九部门明确定性虚拟货币非法，证监会规范境外RWA发行

Core Insights - China's digital asset regulatory framework has undergone a milestone upgrade, with the central bank and nine departments jointly issuing new regulations that prohibit any entity or individual from issuing offshore stablecoins pegged to the RMB, categorizing virtual currency-related activities as illegal financial activities [2][3] - The new regulations establish a clear boundary for the tokenization of real-world assets (RWA), enforcing a principle of "strict prohibition domestically and strict regulation offshore" to prevent illegal fragmentation, transfer, or securitization of domestic assets [3][4] Regulatory Developments - The China Securities Regulatory Commission (CSRC) has introduced guidelines for a filing system to manage the offshore issuance of RWA, requiring actual controllers to report core information such as underlying assets and issuance plans to ensure regulatory oversight [4] - This filing system reflects the specific implementation of the "strict regulation offshore" principle, allowing for controlled exploration under manageable risks rather than outright prohibition [4] Innovation and Compliance - The recent regulatory upgrade does not represent a blanket ban but rather provides space for compliant blockchain applications and controlled financial innovations, indicating a careful balance between risk prevention and technological encouragement [5] - The policies signify that China's digital asset regulatory system is taking shape, forming a three-tiered framework of "strict prohibition of illegal activities, strict regulation of cross-border activities, and orderly compliance innovation" [5][6]