德林控股(01709.HK)发布公告，于2026年2月24日，香港证券及期货事务监察委员会(证监会)表示对下 列各公司提交的各建议业务计划概无进一步意见：(i)德林证券(香港)有限公司(德林证券)就其建议分派 RWA代币;及 (ii)德林数字家族办公室(香港)有限公司(DLDFO)就其建议将其所管理的若干基金权益代币 化所提交的建议业务计划(统称"建议计划")。 投行对该股的评级以持有为主，近90天内共有1家投行给出持有评级，近90天的目标均价为2.62港元。 广发证券最新一份研报给予德林控股持有评级，目标价2.62港元。 机构评级详情见下表： 德林控股港股市值30.53亿港元，在多元金融行业中排名第23。主要指标见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

智通财经APP讯，德林控股(01709)发布公告，于2026年2月24日，香港证券及期货事务监察委员会(证监 会)表示对下列各公司提交的各建议业务计划概无进一步意见：(i)德林证券(香港)有限公司(德林证券)就 其建议分派RWA代币;及 (ii)德林数字家族办公室(香港)有限公司(DLDFO)就其建议将其所管理的若干基 金权益代币化所提交的建议业务计划(统称"建议计划")。 (ii)DLDFO作为建议投资经理，将继续实施建议计划，包括根据其第9类(提供资产管理)受规管活动应用 区块链技术，以代币形式表示基金权益;及 (iii)Asseto Fintech Hong Kong Limited作为代币化综合解决方案供应商，将在 HashKey Chain区块链协议 及XRP帐本(XRPL)上进行代币发行。 董事会相信，推进此等项目可能带来裨益(包括但不限于)：(i)在受监管框架下促进更广泛的产品创新; (ii)透过数字化的产品架构与管理提升流程效率;及 (iii)强化本集团于香港受监管的RWA代币化及相关财 富管理解决方案的策略定位。 证监会表示对建议计划概无进一步意见，标志着本集团RWA代币化策略的重大监管里程 ...

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]

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].

Core Viewpoint - The issuance of Document No. 42 marks a significant shift in China's regulatory approach to virtual currencies, transitioning from fragmented responses to a systematic reconstruction of regulations, including the inclusion of stablecoins and RWA (Real World Asset tokenization) under regulatory oversight [2][3]. Regulatory Policy Evolution - The evolution of China's virtual currency regulation can be categorized into four distinct phases: 1. **2013**: Initial classification of Bitcoin as a "specific virtual commodity" with a cautious observation approach [4]. 2. **2017**: Introduction of the ICO ban and the requirement for existing ICO projects to arrange for refunds, marking a shift to strict limitations [5]. 3. **2021**: Comprehensive crackdown on all virtual currency-related activities, defining them as "illegal financial activities" [6]. 4. **2026**: Systematic reconstruction with Document No. 42, expanding regulatory scope to include stablecoins and RWA, and enhancing legal frameworks [7]. Innovations in Document No. 42 - Document No. 42 introduces three major innovations: 1. **Stablecoins**: Clearly defined and regulated, with restrictions on issuing stablecoins linked to the Renminbi without approval, emphasizing currency sovereignty [8][9]. 2. **RWA**: Introduced under a "principle of prohibition, with exceptions upon approval" framework, allowing for regulated activities under specific conditions [10]. 3. **Overseas Operations Control**: Extends regulatory oversight to the global activities of domestic entities, marking a shift from domestic to global regulatory logic [11]. Legal Responsibilities - The addition of a dedicated chapter on legal responsibilities in Document No. 42 establishes clear administrative and criminal liabilities for violations, addressing previous gaps in enforcement [12]. Legal Classification Dimensions - The legal classification of virtual currencies in China is complex, involving civil, administrative, criminal, and foreign exchange control dimensions: 1. **Civil Aspect**: The recognition of virtual currencies as property has evolved, but contract validity remains contentious [14][15]. 2. **Administrative Aspect**: Strengthened regulatory defenses against financial institutions and enhanced information control measures [16]. 3. **Criminal Aspect**: Expansion of criminal charges related to virtual currencies, including fraud and money laundering [17][18]. 4. **Foreign Exchange Control**: Concerns over the use of virtual currencies like USDT for circumventing foreign exchange regulations [19]. Judicial Practice Developments - Recent trends in judicial practice indicate a move towards nuanced rulings in virtual currency disputes, reflecting a shift from blanket prohibitions to more refined adjudications [20][21]. - The judicial system is exploring practical solutions for the disposal of seized virtual currencies, indicating a willingness to adapt within the regulatory framework [22]. International Comparison - China's regulatory approach contrasts with global paradigms, highlighting a unique stance characterized by comprehensive prohibitions while observing developments in regions like Hong Kong and Singapore [24][25]. - The regulatory landscape in Hong Kong, with its dual-track system, provides a potential model for balancing innovation and regulation in mainland China [26]. Future Trends - The implementation of supporting regulations for Document No. 42, the specific pathways for RWA registration, and the progression of dedicated virtual currency legislation are anticipated areas of focus [27].

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 | | ...

Core Insights - China's digital asset regulatory framework has undergone a milestone upgrade, with the central bank and nine departments jointly issuing new regulations that prohibit any entity or individual from issuing offshore stablecoins pegged to the RMB, categorizing virtual currency-related activities as illegal financial activities [2][3] - The new regulations establish a clear boundary for the tokenization of real-world assets (RWA), enforcing a principle of "strict prohibition domestically and strict regulation offshore" to prevent illegal fragmentation, transfer, or securitization of domestic assets [3][4] Regulatory Developments - The China Securities Regulatory Commission (CSRC) has introduced guidelines for a filing system to manage the offshore issuance of RWA, requiring actual controllers to report core information such as underlying assets and issuance plans to ensure regulatory oversight [4] - This filing system reflects the specific implementation of the "strict regulation offshore" principle, allowing for controlled exploration under manageable risks rather than outright prohibition [4] Innovation and Compliance - The recent regulatory upgrade does not represent a blanket ban but rather provides space for compliant blockchain applications and controlled financial innovations, indicating a careful balance between risk prevention and technological encouragement [5] - The policies signify that China's digital asset regulatory system is taking shape, forming a three-tiered framework of "strict prohibition of illegal activities, strict regulation of cross-border activities, and orderly compliance innovation" [5][6]

Investment Rating - The report assigns an "Overweight" rating for the industry, indicating a potential return exceeding 15% relative to the CSI 300 index [4][10]. Core Insights - The recent regulations from the People's Bank of China and the China Securities Regulatory Commission (CSRC) aim to prevent and manage risks associated with virtual currencies and Real World Asset (RWA) tokenization. The issuance of virtual currencies domestically remains illegal, while clear guidelines for RWA issuance abroad have been established [2][4]. - The policies are a continuation of previous measures from 2021, designed to mitigate speculative activities related to virtual currencies and RWA tokenization, thereby enhancing regulatory frameworks [4]. - The report emphasizes that while domestic virtual currency activities are strictly prohibited, there is a more accommodating regulatory stance towards RWA activities conducted abroad, provided they comply with specific regulatory requirements [4]. Summary by Sections Regulatory Developments - On February 6, a joint notice was released by the People's Bank of China and eight other departments to further prevent and manage risks related to virtual currencies and RWA [4]. - The notice categorizes virtual currencies and RWA activities into domestic and international dimensions, maintaining a strict prohibition on domestic virtual currencies while clarifying the rules for RWA issuance abroad [4]. Investment Recommendations - The report suggests that comprehensive and internationally oriented brokerage firms will benefit the most from these regulatory changes, specifically recommending Citic Securities and Huatai Securities as favorable investment options [4][5].

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 ...