八部门联合发布新规，明确此类业务“境内严禁，境外严管”

Core Viewpoint - The People's Bank of China and seven other regulatory bodies issued a notification to strengthen the regulation of virtual currencies and Real World Asset (RWA) tokenization activities, emphasizing a strict prohibition on RWA tokenization within the country and stringent controls on overseas activities [1][2][3]. Group 1: Regulatory Framework - The notification defines RWA tokenization as the conversion of asset ownership and rights into tokens using cryptographic technology and distributed ledger technology [4]. - It reiterates that virtual currencies do not have the same legal status as fiat currencies and that any related activities within the country are illegal [3][4]. - The notification emphasizes that no entity or individual may provide virtual currency services to domestic subjects in any form [3][5]. Group 2: Prohibition and Compliance - The notification prohibits RWA tokenization activities and related intermediary services within the country, categorizing them as illegal financial activities [4][6]. - It specifies that domestic entities and their overseas counterparts cannot engage in RWA tokenization or asset securitization based on domestic rights without prior approval from relevant authorities [6][8]. - Financial institutions and intermediaries are barred from providing services for unauthorized RWA tokenization activities [7][8]. Group 3: International Considerations - The notification highlights the risks associated with virtual currencies, including money laundering and fraud, and stresses the need for strict controls on cross-border activities [5][6]. - It states that any issuance of stablecoins linked to the Chinese yuan outside the country requires prior approval [5][6]. Group 4: Implementation and Enforcement - The China Securities Regulatory Commission (CSRC) issued guidelines to ensure compliance with the notification, requiring domestic enterprises to file reports before engaging in overseas RWA tokenization [8]. - The notification mandates that any related activities must adhere to existing laws and regulations regarding cross-border investment and data security [8][9]. - Regulatory bodies will intensify efforts to combat illegal financial activities related to RWA tokenization and virtual currencies [9].