Caixin: RWA related to foreign debt will be regulated by the National Development and Reform Commission, while equity and asset securitization RWA will be overseen by the China Securities Regulatory Commission.

ChainCatcher message: Caixin published an article titled “Chinese Government Allows Domestic Assets to Issue Overseas RWA and Announces Regulatory Framework,” which states that the issuance of RWA (Real-World Asset Tokenization) abroad using domestic assets will no longer be a gray area. Regulatory authorities believe that foreign debt RWA, equity RWA, and asset securitization RWA should be regulated according to the principle of “same business, same risk, same rules,” with each category being regulated in accordance with traditional financing activities that correspond to them. Therefore, foreign debt RWA will be regulated by the National Development and Reform Commission; equity RWA and asset securitization RWA will be regulated by the China Securities Regulatory Commission. Like traditional overseas financing, overseas RWA also involves the repatriation of funds raised abroad, which is overseen by the State Administration of Foreign Exchange. Other forms of RWA will be regulated by the CSRC in conjunction with relevant departments according to their responsibilities.

In short, foreign debt RWA, equity RWA, asset securitization RWA, and other forms of RWA correspond respectively to traditional overseas financing activities, where corporate foreign debt is reviewed and registered by the NDRC, stock issuance is reviewed by the exchanges and registered by the CSRC, and asset securitization is reviewed by the exchanges. All other cases outside these three categories are classified as a fourth type.