虚拟货币与RWA代币化迎严管

Core Viewpoint - The regulatory stance on Real World Asset (RWA) tokenization activities has been clarified, emphasizing a strict prohibition within domestic markets and stringent management for cross-border activities [1][3]. Regulatory Framework - The recent notification from the People's Bank of China and other departments outlines a clear definition and regulatory direction for RWA tokenization, encapsulated in the phrase "domestic prohibition, cross-border regulation" [3]. - Domestic markets are explicitly closed to RWA activities, with any related issuance, trading, or service provision deemed illegal [3][4]. - Cross-border RWA activities must adhere to the principle of "same business, same risk, same rules," ensuring that even offshore activities involving domestic assets are subject to domestic regulations [4][5]. Compliance Requirements - Financial institutions are prohibited from providing services for unauthorized RWA tokenization activities and must ensure that their offshore subsidiaries comply with risk management protocols [4][5]. - Service providers, including intermediaries and technology firms, are required to enhance risk controls and fulfill reporting obligations to regulatory authorities [5]. Virtual Currency Regulation - The notification reiterates a comprehensive ban on all virtual currency activities within domestic markets, categorizing them as illegal financial activities [5][6]. - The definition of virtual currencies has been expanded to include stablecoins, with a specific prohibition on issuing stablecoins linked to the Renminbi without regulatory approval [6]. Risk Management Mechanism - A comprehensive risk prevention and management mechanism has been established, covering both domestic and international operations, and emphasizing the importance of regulatory compliance [7][8]. - The notification promotes a collaborative approach between central and local authorities to enhance policy implementation and improve responsiveness to regional risks [8][9].