On February 7, the China Securities Regulatory Commission (CSRC) issued Document No. 1 of 2026: "Regulatory Guidelines on the Issuance of Asset-Backed Securities Tokens Overseas by Domestic Assets" (hereinafter referred to as the "Guidelines"), which came into effect on the date of issuance. The Guidelines adopt a "strict regulatory" approach to the issuance of RWA (Real-World Asset) tokenized products (especially asset-backed securities-like tokens) overseas based on domestic assets. Essentially, this is part of "strict overseas regulation," aiming to prevent speculation, cross-border risks, and illegal financial activities. A summary of the content is as follows:
The term "issuance of asset-backed securities tokens overseas based on domestic assets" refers to the activity of issuing tokenized equity certificates overseas using encryption technology and distributed ledger or similar technologies, with the cash flow generated by domestic assets or related asset rights as repayment support.
• Domestic assets issuing asset-backed securities tokens overseas must strictly comply with laws, administrative regulations, and relevant policies concerning cross-border investment, foreign exchange management, network and data security, and fulfill the approval, filing, or security review procedures required by the aforementioned regulatory authorities, and must not harm national interests or the public interest.
• Direct prohibitions include: assets/entities that are explicitly prohibited by the state from financing through the capital market; assets that may endanger national security (as determined by the State Council); assets involved in criminal offenses such as embezzlement, bribery, misappropriation of property, or disruption of market economic order within the past three years (including controlling shareholders and actual controllers); assets under investigation (suspected of crimes or serious violations, with no conclusion yet); assets involved in major ownership disputes or legally prohibited from transfer; and assets that violate the negative list for domestic asset securitization.
The China Securities Regulatory Commission (CSRC) will strictly regulate the issuance of RWA tokenized products overseas by domestic assets in accordance with laws and regulations. Before commencing related business, the domestic entity that actually controls the underlying assets (hereinafter referred to as the domestic filing entity) shall file with the CSRC, submitting a filing report, a complete set of overseas issuance documents, and other relevant materials as required, fully explaining the information of the domestic filing entity, the underlying assets, and the token issuance plan. The CSRC will not approve filings that do not comply with the regulations. After completing the filing process, the domestic filing entity shall promptly report any significant events to the CSRC.
