非银金融：中国RWA监管框架落地，香港Web3产业迎新变局

Investment Rating - The industry investment rating is "Positive" (maintained) [3] Core Insights - The regulatory framework for Real World Assets (RWA) has been established in China, expanding the scope from virtual currencies to include tokenization of both virtual currencies and real-world assets [2] - The new regulations emphasize cross-border supervision, prohibiting domestic entities from issuing stablecoins linked to the Renminbi abroad without consent, and restricts foreign entities from providing RWA-related services to domestic subjects [2] - The policy aims to facilitate the orderly development of RWA by allowing domestic entities and financial institutions to operate abroad under clear regulatory requirements, enhancing Hong Kong's position as a hub for asset outflow and promoting the normalization of RWA practices [2] Summary by Sections - Regulatory Developments: The recent notification from multiple Chinese regulatory bodies defines RWA and outlines a clear framework for domestic enterprises to engage in overseas RWA activities, categorizing them into four types: external debt RWA, asset securitization RWA, equity RWA, and other forms of RWA [3] - Operational Guidelines: The guidelines require domestic entities to file with the China Securities Regulatory Commission (CSRC) before engaging in RWA activities abroad, ensuring compliance with necessary reporting and documentation [3] - Market Participants: Key participants in the Hong Kong RWA industry include digital asset exchanges, intermediary institutions (especially domestic financial institutions' overseas subsidiaries), and technology service providers [4]