Caixin: China announces regulatory framework allowing domestic assets to issue RWAs overseas.

According to Caixin, foreign debt-based RWAs are regulated by the National Development and Reform Commission (NDRC), while equity-based and asset-securitized RWAs are regulated by the China Securities Regulatory Commission (CSRC). Similar to traditional overseas financing, overseas RWAs also involve the repatriation of funds raised overseas, and are regulated by the State Administration of Foreign Exchange (SAFE). Other forms of RWAs are regulated by the CSRC in conjunction with relevant departments according to their respective responsibilities. Analysts point out that issuing tokens for financing on licensed Hong Kong exchanges aligns better with China's strategic objectives. Currently, the Hong Kong Stock Exchange holds a monopoly on the Hong Kong stock market; it should also allow licensed cryptocurrency exchanges to conduct token trading based on equity as the underlying asset.