"A Glimmer of Hope: China Securities Regulatory Commission Gives Green Light to Domestic Assets Issuing Overseas Tokens" Breaking News! Just yesterday, eight ministries issued Document No. 42, continuing and strengthening their high-pressure policies on domestic virtual currencies. However, the China Securities Regulatory Commission (CSRC) immediately released the "Regulatory Guidelines on the Issuance of Asset-Backed Securities Tokens Overseas by Domestic Assets," providing clear guidance for domestic institutions issuing RWA tokens overseas. This is considered a major positive development for the RWA or crypto sector, as it marks the first time the Chinese government has offered positive policy guidance on tokens (albeit for overseas tokens). Previously, all official documents adopted a negative attitude and imposed high-pressure policies on tokens. This represents a significant policy shift, indicating that while the government prohibits RWA domestically, it acknowledges the potential value of international RWA to the domestic economy. The regulatory guidelines are less than three pages long, so we recommend reading them word for word. Here are three key points: 1. Definition of token issuance: "Tokenized equity certificates issued overseas using cryptographic technology and distributed ledger or similar technologies, backed by cash flow generated from domestic assets or related asset rights." Essentially, they still have securities characteristics. 2. Compliance with regulations: Strict compliance with laws and regulations concerning cross-border investment, foreign exchange management, and network and data security is required. 3. Prior registration required: Domestic entities must register with the China Securities Regulatory Commission (CSRC). Approved registrations will be published on the CSRC website. The next step is to see which domestic companies will be approved. However, we also want to remind everyone that the term "RWA" does not appear in the official document, indicating that the authorities do not particularly endorse this term and do not consider RWA equivalent to "asset-backed security tokens."