RWA in the country was convicted of illegal financial activities.

Seven associations jointly issued a warning: Protect your "wallet" and stay away from illegal virtual currency activities. Behind the allure of high returns often lies a deep and unfathomable vortex of risks. Recently, concepts related to virtual currencies have rapidly gained popularity, and some criminals have taken the opportunity to promote trading and speculation activities, using the guise of "stablecoins," "air coins," "real-world asset tokens," and "mining" to engage in illegal fundraising, pyramid schemes, and other illegal activities. On December 5th, seven associations, including the China Internet Finance Association, jointly issued a risk warning, reminding the public to stay away from illegal virtual currency activities. Virtual currencies do not have legal tender status. It is not issued by monetary authorities, is not legal tender, and cannot be used as currency within my country. Among them, "air coins" such as Pi Coin lack substantial technological innovation, have opaque issuance and operation mechanisms, and are prone to fraud and market manipulation. "Stablecoins," as a form of virtual currency, cannot effectively meet requirements such as customer identification and anti-money laundering, and pose risks of being used for money laundering, fundraising fraud, and illegal cross-border fund transfers. Real-world asset tokenization activities involve multiple risks such as fictitious assets, business failures, and speculative trading; my country's financial regulatory authorities have not approved any such activities. Seven associations have issued a directive requiring their member units not to participate in the issuance and trading of virtual currencies or real-world asset tokens within China, and not to directly or indirectly provide related services to clients. The public should enhance their risk awareness, protect their finances, refrain from participating in virtual currency-related activities, be wary of false advertising promising high returns, and avoid clicking on links and QR codes from overseas trading platforms.