Global Economic Outlook 2026: Navigating the “K-Shaped” New World Order

By: crypto insight|2025/12/02 21:00:06

Key Takeaways

2026 is expected to be a pivotal year marked by a complex and diverse global economic environment characterized by structural shifts and technological disruptions.
The U.S. economy is anticipated to lead global growth, buoyed by fiscal policies and AI-driven investments, despite structural challenges in labor supply.
Europe is expected to stabilize with modest growth, benefiting from a shift in fiscal policies, especially in Germany.
Private and public markets are experiencing unprecedented convergence, necessitating a re-evaluation of traditional asset allocation.
The landscape of inflation and interest rates is evolving, with significant implications for global monetary policies and investment strategies.

WEEX Crypto News, 2025-12-02 12:32:56

In an ever-evolving economic landscape, 2026 is shaping up to be a year of significant transformation. A confluence of structural changes, policy divergences, and the pervasive impact of technology set the stage for a complex economic reality. A recent comprehensive study synthesizes the forward-looking strategies and economic forecasts from leading financial institutions like J.P. Morgan Asset Management, BlackRock, HSBC Global Private Banking, Barclays Private Bank, BNP Paribas Asset Management, Invesco, T. Rowe Price, and Allianz.

This synthesized report depicts a “bend but not break” global economy, where the era of “easy money” is supplanted by a regime characterized by persistently high interest rates, fiscal dominance, and technological upheavals. One key theme projected by Barclays Private Bank for 2026 is the “interpretation game,” a scenario where market players must actively decode conflicting signals in an environment marked by rapidly shifting narratives, moving beyond passive investments.

U.S. and Global Economic Dynamics: A New Narrative

The U.S. Engine: Leveraging Fiscal Policies and AI Investments

The United States remains the world’s undisputed economic powerhouse, driven increasingly by government fiscal policies and corporate capital expenditure in artificial intelligence. The “One Big Beautiful Bill Act” (OBBBA), identified by J.P. Morgan and T. Rowe Price as a decisive fiscal event for 2026, signifies a transformational shift. This legislative framework carries the potential to boost the U.S. economy by more than 3% through direct injections into GDP via tax refunds and governmental expenditures.

However, the anticipated benefits of OBBBA are tempered by the reality of structural constraints, especially related to labor supply. The paradox of economic growth in the U.S. is underscored by a phenomenon J.P. Morgan terms “economic drift,” where despite active fiscal interventions, the labor market faces bottlenecks due to a sharp decline in net immigration, impacting labor force growth adversely.

Europe: Stability Amidst Fiscal Adjustments

In stark contrast to the U.S., the Eurozone is emerging as a paragon of stability. Allianz and BNP Paribas forecast that Europe might outperform expectations in 2026, driven by Germany’s pivotal fiscal policy adjustments, breaking away from traditional austerity (“Black Zero”) to amplify spending on infrastructure and defense. Such fiscal expansions are poised to exert a multiplier effect across the Eurozone, enhancing economic activities and consumer spending.

Despite these positive undercurrents, the growth projections for the Eurozone remain moderate, within the range of 1.2% to 1.5%, which, although modest, signify a steady recovery from previous stagnations. This is viewed optimistically, highlighting the “delight in blandness” approach that ensures sustainable economic progress.

China, India, and the ASEAN Bloc: Diverging Growth Paths

Asia’s economic narrative is characterized by a striking dichotomy, with China transitioning into a phase of orderly deceleration while India and Southeast Asian nations emerge as new growth engines. The era of China’s breakneck economic expansion is waning, with structural challenges such as real estate sector vulnerabilities and demographic shifts constraining substantial growth. Conversely, India is projected by HSBC to achieve a robust 6.3% GDP growth rate, albeit with cautionary signals concerning the pace of corporate earnings growth.

The rise of artificial intelligence as a driving factor in Asia, particularly in semiconductor-rich regions like Taiwan and Korea, and manufacturing hubs in ASEAN countries, is pivotal. This “AI trade” is a cornerstone for the region’s economic dynamics, underpinning a new economic paradigm.

Global Trade: The Resurgence of Protectionism

The resurgence of protectionism poses an ongoing challenge to the global trade environment. HSBC has cut its global growth forecast from 2.5% to 2.3% for 2026, citing the influence of multidimensional U.S. tariffs. The anticipated trade growth stagnation, pegged at a mere 0.6%, reflects a world where supply chains undergo significant reconfiguration, evolving into more regionalized structures to circumvent rising tariff barriers.

Inflation and Interest Rate Dilemmas

Disaggregated Inflation Profiles

Inflation presents a multifaceted challenge split between persistent U.S. inflation, driven by fiscal activities and tariffs, and Europe’s contrasting deflationary pressures. Morgan Stanley’s detailed insights predict that inflation could reach a peak close to 4% in the U.S. due to tariffs, before subsiding as the economy absorbs these impacts.

Meanwhile, Europe’s inflation displays a contrasting trend, influenced by the influx of low-cost goods from China, intensifying deflationary pressures that diverge significantly from U.S. inflation.

Divergent Central Bank Policies

The divergence in inflationary dynamics necessitates disparate approaches from central banks, creating pivotal opportunities for macro investors. The U.S. Federal Reserve is expected to remain constrained, potentially only executing a few rate cuts, as projected by Morgan Stanley. Meanwhile, the European Central Bank (ECB) is likely to embark on an aggressive rate-cutting trajectory, significantly below current market expectations, in response to subdued growth and deflationary trends.

This divergence in interest rates has profound implications for the foreign exchange market, with expectations of a structurally strong dollar against a weakening euro, posing a contradiction to traditional market consensus.

Investment Strategies: Riding the “Mega Forces”

The investment landscape for 2026 goes beyond traditional economic cycles, driven by structural “mega forces” with enduring impact.

Artificial Intelligence: From Hype to Tangible Reality

Artificial intelligence’s narrative is evolving from theoretical constructs to concrete, physical infrastructure developments. J.P. Morgan indicates that investments in data centers already represent a significant share of the U.S. GDP, evidencing the material expansion of AI-related infrastructure. The concept of an “Electrotech Economy” introduced by Barclays underscores the relentless energy demands AI imposes, rendering investments in utilities and renewable energy as essential strategies for tapping into this AI-driven growth.

Contrasting with prevailing market optimism, HSBC raises concerns about the financial sustainability of leading AI models, suggesting a shift towards investments in essential hardware and infrastructure over software-centric bets.

The Private Markets’ “New Continuum”

BlackRock’s forecast places emphasis on the evolution of private markets, bridging the divide between liquid public markets and illiquid private counterparts. Innovations like “evergreen” structures and European Long-Term Investment Funds (ELTIFs) facilitate a transition towards semi-liquid private assets, democratizing access to liquidity premiums for a broader investor base.

The shift towards “Asset-Based Financing” (ABF) over traditional leveraged buyouts indicates a strategic pivot towards collateralized forms of financing, which promise a substantial increase in opportunities for 2026 investments.

Demographics and Labor Market Dynamics

Demographic shifts, particularly declining immigration rates, constitute a fundamental constraint on growth. This demographic cliff predicts a persistently tight labor market, incentivizing businesses to increasingly deploy automation and artificial intelligence to offset human resource deficits.

Portfolio Construction and Asset Allocation

In light of these dynamics, 2026 marks a departure from passive strategies, advocating for active management and diversified allocations into alternative assets.

Rethinking the “60/40+” Portfolio Model

J.P. Morgan and BlackRock both call for a reformation of the traditional 60% stocks/40% bonds model, with a proposed allocation of 20% into alternative assets. This strategic shift aims to introduce non-traditional returns while mitigating volatility within asset portfolios.

Stock Markets: Emphasizing Quality and Rotation

While BlackRock and HSBC express optimism in U.S. equities due to AI synergy and economic robustness, concerns over overvaluation persist. The recommended strategy involves rotating investments from mega tech stocks to broader beneficiaries, such as financials and industrials, to capture underrepresented value.

Internationally, Morgan Stanley highlights value stock opportunities in Europe and Japan, capitalizing on relative historical discounts and corporate governance transformations. Conversely, Invesco is bullish on emerging markets, contending that a weakening dollar could unlock latent value in these assets.

Fixed Income: The Return of Yield

The bond market is rediscovering its yield-centric role, transitioning away from sole reliance on capital appreciation due to rate cuts. With investment-grade securities gaining favor over high-yield bonds, anticipated default cycles elevate the appeal of higher-quality fixed income instruments.

Furthermore, Invesco advocates for strategic overweight positions in duration, particularly with UK gilts, anticipating central bank rate cuts that outpace market expectations.

Alternative Assets and Hedging

Infrastructure investments, distinctly categorized as physical assets, promise inflation protection and direct benefits from AI capital expenditure waves. BlackRock describes this as a generational opportunity, while gold emerges as a vital hedging instrument amid geopolitical fragmentation and potential inflationary fluctuation.

Risk Assessment: The Overhanging Shadow of Bankruptcies

Despite optimistic fiscal projections, credit data offers a sobering counter-narrative. Allianz forecasts a rising tide of global business insolvencies, driven by legacy high-interest rate burdens and a looming maturity wall for refinancing needs.

The report identifies particular vulnerabilities within construction, retail, and automotive industries, which are susceptible to the combined pressures of interest rates, labor costs, and tariff wars. This risk assessment supports a quality-first approach to asset allocation, cautioning investors against “zombie” companies reliant on cheap credit for survival.

Conclusion: Strategic Imperatives for 2026

The investment landscape of 2026 is defined by the tension between fiscal and technological optimism and economic pessimism due to credit and demographic constraints. Professional investors must abandon broad index-based strategies to navigate a “K-shaped” economy that rewards sector-specific insights and strategic flexibility.

Strategic Priorities:

Monitor OBBBA’s Impact: Precise timing of U.S. fiscal initiatives will set the pace for the year’s economic activities, demanding tactical trading strategies to capitalize on early-year growth boosts and anticipated subsequent slowdowns.
Leverage AI Infrastructure: By focusing on physical infrastructure investments related to artificial intelligence, investors can mitigate valuation risks associated with AI model developers.
Diversify into Private Markets: Engaging with the evolving continuum of private credit and infrastructure assets provides a hedge against bankruptcy upticks.
Hedge with Gold Amid Volatility: Gold remains a critical hedge in dynamic and rapidly evolving market narratives, complemented by a barbell strategy combining growth equities and quality yield assets.

2026 is not a year for passive investment but a year for investors adept at interpreting market shifts and signals. As we journey through this complex economic landscape, let us heed the wisdom of the world’s leading institutions and position our portfolios towards sustainable growth and resilience.

FAQ

What is the “K-Shaped” economic scenario mentioned for 2026?

The “K-Shaped” economic scenario describes an uneven recovery where certain sectors or groups within the economy grow rapidly, such as large tech companies and infrastructure, while others, like small leveraged businesses, face challenges.

How will the “One Big Beautiful Bill Act” impact the U.S. economy?

The OBBBA is expected to stimulate the U.S. economy significantly, offering a more than 3% GDP growth boost through fiscal policies and investments in AI, though its effects may fade in the latter half of 2026.

Why are private markets becoming more integral to investment strategies?

Private markets offer alternative returns and help manage volatility, making them increasingly attractive as traditional public markets witness convergence and market liquidity evolves.

What are the implications of a divided inflation landscape?

Differentiated inflation rates lead to divergent central bank policies, affecting interest rates, currency strengths, and ultimately investment strategies across regions like the U.S. and Europe.

How should investors navigate potential bankruptcy risks?

Investors should prioritize quality in asset allocations and avoid sectors heavily reliant on historically cheap debt, while diversifying and hedging through alternative assets such as infrastructure and gold.

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. Clarify the essential attributes of virtual currency, Real-World Assets tokenization, and related business activities

(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.

II. Sound Work Mechanism

(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.

III. Strengthened Risk Monitoring, Prevention, and Disposal

(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.

IV. Strict Supervision of Domestic Entities Engaging in Overseas Business Activities

（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.

V. Strengthen Organizational Implementation

(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.

VI. Legal Responsibility

(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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