China Securities Regulatory Commission Releases "Onshore Assets Offshore Issuance RWA Guidelines": Adopts a Strict Regulatory Attitude to Prevent Risks, Strict Filing Required Before Business Conduct

BlockBeats News, February 7th, the China Securities Regulatory Commission released Document No. [2026] 1: "Regulatory Guidance on the Overseas Issuance of Asset-Backed Securities Tokenization with Domestic Assets" (hereinafter referred to as the "Guidance"), which took effect from the date of its release. The "Guidance" adopts a "strict regulatory" attitude towards RWA (Real World Asset) tokenized products issued overseas with domestic assets as the basis, especially tokenized products similar to asset-backed securities, essentially part of the "strict overseas regulation," aimed at preventing speculative trading, cross-border risks, and illegal financial activities. The key points of the content are as follows:

· The so-called overseas issuance of asset-backed securities tokenization with domestic assets refers to activities where the cash flow generated by domestic assets or related asset rights provides repayment support, utilizing encryption technology and distributed ledger or similar technology to issue tokenized equity certificates overseas.

· The overseas issuance of asset-backed securities tokenization with domestic assets must strictly comply with laws, administrative regulations, and relevant policy provisions related to cross-border investment, foreign exchange management, network, and data security, fulfill the approval, filing, or security review procedures required by the aforementioned regulatory authorities, and must not harm national interests and public interests.

· Directly prohibited circumstances include: entities/assets explicitly prohibited by the state from financing through the capital market; entities/assets that may endanger national security (as determined by State Council departments); individuals/entities involved in criminal activities such as corruption, bribery, embezzlement, misappropriation of property, or disrupting the market economy order in the past 3 years (including controlling shareholders, ultimate controlling parties); individuals/entities under investigation (suspected of crimes or serious violations, with no final conclusion); assets involved in significant ownership disputes or are prohibited from transfer by law; situations where the domestic asset has touched the negative list prohibiting securitization of domestic assets.

· The China Securities Regulatory Commission will strictly regulate the overseas issuance of RWA tokenized products with domestic assets in accordance with the law and regulations. Before conducting relevant businesses, the domestic entity that controls the underlying assets (hereinafter referred to as the domestic filing entity) must file with the China Securities Regulatory Commission, submit filing reports, full set of overseas issuance materials, and other relevant materials as required, provide a comprehensive explanation of the domestic filing entity information, underlying asset information, token issuance plan, and other details. For those that do not comply with the requirements, the China Securities Regulatory Commission will not accept the filing. After the domestic filing entity completes the filing, in the event of significant matters, they must promptly report the relevant situation to the China Securities Regulatory Commission.