人民币稳定币境外发行被禁

Core Viewpoint - The recent regulatory measures in China represent the strictest oversight in the history of virtual currencies, emphasizing that any activities related to virtual currencies are illegal financial activities, particularly banning the issuance of RMB-pegged stablecoins abroad [1][2][8] Regulatory Framework - The People's Bank of China and eight other departments issued a notification reiterating that virtual currency-related activities are illegal, specifically prohibiting any entity or individual from issuing RMB-pegged stablecoins abroad without approval [2][3] - The China Securities Regulatory Commission (CSRC) released guidelines defining the tokenization of real-world assets (RWA) and established a regulatory principle of "strict prohibition domestically, strict regulation abroad" [1][5] Impact on Stablecoin Market - The new regulations are expected to disrupt the entire supply chain of stablecoin issuance, circulation, and trading, particularly affecting existing RMB-pegged stablecoins that lack compliance and transparency [3][8] - Analysts suggest that major domestic companies may become more cautious and may not pursue stablecoin licenses in the future due to the stringent regulatory environment [3][8] RWA Tokenization - The notification provides a clear definition of RWA tokenization, which involves converting ownership and income rights of assets into tokens using cryptographic technology [6][7] - Domestic issuance of RWA is explicitly prohibited, and any related activities are considered illegal financial activities [6][7] Compliance and Oversight - The guidelines introduce a "filing system" for RWA tokenization, requiring domestic entities to file with the CSRC before engaging in related activities, ensuring compliance with regulatory standards [7] - The regulatory framework aims to prevent regulatory arbitrage while allowing compliant RWA models to develop within a controlled environment [7][9] Collaborative Regulatory Approach - The recent policies establish a comprehensive regulatory system that emphasizes collaboration among various departments to effectively manage and mitigate risks associated with virtual currencies [8][9] - The focus is on maintaining financial sovereignty and security by clearly prohibiting the circulation of virtual currencies and strictly controlling the issuance of stablecoins, especially those pegged to the RMB [8][9]