December 5th, the China Internet Finance Association today jointly issued the latest risk warning on preventing illegal activities related to virtual currencies with multiple departments. This marks the first cryptocurrency risk warning since 2022, with a three-year gap. Looking back over the past five years, the Internet Finance Association has issued four heavyweight announcements in succession at key points in market speculation.On April 13, 2022, it released the "Initiative to Prevent Financial Risks Related to NFTs," resolutely curbing the financialization and securitization trends of NFTs. It explicitly prohibits using virtual currencies such as Bitcoin as the pricing and settlement tool for NFT issuance and transactions, and prohibits providing financing support for NFT transactions. The document quickly cooled down the domestic "digital collectibles" market. Leading platforms such as Tencent Fantech and Alibaba Whale Hunt subsequently tightened their gifting rules, and a large number of small and medium-sized collection platforms closed down due to liquidity exhaustion, leading to the bursting of the domestic NFT speculation bubble.On May 18, 2021, it issued the "Notice on Preventing Risks of Speculative Trading in Virtual Currencies," reiterating that virtual currency transactions are not protected by law. It required financial institutions and payment institutions not to engage in virtual currency-related businesses such as account opening, registration, trading, clearing, and settlement. The day after the announcement was issued (May 19, 2021), market panic spread, and Bitcoin's price plunged by more than 30% in a single day, breaking below the $30,000 mark from above $43,000, setting a historical record for total liquidation across the network.On April 2, 2020, it issued the "Risk Warning on Participating in Speculative Trading on Overseas Virtual Currency Exchanges," pointing out that overseas platforms are not only not protected by Chinese law, but also commonly engage in market manipulation activities such as fabricated trading data and intentional outages. This document marked an increase in regulatory attention to "offshore" exchanges. Subsequently, the crackdown on OTC (over-the-counter) fund channels for virtual currencies in China significantly intensified, leading to a widespread "freeze card" phenomenon.