央行、证监会等八部门划红线：虚拟货币与RWA代币化迎严管

Core Viewpoint - The regulatory stance on Real World Asset (RWA) tokenization activities in China has been clearly defined, emphasizing a complete ban on domestic activities and strict regulation on cross-border operations [1][4][3]. Regulatory Framework - The recent notice from the People's Bank of China and other departments outlines three main regulatory points regarding RWA tokenization: 1. A total prohibition on any form of issuance, trading, and related services within the domestic market [1][4]. 2. Domestic entities engaging in cross-border RWA activities must adhere to the principle of "same business, same risk, same rules," with strict oversight from relevant authorities [1][5]. 3. Foreign entities and individuals are prohibited from providing RWA-related services to domestic subjects in any form [2][7]. Financial Institutions Guidelines - Financial institutions are reminded not to provide services for unauthorized RWA tokenization activities and related financial products. Additionally, foreign subsidiaries must manage risks prudently when offering RWA services abroad [2][6]. Definition and Scope of RWA Tokenization - RWA tokenization is defined as the use of encryption technology and distributed ledger technology to convert ownership and income rights of assets into tokens or similar rights for issuance and trading. The notice categorically bans any such activities within China [4][5]. Cross-Border Regulation - Cross-border RWA activities involving domestic entities will be strictly regulated, ensuring that any business with underlying assets in China complies with domestic financial regulations, regardless of where the activity occurs [5][6]. Compliance Requirements - The notice imposes stringent compliance requirements on various service providers, including financial, intermediary, and technology firms, prohibiting them from supporting unauthorized RWA tokenization activities [5][6]. Virtual Currency Stance - The notice reiterates a strict prohibition on all virtual currency activities within China, including trading and exchange services, categorizing them as illegal financial activities [9][10]. Risk Management Mechanism - A comprehensive risk prevention and management mechanism has been established, covering both domestic and international operations, and emphasizing the principle of "same business, same risk, same rules" [11][12]. Collaborative Governance - The notice establishes a collaborative governance framework involving multiple departments at both central and local levels to enhance policy implementation and risk response capabilities [13].