December 5th, Today, the China Internet Finance Association and seven other associations jointly released the "Risk Reminder on Preventing Illegal Activities Related to Virtual Currency." According to the reminder, virtual currency cannot be used as currency for circulation within China, and China's financial regulatory authorities have not approved any real-world asset tokenization activities. Relevant institutions are not allowed to engage in businesses related to virtual currency or real-world asset tokenization.Previously, on April 13, 2022, the China Internet Finance Association jointly issued the "Initiative to Prevent NFT-Related Financial Risks," resolutely restraining the trend of financializing and securitizing NFTs, strictly preventing the risk of illegal financial activities, and voluntarily complying with behavioral norms. The joint appeal to member units: do not directly or indirectly invest in NFTs, do not provide financing support for investing in NFTs, do not weaken the non-fungible characteristics of NFTs through methods such as ownership splitting or batch creation, and do not engage in token issuance financing (ICO) in a disguised manner. Do not include securities, insurance, credit, precious metals, or other financial assets in the underlying commodities of NFTs, and do not issue transactional financial products in a disguised manner.After the NFT market gradually cooled off since March of that year, it entered a bear market, and the FTX crash event in November of that year further drained funds and market confidence from the bear market. The NFT market's heat has waned year after year, and its development has gradually become lukewarm until it has been relatively ignored.