phase, the AI Agent implements its plan and monitors the execution process by calling external APIs or tools to ensure the task is completed as expected; finally, Feedback and Learning, after the task is completed, the AI Agent reflects on and learns from the results to improve the quality of its future decisions.
II. Evolution Path
The evolution path of AI tokens showcases the transition from the early "MEME" phenomenon to deep technical integration. Initially, many tokens relied on short-lived concept hype and social media trends to attract user attention, similar to internet memes. However, as the market matured, AI tokens gradually evolved towards more practical and advanced functions, moving away from mere hype to transform into genuine blockchain financial tools and data analysis platforms. We will delve into how these tokens have progressed from conceptual existence to becoming technological products with real-world application value.
Stage 1: AI Meme (Meme Period)
Early AI tokens mostly existed in the form of "MEME," such as $GOAT, $ACT, $FARTCOIN, etc., which did not have practical applications or functions. Their value primarily relied on concept hype and market sentiment. At this stage, the tokens' utility was unclear, and the market and users knew little about their potential. The popularity of these tokens depended more on social media dissemination and short-term hype, presenting a mysterious and elusive characteristic.
Stage 2: Socialization (Exploration Period)
As the market gradually focused on AI tokens, these tokens began to leverage the social sphere. For example, tokens like $LUNA, $BULLY, etc., attracted user participation through enhanced social functions. In this stage, the tokens existed not only as tools for hype but also started integrating into community-driven and social interactions, fostering market growth. The tokens expanded beyond simple "chat companion" functions to explore features closely aligned with users' social needs, forming more diverse social attributes.
Stage 3: Vertical Domain (Function Deepening Period)
AI tokens started to move away from simple social and hype patterns and delved into applications in vertical domains. Tokens like $AIXBT and $ZEREBRO gradually empowered the tokens by integrating with blockchain, DeFi, or creative tools, transforming them from speculative instruments into digital assets with clear functions and purposes. This stage marks the shift of AI tokens towards more efficient and professional directions, progressively establishing their unique market position.
Stage 3.5: Infrastructure (Technical Enhancement Phase)
As the token application gradually deepens, the AI token has begun to actively build a more robust technical infrastructure. The addition of tokens such as $AI16Z and $EMP has further driven the optimization of the token's functionality. The token is no longer solely focused on economic incentives and practical functions but has also started to emphasize infrastructure development such as cross-chain technology, decentralized applications, hardware integration, laying the technical foundation for its future continuous development.
Stage 4: Data Analysis (Maturity Phase)
Entering the maturity phase, the AI token has gradually stabilized in the market and started to integrate more complex crypto research and analysis functions, promoting the improvement of the token ecosystem and governance structure. Tokens like $TRISIG and $COOKIE are no longer simple tools; they have become part of the economic system, widely used in high-level areas such as data analysis, community governance, and investment decisions. At this point, the AI token's functionality has gradually improved, able to provide in-depth market analysis and decision support, becoming a significant asset in the crypto market.
Stage 4.5: Financial Applications (Ecosystem Integration Phase)
With the further development of the DeFi field, the integration of AI tokens in financial applications has deepened, giving rise to the emerging concept of "DeFAI." Through artificial intelligence, the complex operations of DeFi have become more straightforward, allowing ordinary users to easily participate in on-chain financial activities. Representative tokens such as $GRIFFAIN, $ORBIT, $AIXBT have gradually formed a complete chain in the market from basic functions to complex financial services, optimizing on-chain interactions, lowering entry barriers, bringing more opportunities and convenience to users.
III. AI Agent Framework
(1) Web3 vs. Web2 Data Comparison
While Web2's AI Agents are spiraling inward in recommendation algorithms, Web3's experimental field is also nurturing more AI Agent innovations. However, data shows that Web3 and Web2 projects demonstrate significant differences in contributor distribution, code commits, and GitHub Stars. By comparing the data of Web3 and Web2 projects, we can better understand the current state of both in terms of technological innovation, community engagement, and market acceptance. Especially on the GitHub platform, the activity and popularity of these projects provide us with critical indicators to help us perceive future technological development trends and changes in community ecosystems.
In terms of developer participation, the number of contributors in Web2 projects is significantly higher than in Web3 projects. Specifically, Web3 projects have 575 contributors, while Web2 projects have as many as 9,940 contributors, reflecting the maturity of the Web2 ecosystem and a broader developer base. The top three projects by contributors are: Starkchain with 3,102 contributors; Informers-agents with 3,009 contributors; Llamaindex with 1,391 contributors.
Regarding code commit distribution, Web2 projects also have a significantly higher number of commits compared to Web3 projects. Web3 projects have a total of 9,238 commits, while Web2 projects have a substantial 40,151 commits, indicating higher development activity and a more stable update frequency in Web2 projects. The top three projects by commit count are: ElipsOS leading with 5,905 commits; followed closely by Dust, which has made 5,602 commits; LangChain ranks third with 5,506 commits.
Regarding GitHub Stars distribution, Web2 projects are much more popular on GitHub compared to Web3 projects. Web2 projects have accumulated a total of 526,747 Stars, while Web3 projects have received 15,676 Stars. This gap reflects the widespread recognition in the developer community and the long-term market influence accumulated by Web2 projects. The top three projects by Stars count are: JS Agents is undoubtedly the most popular, with 137,534 Stars; following closely is LangChain, in second place with 98,184 Stars; MetaGPT ranks third, garnering 46,676 Stars.
Overall, Web2 projects are significantly ahead in terms of contributor numbers and commit frequency, demonstrating a mature and stable ecosystem. With a large developer base and continuous technical innovation, Web2 projects maintain strong competitiveness in the market. In contrast, although Web3 projects have fewer contributors, some projects show outstanding performance in commit frequency, indicating a stable core development team that can consistently drive project development. While the Web3 ecosystem is still relatively nascent, its potential is considerable, and the gradually forming developer community and user base lay a solid foundation for future growth.
Regarding project popularity, the distribution of GitHub Stars reveals the significant position of JavaScript and Python in AI agent framework development. JS Agents and LangChain are the most popular projects, demonstrating the emerging trend of AI combined with cryptocurrency receiving widespread attention. Although the number of Stars for Web3 projects is much lower than Web2 projects, some Web3 projects such as MetaGPT still perform remarkably well, earning recognition from developers. Overall, while Web3 projects are currently playing catch-up, with further technological maturity and ecosystem expansion, their position in the future market is expected to steadily rise.
（2）Mainstream Blockchain AI Agent Frameworks
Source: https://www.aiagenttoolkit.xyz/#frameworks
（3）Challenges Faced by Existing Blockchain AI Agent Frameworks
Big-Tech Competitors' "Dimensionality Reduction" Strategy. Major tech giants like OpenAI, Google, Microsoft, and others are rapidly introducing enterprise-grade multi-tool agents, leveraging their significant funding and technological advantage to potentially dominate the market and marginalize startup frameworks. Through deep integration of large language models (LLMs), cloud services, and tool ecosystems, these big-tech companies can provide comprehensive and efficient solutions, subjecting mid-sized frameworks to greater competitive pressure and severe space constraints.
Lack of Stability and Maintainability. Currently, all AI agents face relatively high error rates and "hallucination" issues, especially when calling models in multiple rounds, leading to infinite loops or compatibility bugs. When agents are required to perform multiple sub-tasks, these errors often amplify through layers, destabilizing the system. For enterprise applications that demand high reliability, these frameworks currently struggle to provide sufficient stability and production-level assurance, limiting their widespread adoption in practical business environments.
Persistent High Performance and Cost. The agentification process typically involves numerous inference calls (such as recursive self-checks, tool functions, etc.), and if relying on underlying models like GPT-4 or similar large models, faces both high invocation costs and often fails to meet the demand for rapid response. Although some frameworks attempt to combine open-source models for on-premise inference to reduce costs, this approach still relies on substantial computing power, and the quality of inference results remains unstable, requiring a dedicated team for continuous optimization to ensure system reliability and performance.
Lack of Development Ecosystem and Flexibility. Currently, these AI agent frameworks lack a unified standard in terms of development language and scalability, leading developers to face certain confusion and limitations when choosing. For example, Eliza uses TypeScript, which is easy to get started with but lacks scalability in highly complex scenarios; Rig, on the other hand, uses Rust, offering excellent performance but with a higher learning curve; ZerePy (ZEREBRO) is based on Python, suitable for creative applications, but relatively limited in functionality. Other frameworks such as AIXBT and Griffain focus more on specific blockchain or vertical industry applications, and their market validation will take time. Developers often need to balance between ease of use, performance, and cross-platform compatibility among these frameworks, affecting their flexibility and growth potential in wider applications.
Security and Compliance Risks. In a multi-agent system, there is a risk of unauthorized calls, privacy breaches, or vulnerable operations when accessing external APIs, executing critical transactions, or making automated decisions. Many frameworks still lack robust handling in security policies and audit logging, especially in enterprise or financial application scenarios where these issues are particularly prominent, making it challenging to meet strict compliance requirements. This situation may expose systems to significant legal risks and data security challenges during actual deployment.
Given the above issues, many practitioners believe that current AI Agent frameworks may face further pressure under the "next technological breakthrough" or "integration by tech giants" trends. However, some also believe that startup frameworks can still provide unique value in specific areas, such as on-chain scenarios, creative generation, or community plugin integration. As long as breakthroughs can be made in reliability, cost control, and ecosystem development, these frameworks can still find viable development paths outside the realm of tech giants. Overall, addressing the two major challenges of "high cost, high error rate" and "achieving flexibility in multiple scenarios" will be the key challenge for all AI Agent frameworks.
Three, AI Agent Development Direction
Popularization of Multimodal AI
With rapid technological advancements, multimodal AI is gradually becoming a key driving force across various industries. Multimodal AI can handle various data formats such as text, images, videos, and audio, showcasing tremendous potential in multiple fields. Especially in the healthcare sector, by integrating medical records, imaging data, and genomic information, multimodal AI can support the implementation of personalized healthcare, helping doctors tailor treatment plans more accurately for patients. In the retail and manufacturing industries, leveraging this technology, AI can optimize production processes, improve efficiency, and enhance customer experience, thereby enhancing the competitiveness of enterprises. With the increase in data and computing power, it is expected that multimodal AI will play a transformative role in more industries, driving rapid technological iteration and application expansion.
Embodied AI and Agentic AI
Embodied AI refers to artificial intelligence systems that understand and adapt to their environment through perception and interaction with the physical world. This technology will greatly transform the development of robots and establish the foundation for their widespread adoption in applications such as autonomous driving, smart cities, and more. 2025 is seen as the "Year of Embodied AI," with this technology expected to be widely applied in various fields. By endowing robots with the ability to perceive, understand, and make autonomous decisions, Embodied AI will drive deep integration between the physical and digital worlds, enhancing productivity and advancing intelligence across industries. Whether in personal assistants, autonomous vehicles, or smart factories, Embodied AI will change the way people interact with machines.
The Rise of Agentic AI
Agentic AI refers to artificial intelligence systems that can independently perform complex tasks. These AI agents are transitioning from early simple query response tools to more advanced autonomous decision-making systems, widely applied in areas such as business process optimization, customer service, and industrial automation. For example, AI agents can autonomously handle customer inquiries, provide personalized services, and even make optimization decisions. In industrial automation, AI agents can monitor equipment operation, predict failures, and make adjustments or repairs before issues arise. As AI agents mature, their applications across industries will deepen, becoming essential tools for efficiency improvement and cost reduction.
AI Applications in Scientific Research
The introduction of AI is accelerating advancements in scientific research, especially in the field of complex data analysis. AI for Science (AI4S) has become a new research trend, utilizing large models for in-depth data analysis, AI is helping researchers break through the limitations of traditional research. In fields such as biomedicine, materials science, and energy research, AI applications are driving breakthroughs in basic science. A notable example is AlphaFold, which, through protein structure prediction, solved a long-standing scientific mystery, significantly advancing biomedical research. In the future, AI will play an increasingly important role in driving research progress, discovering new materials, drugs, and more.
AI Security and Ethics
With the widespread adoption of AI technology, AI security and ethical issues are becoming a global focus. The transparency of AI system decisions, fairness, and potential security vulnerabilities have sparked extensive discussions. To ensure the sustainable development of AI technology, businesses and governments are intensifying efforts to establish comprehensive governance frameworks to effectively manage risks while driving technological innovation. Especially in the areas of automated decision-making, data privacy, and autonomous systems, balancing technological advancement with social responsibility is key to ensuring the positive impact of AI technology. This is not only a challenge for technological development but also a crucial ethical and legal issue that influences the role and status of AI in future society.
In the upcoming report's "Part 2," we will provide a detailed overview of the application of AI Agents and Tab Projects, along with an assessment framework. Stay tuned.
Disclaimer
This content is for reference only and should not be construed as or relied upon as (i) investment advice or recommendation, (ii) an offer or solicitation to buy, sell, or hold digital assets, or (iii) financial, accounting, legal, or tax advice. We do not guarantee the accuracy, completeness, or usefulness of such information. Digital assets (including stablecoins and NFTs) are subject to market fluctuations, carry high risks, may depreciate, or even become worthless. You should carefully consider whether trading or holding digital assets is suitable for you based on your financial condition and risk tolerance. Consult your legal/tax/investment professional regarding your specific circumstances. Not all products are available in all regions. For more details, please refer to the OKX Terms of Service and Risk Disclosure & Disclaimer. The OKX Web3 mobile wallet and its derivative services are governed by separate terms of service. It is your responsibility to understand and comply with local applicable laws and regulations.
This article is contributed content and does not represent the views of BlockBeats
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China's Central Bank and Eight Other Departments' Latest Regulatory Focus: Key Attention to RWA Tokenized Asset Risk
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) 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.
(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.
(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.
（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.
(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.
(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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February 6th Market Key Intelligence, How Much Did You Miss?
China's Central Bank and Eight Other Departments' Latest Regulatory Focus: Key Attention to RWA Tokenized Asset Risk
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) 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.
(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.
(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.
（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.
(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.
(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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