连连数字 20260226 香港稳定币监管与牌照发放、内地针对虚拟资产及 RWA 代币化的监管文件， 近期有哪些关键更新，整体监管取向如何？ 香港首批稳定币牌照预计在 2026 年 3 月发出，该牌照源自 2025 年 8 月稳定 币条例，属于面向稳定币发行方的合规牌照；牌照酝酿半年多，时间节点由香 港金融管理局总裁在 2 月初提出，香港行政长官在 2 月中旬再次提及，落地时 间已较为临近。内地方面，2 月 6 日晚央行联合 8 个部门发布《关于进一步防 范和处置虚拟货币等相关风险的通知》，延续对包括稳定币在内的虚拟货币严 厉监管与严管态度，同时对 RWA 代币化的监管原则作出定调：境内严禁，境 内主体不得在境内开展相关发行与交易；境外在严格监管条件下可开展，境内 连连数字营收保持增长，但利润端受联通公司前期投入影响出现亏损， 该亏损处于收窄状态，预计未来两三年联通公司可实现盈利。若仅看主 业经营，公司在 2022 年、2023 年左右已实现盈亏平衡，并预期未来 2 —3 年出现利润拐点。 预计 2025 年连连数字将确认联通公司部分股权转让带来的约 15 亿投 资收益，但不具备持续性。剔除该收益，2025 ...

值得关注的是，2月6日中国人民银行等八部门联合发布了《关于进一步防范和处置虚拟货币等相关风险 的通知》，重申比特币等虚拟货币不具有法偿性，严禁境内相关非法金融活动，并首次将现实世界资产 （RWA）代币化纳入监管框架。兴业证券研报指出，该通知"对虚拟货币及其相关金融活动实施了全面 而彻底的禁令，明确其非法金融活动的性质，并予以坚决取缔"，同时"为RWA代币化活动设立了以'原 则禁止、例外许可'为核心的严格监管框架"。 在全球范围内，各经济体对加密资产的监管路径仍存在显著分化。Strategy作为持续加码比特币的标志 性企业，其每一次增持动作都折射出加密资产在不同市场环境下的复杂处境。 2月23日，美股上市公司Strategy披露了最新的比特币增持计划执行情况。根据该公司公告，2026年2月 17日至22日期间，Strategy通过按市价发行方式出售约29.79万股A类普通股，募集资金约3970万美元， 随后将全部所得用于购入592枚比特币，每枚平均买入价约67286美元，加上手续费后合计支出3980万美 元。 截至2月22日，Strategy累计持有比特币717722枚，总购入成本达545.6亿美元，整体平均买 ...

2026年2月6日，中国证监会发布《监管指引》，正式确立"境内严禁、境外严管"的双线监管原则，以备案制取代灰色地带的野蛮生长，为境内资产境外 RWA发行划定了合规边界。本文系统梳理这一里程碑式监管框架的出台背景、核心条款与实践影响，解析在全球RWA市场爆发式增长背景下，中国企业 如何在新规下合法拥抱代币化融资机遇。 摘要 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《监管指引》）。同 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》（银发〔2026〕42号，以下简称《通知》）。《监管指引》配合《通知》，对以境内资产为基础、在境外发行资 产支持证券代币的行为进行事前备案监管。 本文将从法律实务角度，对《监管指引》的发布背景、RWA代币化的历史沿革、全球监管、技术架构、实践案例等角度进行分析，对《监管指引》的内 容逐条解读，为相关企业及从业者提供系统性参考。 一、发布背景 近年来，现实世界资产（Real Word ...

Core Viewpoint - The joint announcement by eight departments, including the People's Bank of China and the China Securities Regulatory Commission, emphasizes that virtual currencies do not hold the same legal status as fiat currencies and that any related business activities within the country are deemed illegal financial activities [1][2][3][4] Group 1: Virtual Currency Regulation - Virtual currencies such as Bitcoin, Ethereum, and Tether are characterized by their non-issuance by monetary authorities, use of encryption technology, and existence in digital form, lacking legal tender status [1] - The announcement categorically states that all activities related to virtual currencies are strictly prohibited and will be legally eradicated, marking a comprehensive judicial and administrative blockade [1][4] - The risks associated with virtual currencies include their use in money laundering, fundraising fraud, and illegal cross-border fund transfers, highlighting the need for stringent regulation [1] Group 2: Real World Asset (RWA) Tokenization - RWA tokenization aims to legally transfer real-world assets like real estate and equity onto the blockchain, allowing low-cost investment for the public, but it has been misused for illegal fundraising and asset splitting [2] - The announcement prohibits any activities related to RWA tokenization that involve illegal issuance of tokens, unauthorized public offerings, and illegal fundraising, thereby establishing clear regulatory boundaries [2] - While RWA tokenization is deemed illegal, the announcement allows for compliance-based operations under specific infrastructure, indicating a balanced regulatory approach [2] Group 3: Stablecoin Regulation - The announcement highlights that stablecoins pegged to fiat currencies can inadvertently perform functions of legal tender, and any issuance of stablecoins linked to the Renminbi without approval is prohibited [3] - The risks associated with stablecoins, particularly their ability to facilitate cross-border transactions and the potential impact on monetary sovereignty, are acknowledged [3] - The announcement is viewed as a strategic blueprint for national financial policy, emphasizing the protection of the currency issuance and settlement system as a matter of national sovereignty [3] Group 4: Overall Regulatory Framework - The announcement establishes clear regulatory "red lines," aiming to eliminate the gray areas previously exploited by participants in virtual currencies and RWA [4] - Future enforcement will be backed by legal frameworks, ensuring strict compliance and accountability for violations [4] - The approach taken reflects a cautious advancement of blockchain technology in financial innovation, aimed at safeguarding financial security and preventing systemic risks [4]

董事会相信，此次合作符合本集团在区块链基础设施与数字资产技术方面的战略发展。框架协议让本集 团加入一个大规模资产担保数字储备生态系统。其透过利用香港的相关监管框架，加强本集团在数字金 融与跨境结算应用的国际地位。此次合作预期将通过提供技术服务、参与生态系统营运及RWA相关业 务创造新收入流并实现收入来源多元化。 星太链集团(00399)发布公告，于2026年2月12日，本公司已与中国国际数智金融集团有限公司就一个黄 金真实世界资产代币化项目订立战略合作框架协议。 ...

Group 1 - The company has entered into a strategic cooperation framework agreement with China International Digital Finance Group for a gold real-world asset tokenization project [1] - The board believes this collaboration aligns with the company's strategic development in blockchain infrastructure and digital asset technology [1] - The framework agreement allows the company to join a large-scale asset-backed digital reserve ecosystem, enhancing its international position in digital finance and cross-border settlement applications [1] Group 2 - The collaboration is expected to create new revenue streams and diversify income sources through the provision of technical services, participation in ecosystem operations, and RWA-related business [1]

Core Viewpoint - The company has entered into a strategic cooperation framework agreement with China International Digital Finance Group for a gold real-world asset (RWA) tokenization project, enhancing its position in blockchain infrastructure and digital asset technology [1] Group 1: Strategic Cooperation - The agreement allows the company to join a large-scale asset-backed digital reserve ecosystem [1] - This collaboration is expected to strengthen the company's international standing in digital finance and cross-border settlement applications through the utilization of Hong Kong's regulatory framework [1] Group 2: Revenue Generation - The partnership is anticipated to create new revenue streams and diversify income sources by providing technical services and participating in ecosystem operations and RWA-related businesses [1]

同时，中国证监会公布《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》），进 一步为RWA代币化相关活动提供了较为明确的监管规则。 《通知》和《指引》被业内视为"RWA新规"。多位受访人士对《财经》表示，新规实际上为境内资产 通过RWA代币化业务实现跨境融资留下了一个"很窄的口子"。 境内资产有望通过合规通道赴港开展RWA代币化发行、交易。 近日，中国人民银行（下称"央行"）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》（下称《通知》），明确了对虚拟货币和现实世界资产（RWA）代币化和相关业务活动的定 性，以及相关监管安排。 《通知》明令禁止在境内开展现实世界资产代币化活动，以及提供有关中介、信息技术服务等；同时也 明确，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。 "《通知》把RWA代币化定义为一种新型证券活动，跨境RWA代币化即跨境证券活动。"江苏省金科数 字与科技金融研究院院长邹传伟对《财经》表示，这意味着在中国内地和香港都持牌的证券中介机构有 望受益。 而《指引》则被认为释放了监管层廓清灰色地带的信号。"监管不会放任'链上外衣'绕开证券、外 ...

2025年7月，香港财库局宣布提速数字资产交易平台牌照审批，截至月初已发牌11家、处理9家申请，金管局Ensemble项目同步推动基金、电动车充电站收 益流等RWA代币化落地；纳斯达克也在积极完善数字资产披露规则，探索RWA与上市企业服务的深度结合，为中资企业带来新机遇。君威资本依托香港 全牌照及跨境服务优势，重点布局RWA代币化赛道，精准衔接港美上市核心需求。 一、政策红利：港美共建数字资产生态，适配上市新需求 香港证监会的"迅速发牌程序"已扩展至所有新申请者，核心特征包括风险为本的现场视察（证监会直接与申请方高层沟通，缩短审批时间）、监管沙盒升 级（允许测试代币化、生成式AI等创新用例），为RWA代币化提供合规土壤。纳斯达克则通过完善数字资产相关披露规则，认可合规RWA代币化对企业 资产流动性的提升作用，为持有RWA资产的企业上市提供估值支撑。此举与君威资本的9号（资产管理）牌照业务形成协同——可将私募股权基金份额、 知识产权等资产代币化，既提升企业资产活力，又契合港交所、纳斯达克对科创企业核心资产的估值逻辑，吸引境外投资者关注。 二、君威资本RWA实践：从非标资产到链上流通，衔接港美上市标准 三、合规风 ...

Group 1 - US stock market indices collectively rose, with the Dow Jones reaching a new historical high, and the Nasdaq increasing by nearly 1% driven by strong performance from AI-related stocks like Nvidia and Oracle [1][18] - Jiangxi province is the only region to raise its GDP growth target from around 5% to 5%-5.5%, attributed to a 5.2% growth in 2025, marking a four-year high, and strong industrial value-added growth [1][19] - The gold market is experiencing a surge in consumption and investment, but also facing issues such as fraud and high-leverage speculation, prompting regulatory challenges [1][20] Group 2 - Hongming Co. has appointed a young chairman, Jin Xi, who lacks extensive business experience, amid concerns over the company's declining performance and potential delisting risks [1][21] - Eight departments in China have issued a plan for the high-quality development of the traditional Chinese medicine industry, aiming for coordinated development across the entire industry chain by 2030 [1][22][23] - The competition among China's top economic cities is intensifying, with Beijing surpassing 5 trillion yuan in GDP and cities like Chengdu leading in growth rates [1][24] Group 3 - Chinese pig farming giant Muyuan Foods is aggressively expanding into the Vietnamese market, offering high salaries for project talent focused on building pig farms [1][25][26] - Hong Kong's small and medium-sized banks are facing severe liquidity issues, with many trading days seeing zero transactions, highlighting a cycle of low trading volume and low attention [1][26] - The Chinese regulatory stance on RWA tokenization is strict domestically while allowing regulated activities abroad, aiming to prevent risks to the financial system [1][27] Group 4 - Anhui state-owned assets are poised to become the final winner in the restructuring of Suning Holdings, with a proposed acquisition of a significant stake to stabilize governance [1][28] - A report has revealed systemic insurance fraud in mental health hospitals in Hubei, with connections to local medical networks and multiple instances of regulatory violations [1][29] - Seventeen provinces in China have announced their GDP growth targets for the 14th Five-Year Plan, with most set around 5%, while some provinces are aiming higher [1][30][31] Group 5 - Jiangsu province leads the country with 23 counties achieving over 100 billion yuan in GDP, with Kunshan being the top performer for 22 consecutive years [1][31] - The price of Chilean cherries has dropped to a five-year low due to increased supply and market saturation, leading to a phenomenon referred to as "cherry freedom" [1][32] - Ark Invest's space ETF has made its first purchase of Tesla stock, sparking speculation about a potential merger between Tesla and SpaceX [1][32]