寰宇通汇系列九：境内资产代币化迈入合规管理新时代

Investment Rating - The industry investment rating is "Overweight" [5] Core Insights - The report discusses the new regulatory framework established by the China Securities Regulatory Commission (CSRC) for the issuance of asset-backed securities (ABS) tokens based on domestic assets in overseas markets, which aims to provide a compliant pathway for asset tokenization [1][2] - The regulatory guidelines define the business activities related to tokenization, ensuring they are embedded within existing laws on cross-border investment, foreign exchange management, and data security, thus eliminating the previous "grey area" of regulation [1] - The guidelines introduce a strict admission mechanism based on a "negative list" that prohibits certain entities from engaging in tokenization activities, ensuring the legitimacy and purity of the underlying assets [2] - The CSRC will oversee a pre-filing system for domestic entities wishing to issue ABS tokens, requiring comprehensive documentation to prevent false representations and ensure compliance [2] - Continuous monitoring and international regulatory cooperation are mandated post-issuance, addressing regulatory asymmetries and reducing opportunities for regulatory arbitrage [3] Summary by Sections Regulatory Framework - The CSRC's announcement on February 6, 2026, introduces a structured approach to the issuance of ABS tokens, marking a significant shift towards compliance in the asset tokenization space [5] Admission Mechanism - The guidelines specify six categories of entities that are barred from engaging in tokenization, including those posing national security risks or involved in recent criminal activities, ensuring a high standard for participation [2] Compliance Pathway - The pre-filing requirement emphasizes the CSRC's role in regulating the process, mandating detailed disclosures from domestic entities to maintain transparency and integrity in the market [2] Post-Issuance Management - The report highlights the importance of ongoing oversight and collaboration with international regulators to manage risks associated with cross-border transactions and ensure consistent regulatory practices [3]