证监会1号文，明确RWA代币化的定义与边界

Core Viewpoint - On February 6, 2026, the China Securities Regulatory Commission (CSRC) issued the "Regulatory Guidelines for the Offshore Issuance of Asset-Backed Securities Tokens Based on Domestic Assets" (CSRC Announcement [2026] No. 1), providing a clear regulatory framework for the compliance path of tokenizing real-world assets (RWA) [1][6] Group 1: Definition and Scope - The guidelines define the offshore issuance of asset-backed securities tokens based on domestic assets, which are essentially a digital form of cross-border asset securitization, distinguishing them from virtual currencies without underlying assets [2][7] - The regulatory framework includes various business types and their corresponding regulatory bodies, with the CSRC overseeing core asset securitization RWA, while other forms are managed by different authorities [2][12] Group 2: Regulatory Requirements and Compliance Process - A mandatory filing system is established as the only legal path for the offshore issuance of RWA, requiring compliance with the same rules as domestic ABS regulations [3][13] - The filing process involves several key steps, including the submission of necessary documents and compliance with asset authenticity and cash flow stability requirements [3][13] - Continuous monitoring and reporting are mandated, with the filing entity responsible for risk management and compliance throughout the process [3][14] Group 3: Operational Pathways and Practical Considerations - The standard operational process for RWA issuance includes steps such as asset confirmation, filing with the CSRC, and establishing a Special Purpose Vehicle (SPV) in Hong Kong for asset rights transfer [3][14] - Compliance with Hong Kong's regulatory requirements is essential, including obtaining necessary licenses and ensuring investor suitability [3][15] Group 4: Policy Implications and Market Impact - The guidelines aim to support the Hong Kong crypto industry while preventing risks from spilling over into the mainland, positioning Hong Kong as the sole compliant platform for RWA tokenization of high-quality domestic assets [4][5] - The new framework provides a low-cost cross-border financing option for sectors like infrastructure and real estate, enhancing liquidity and serving the real economy [4][10] - The regulatory model seeks to balance risk and innovation, offering a "Chinese solution" for global RWA regulation and promoting the establishment of international standards [4][10]