RWA涉及公开发行代币进行融资，在中国内地属于非法？

Core Insights - The tokenization of Real World Assets (RWA) is seen as a crucial bridge between traditional and digital finance, with projections estimating a market size of up to $16 trillion by 2030 according to Boston Consulting Group [1] - In mainland China, any RWA model involving public token issuance for financing is strictly prohibited under current regulations, reflecting a cautious stance from regulatory authorities [1][4] Regulatory Landscape - The prohibition of Initial Coin Offerings (ICO) was established in a 2017 announcement by the People's Bank of China and other ministries, categorizing ICOs as illegal public financing activities [4] - RWA models that involve public issuance of financing tokens are deemed illegal in mainland China, with regulatory focus on "non-coin blockchain" applications that enhance business processes without public token issuance [4] Legal and Market Risks - The challenge of RWA lies in the disconnect between on-chain smart contracts and off-chain legal recognition, where on-chain ownership may not be enforceable legally [5] - RWA tokens are essentially digital representations or derivatives of underlying assets, not the assets themselves, leading to potential price dislocations in extreme market conditions [6] Alternative Pathways - Given the restrictions in mainland China, Hong Kong serves as a viable alternative for RWA financing, adhering to a "same business, same risk, same regulation" principle [8] - A complex compliance pathway has emerged, allowing mainland assets to be privately issued as RWA products in Hong Kong, as demonstrated by the collaboration between Longxin Group and Ant Group [8][10] Compliance and Future Directions - The compliance process involves legal due diligence in mainland China, establishing special purpose vehicles (SPVs) in free trade zones, and adhering to Hong Kong's regulatory framework [10] - Despite the prohibition of public financing, RWA technology still holds significant value in areas like asset verification and payment settlement, with two main paths: non-tokenized verification and tokenized payment solutions [12] Conclusion - The answer to whether public token issuance for RWA financing is illegal in mainland China is affirmative, driven by concerns for financial stability and risk prevention [13] - The future of RWA in China is expected to follow a dual-track approach, focusing on blockchain technology to empower the real economy while exploring financing opportunities through Hong Kong under strict compliance [13]