国家金融与发展实验室特聘高级研究员庞溟介绍，RWA代币化通过发行代币（通证）或具有代币（通 证）特性的其他权益、债券凭证进行融资和交易活动，存在多重风险，包括虚假资产风险、经营失败风 险、投机炒作风险等。同时，擅自开展RWA代币活动，往往会涉及非法集资、诈骗、非法发售代币票 券、擅自公开发行证券、非法经营证券期货业务等非法金融活动和违法犯罪活动。《通知》明确，严厉 打击相关非法金融活动和违法犯罪活动，一经发现，将被依法追究责任。 近年来，RWA代币化发展较快，相关国家和地区纷纷通过加强立法、健全规则等多种方式强化监管。 《通知》强调，在境内开展RWA代币化活动，以及提供有关中介、信息技术服务等，涉嫌非法发售代 币票券、擅自公开发行证券、非法经营证券期货业务、非法集资等非法金融活动，应予以禁止；经业务 主管部门依法依规同意，依托特定金融基础设施开展的相关业务活动除外。境外单位和个人不得以任何 形式非法向境内主体提供现实世界资产代币化相关服务。 具体来看，一方面，金融机构、中介机构、信息技术服务机构等各类境内机构不得为未经同意的RWA 代币化业务以及相关金融产品提供服务；互联网企业不得为RWA代币化业务提供网络经 ...

Macro Insights - The average weekly working hours for corporate employees decreased to 48.43 hours, lower than in 2023 and 2024, but still above pre-pandemic levels[2] - The reduction in working hours has led to an increase in leisure time, with over 54.5 hours of leisure time available weekly, which is expected to boost consumer spending[2] Strategy Insights - The nomination of Waller as Fed Chair has raised hawkish monetary policy expectations, causing the dollar index to rebound and impacting emerging markets and commodities negatively[4] - Future market stability may depend on the Fed's interest rate decisions and the performance of various asset classes, with a focus on sectors benefiting from the 14th Five-Year Plan[4] Fixed Income Insights - The bond market sentiment index rose to 116.1, indicating a slight recovery in market sentiment[5] - The average duration for funds increased to 1.39 years, while the duration for insurance decreased to 7.56 years, reflecting varying risk appetites across sectors[7] Banking Insights - New regulations on digital currencies were introduced to mitigate risks associated with virtual currencies, emphasizing the illegal status of such currencies compared to legal tender[9] - The new regulations also include management requirements for Real World Asset (RWA) tokenization, aiming to prevent speculative activities in the market[10]

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].

3． 禁止性规定 登录新浪财经APP 搜索【信披】查看更多考评等级 来源：董秘百人会 导读 核心要点：2026年2月6日，中国证监会发布《关于境内资产境外发行资产支持证券代币的监管指引》 （证监会公告〔2026〕1号，以下简称"1号文"），作为八部门《关于进一步防范和处置虚拟货币等相关 风险的通知》（以下简称《通知》）的配套文件，首次为现实世界资产（RWA）代币化的合规路径提 供了明确监管框架。核心方向可概括为"境内严禁、境外严管、合规备案、风险可控"。 一、指引核心定位与适用范围 1． 定义与边界 《指引》明确界定了境内资产境外发行资产支持证券代币：以境内资产或相关资产权利（所有权、收益 权等）为基础，在境外使用分布式账本等技术发行具有类资产证券化属性的代币，本质是跨境资产证券 化的数字化形态，区别于无底层资产的虚拟货币。 2． 监管分工与适用场景 | 业务类型 | 监管主体 | 核心要求 | | --- | --- | --- | | 类资产证券化 RWA（核心适用） | 中国证监会 | 需向证监会备案，遵循相同业务相同规则 | | 外债形式 RWA | 发改委 + 外汇局 | 按外债管理规定审批 | | ...

围绕虚拟货币，监管再出新规。 2月6日，中国人民银行、国家发展改革委、工业和信息化部、公安部、市场监管总局、金融监管总局、 中国证监会、国家外汇局联合印发《关于进一步防范和处置虚拟货币等相关风险的通知》(以下简称 《通知》)。 《通知》共分为六部分19条。一是明确虚拟货币、现实世界资产(RWA)和相关业务活动的本质属性；二 是健全工作机制，形成央地协同、条块结合的工作格局；三是明确强化风险监测、防范与处置相关要 求，包括风险监测、中介机构监管、互联网信息内容管理、经营主体登记和广告管理、整治虚拟货 币"挖矿"、打击相关违法犯罪活动、行业自律管理等；四是从严监管境内主体及其控制的境外主体在境 外开展虚拟货币、RWA业务；五是强化组织实施，主要包括组织领导、宣传教育等；六是法律责任。 2025年12月，中国互联网金融协会等7个协会联合发布《关于防范涉虚拟货币等非法活动的风险提 示》，进一步明确虚拟货币、RWA相关业务活动属于非法金融活动，向社会公众提示风险。 业内人士分析认为，虚拟货币依托区块链技术，支持点对点交易，突破物理上的国境概念，相关风险极 易跨境传导。为切实防范风险，《通知》明确提出，未经相关部门依法依 ...

Group 1 - The Chinese government is focusing on promoting effective investment through a combination of measures, including utilizing central budget investments, long-term special bonds, and local government bonds [1] - The Shanghai government has released a three-year action plan aimed at transforming and upgrading advanced manufacturing, targeting the addition of 100 manufacturing enterprises with an annual output value exceeding 1 billion yuan by 2028 [5][22] - The Chinese foreign exchange reserves have increased for six consecutive months, reaching $339.91 billion by the end of January, with a rise of $41.2 billion, marking a 1.23% increase [6][11][23] Group 2 - A new stock, Tongbao Optoelectronics, is available for subscription, identified as a "small giant" in the automotive electronics sector [3][19] - The gold market in Shenzhen's Shui Bei area is experiencing a surge in activity ahead of the Spring Festival, driven by strong consumer demand and a vibrant market environment [4][20] - 135 actively managed equity funds have reached historical net asset value highs in February, demonstrating resilience despite market adjustments [9][26] Group 3 - The financial regulatory authority is accelerating the reform and transformation of local small and medium-sized financial institutions to enhance financial support for key local projects [8][26] - The recent regulatory framework for Real World Asset (RWA) tokenization aims to curb illegal financial activities in the cryptocurrency sector, establishing strict guidelines for domestic and international operations [7][24][31]

刷短视频弹出"投资稳定币保本保息"的诱人广告,亲友群里转发"海外理财捷径",朋友圈看到"资产代币化 能躺着赚钱"……近年来,虚拟货币等炒作交易活动变换马甲、更新套路,不断将黑手伸向百姓"钱袋子"。 2月6日,中国人民银行等8部门联合发文,明确在境内虚拟货币相关业务活动属于非法金融活动,禁止境内 开展现实世界资产(RWA)代币化活动,进一步防范和处置虚拟货币等相关风险,合力保障人民群众财产安 全。 涉及虚拟货币的 业务活动坚决取缔 如今,虚拟货币市场"过山车"行情已呈常态:2025年10月创出每枚超12万美元价格高点的比特币,2026年2 月已跌破每枚7万美元,部分"空气币"更是单日波动幅度超20%。这期间引发多次大规模杠杆交易爆仓,数 百亿美元在一夜间"灰飞烟灭"。 此次发布的政策和此前一以贯之。兑换业务、信息中介、定价服务、代币发行融资……这些涉及虚拟货 币的业务活动被严格禁止、坚决取缔,监管力度只紧不松。 近年来,稳定币成为全球市场关注重点。近期,虚拟货币价格波动较大,一些稳定币也出现暴跌、脱钩,让市 场看到稳定币其实并不"稳定"。 此次通知对稳定币作出了清晰判断:挂钩法定货币的稳定币在流通使用中变相履行 ...

2月7日，中国人民银行、中国证监会等八部门联合发布《关于进一步防范和处置虚拟货币等相关风险的 通知》（以下简称《通知》），严格对虚拟货币、现实世界资产（RWA）代币化相关活动的监管。 《通知》首次明确RWA代币化"境内严禁、境外严管"的监管原则。中国证监会配套发布《关于境内资 产境外发行资产支持证券代币的监管指引》（以下简称《指引》），明确以境内资产所有权、收益权等 （以下统称"境内权益"）为基础在境外开展类资产证券化的RWA代币化业务需事前备案，即实施严格 的"备案制"，明确负面清单，划定清晰"红线"，并强化持续监管，防范风险。 中信证券首席经济学家明明在接受《证券日报》记者采访时表示，这一规定既可以规范RWA发行的整 体行为，降低各类欺诈风险，还能够补齐对资金内外流动的监管漏洞，防范跨境非法集资、资金逃避监 管非法流入或流出等行为。 填补监管漏洞 RWA代币化主要是指使用加密技术及分布式账本或类似技术，将资产的所有权、收益权等转化为代币 （通证）或者具有代币（通证）特性的其他权益、债券凭证，并进行发行和交易的活动。 实施严格的"备案制" 《指引》明确了对境内企业赴境外开展类资产证券化的RWA代币化业务实施 ...

Core Viewpoint - The recent regulatory upgrade in China regarding virtual currencies is described as the most stringent ever, aiming to completely block domestic virtual currency activities and extend control to overseas issuance, particularly concerning stablecoins linked to the Renminbi [1][3][4]. Regulatory Overview - The joint notice issued by eight departments, including the People's Bank of China and the China Securities Regulatory Commission, reiterates that virtual currency-related activities are illegal financial activities and strictly prohibited [3][4]. - The notice emphasizes that no domestic entity or individual is allowed to issue Renminbi-linked stablecoins abroad without proper authorization [4][5]. Impact on the Industry - The new regulations are expected to have a comprehensive impact on the virtual currency industry chain, particularly affecting the issuance and circulation of stablecoins [5][6]. - The notice aims to cut off the overseas issuance channels for domestic entities, thereby preventing the illegal issuance and circulation of tokens [5][6]. Mining Regulations - The notice also targets virtual currency mining, mandating strict control and prohibition of new mining projects, while requiring local governments to shut down existing operations [7][9]. - Mining activities are criticized for their high energy consumption and potential to facilitate illegal activities, including money laundering [9]. RWA Tokenization - The notice introduces clear boundaries for the tokenization of Real World Assets (RWA), prohibiting illegal issuance and trading while allowing for compliance under specific conditions [10][11]. - The China Securities Regulatory Commission has issued guidelines requiring domestic entities to file for approval before issuing asset-backed securities tokens abroad, thus creating a pathway for compliant operations [11][12]. Market Reactions - Following the announcement, the cryptocurrency market experienced volatility, with Bitcoin prices fluctuating and significant liquidation events occurring [4][12]. - Analysts predict a deep freeze in the domestic virtual currency market, with a clear shift towards compliance and a reduction in decentralized financial activities [16].

被市场称为虚拟货币领域"史上最严"的监管新规近日正式落地。 2月6日，央行联合八部门发布《关于进一步防范和处置虚拟货币等相关风险的通知》（下称《通 知》），再次重申虚拟货币相关业务活动属于非法金融活动，并首次明确任何单位和个人不得在境外发 行挂钩人民币的稳定币。 与此同时，证监会同步发布具有实操意义的附件《关于境内资产境外发行资产支持证券代币的监管指 引》（下称《指引》），首次正面定义现实世界资产（RWA）代币化，并确立"境内严禁、境外严 管"的监管原则。 八部门协同发力联合绞杀非法金融活动，由此形成了对虚拟货币全链条的严格管控。 在此次新规对境内主体赴境外开展虚拟货币业务实施严监管、明确境外发币红线的背景下，北京大成律 师事务所高级合伙人肖飒认为，从现实落地的角度，内地重申加密资产监管态度，意味着内地大型企业 会继续审慎，科技巨头未来可能不会继续申请稳定币牌照。 不过肖飒也提出，从制度看，内地企业的海外控股公司不能发行虚拟货币，但合作公司是否可以参与发 行稳定币，值得探讨，并未被完全封死机会。同时，虽然不能直接发币，但不意味着海外控股公司不能 参与WEB3.0的基础设施建设和科技赋能服务。 从香港稳定币牌照 ...