Foresight News reports that, according to Caixin, following the joint issuance by the People’s Bank of China and seven other departments of the “Notice on Further Preventing and Disposing of Risks Related to Virtual Currencies” (referred to as Document No. 42), the regulatory framework for RWA (Real-World Asset) issuance abroad by domestic assets has begun to take shape. The overall tone of Document No. 42 emphasizes strict prohibition domestically and strict regulation abroad of RWA. According to regulatory insiders familiar with the matter, Hong Kong is one of the offshore RWA issuance locations. RWA based on assets from Hong Kong is not within the scope of regulation under Document No. 42 and is not under the jurisdiction of domestic regulators. Currently, there are no underlying assets based on domestic securities or funds in offshore RWA in Hong Kong or other locations. If there are, they fall under the responsibility of the China Securities Regulatory Commission’s Institutional Department. Additionally, it was previously “completely prohibited.” Now, “it is not said to be completely prohibited,” but there is strict regulation of domestic assets’ outbound RWA. There is no “encouragement” involved here; it should not be interpreted as “promoting development.”
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