史上最严虚拟货币监管落地，人民币稳定币境外发行被禁

Core Viewpoint - The recent regulatory measures by the People's Bank of China and eight other departments represent the strictest regulations in the history of virtual currency, aiming to eliminate illegal issuance of stablecoins linked to the RMB and to reinforce the prohibition of virtual currency-related activities as illegal financial activities [1][9]. Group 1: Regulatory Framework - The new regulations explicitly prohibit any entity or individual from issuing RMB-linked stablecoins abroad without approval, reinforcing the principle of "strictly prohibited domestically, strictly regulated abroad" [3][6]. - The guidelines for the issuance of asset-backed securities tokens (RWA) have been established, marking a significant regulatory framework for the tokenization of real-world assets [6][8]. Group 2: Impact on the Market - The regulations are expected to disrupt the entire supply chain of stablecoin issuance, circulation, and trading, particularly affecting existing RMB-linked stablecoins that lack compliance and transparency [4][9]. - The issuance of stablecoin licenses in Hong Kong is under scrutiny, with 36 applications received, emphasizing the importance of risk management capabilities of applicants [5]. Group 3: Future Implications - The regulations may lead to a cautious approach from major domestic enterprises regarding stablecoin licenses, as the issuance of virtual currencies by overseas holding companies remains a topic of discussion [4][9]. - The regulatory framework aims to balance strict oversight with the need for financial innovation, allowing compliant RWA models to develop while preventing regulatory arbitrage [8][10].