Legal analysis: regulatory policy generally refers to government regulatory theory and policy. China's regulatory policies are related to virtual currency business activities. Legal tender and virtual currency exchange business, virtual currency exchange business, buying and selling virtual currency as a central counterparty, providing information intermediary and pricing services for virtual currency transactions, token issuance financing, virtual currency derivatives trading and other virtual currency-related business activities are strictly prohibited, and illegal financial activities such as illegal sale of token certificates, unauthorized public issuance of securities, illegal futures business and illegal fund-raising are resolutely banned according to law.

Legal basis: Article 2 of the Notice of People's Republic of China (PRC) on Further Preventing and Handling the Speculative Risks of Virtual Currency Trading is illegal financial activity. Legal tender and virtual currency exchange business, virtual currency exchange business, buying and selling virtual currency as a central counterparty, providing information intermediary and pricing services for virtual currency transactions, token issuance financing, virtual currency derivatives trading and other virtual currency-related business activities are strictly prohibited, and illegal financial activities such as illegal sale of token certificates, unauthorized public issuance of securities, illegal futures business and illegal fund-raising are resolutely banned according to law. If carrying out relevant illegal financial activities constitutes a crime, criminal responsibility shall be investigated according to law.