PANews reported on December 1st that, according to LianAn's analysis, the People's Bank of China, together with thirteen other departments including the Ministry of Public Security and the Cyberspace Administration of China, held a coordination meeting on November 28th to combat speculation and trading in virtual currencies. The lineup at this meeting was noteworthy; compared to the ten ministries in the "924 Notice" of 2021, the addition of the Central Financial Affairs Commission, the State Financial Regulatory Commission, and the Ministry of Justice signifies that China's regulation of virtual currencies is upgrading from sectoral coordination to systemic governance.

Analysis indicates that this change will reshape the regulatory landscape on three levels:

• Upgraded overall framework: The involvement of the Central Financial Affairs Office will promote the shift of supervision from inter-departmental collaboration to a higher level of cross-sectoral coordination, forming a synergy of policies and resources.
• The regulatory landscape is being deepened: the addition of the State Financial Regulatory Commission means that regulation will shift from basic monitoring of fund flows to the precise identification and professional investigation of illegal financial activities.
• A more robust legal framework: The involvement of the Ministry of Justice will drive the transformation of regulation from being primarily driven by administrative documents to one with stronger legal support for the application of law and the connection between administrative and criminal law enforcement, thus consolidating law enforcement authority.

Furthermore, the meeting clearly identified "stablecoins" as the core target of this round of crackdowns, and emphasized focusing on "information flow and capital flow" to build a technology-driven full-chain monitoring system, demonstrating that the regulatory authorities' determination and methods to combat virtual currency-related crimes are being comprehensively upgraded.

According to previous reports, the People's Bank of China convened a meeting of its coordination mechanism for combating speculation in virtual currency trading .