RWA代币化“境内严禁、境外严管” 为何内外有别？

Core Viewpoint - The regulatory principles for Real World Asset (RWA) tokenization activities have been clearly defined, emphasizing a strict prohibition within China and stringent management for overseas activities [1][2]. Regulatory Framework - The People's Bank of China and other regulatory bodies have jointly issued a notification prohibiting RWA tokenization activities domestically while allowing regulated overseas operations under strict conditions [1][2]. - The China Securities Regulatory Commission has released guidelines requiring prior filing for RWA tokenization based on domestic asset ownership and income rights when conducted overseas, implementing a strict "filing system" [1][2]. Risk Management - The prohibition of domestic RWA tokenization aims to prevent potential financial risks associated with unregulated activities, which could lead to illegal fundraising and capital flight [3][4]. - The regulatory approach distinguishes between domestic and overseas activities based on risk transmission paths and the capacity of the financial system to absorb potential shocks [4][5]. Compliance and Innovation - The notification allows for a narrow pathway for compliant innovation, indicating that RWA tokenization can be a legitimate financing channel for domestic enterprises seeking overseas funding, provided they adhere to regulatory requirements [7][8]. - The guidelines emphasize that RWA tokenization does not fall under the category of virtual currencies, thus subjecting it to a different regulatory framework [7][8]. Market Examples - Notable examples of RWA tokenization include the issuance of RWA tokens by companies like Langxin Group and GCL-Poly Energy in Hong Kong, demonstrating the potential for domestic enterprises to access international capital markets [8][9]. Future Considerations - The regulatory framework aims to accumulate experience in RWA management while promoting the digitalization of financial infrastructure in China, enhancing its position in the global digital finance landscape [9][10].