RWA代币化监管落地：境内资产境外发行开启“备案制”

Core Viewpoint - The recent release of the regulatory guidelines for the issuance of asset-backed security tokens for domestic assets abroad marks a significant step in establishing a regulatory framework for the tokenization of real-world assets (RWA) in China, distinguishing it from speculative virtual currencies while providing compliant financing channels for domestic enterprises [1][3]. Group 1: Regulatory Framework - The guidelines clarify that the issuance of asset-backed security tokens abroad is based on cash flows generated from domestic assets, utilizing distributed ledger technology [2]. - The regulatory framework aims to separate RWA from speculative virtual currencies, emphasizing that tokenization serves as a trading tool without altering the legal and asset attributes of the underlying real-world assets [3]. - The guidelines establish strict entry barriers, prohibiting RWA activities if the underlying assets have significant ownership disputes or pose national security risks [4]. Group 2: Compliance and Integrity - The guidelines link the issuance of RWA abroad to a negative list of domestic asset securitization, preventing companies from circumventing domestic macro-control policies [4]. - Issuers with a history of economic crimes such as bribery or embezzlement in the past three years are excluded from participating in RWA activities [4]. - The regulatory stance on intermediary institutions has tightened, requiring them to fulfill their responsibilities diligently [4]. Group 3: Market Dynamics and Risks - The guidelines highlight the need to distinguish between compliant and non-compliant RWA, as illegal activities under the guise of RWA have been reported [5]. - The document notes that there are currently only three companies in China that have successfully issued compliant RWA using blockchain technology in overseas markets [6]. - The guidelines reiterate a strict regulatory attitude towards illegal financial activities related to virtual currencies and RWA, emphasizing the need for law enforcement against fraud, money laundering, and illegal fundraising [6]. Group 4: Future Outlook - The guidelines provide a framework for the development of compliant RWA models while balancing financial innovation and regulatory oversight [7]. - There is a growing concern about illegal fundraising activities disguised as RWA, with examples of fraudulent projects that misrepresent asset values [7]. - The guidelines serve as a warning to ordinary investors about the risks associated with virtual currencies and speculative activities, urging caution to avoid financial losses [7].