Caixin: Overseas RWA emphasizes the "negative list" red line, with the earliest domestic pilot case coming from Ant Financial Technology

Deep Tide TechFlow News, February 21: Caixin published an article titled “Strict Regulation of Offshore RWA,” revealing that the earliest domestic RWA pilot case came from Ant Group, which helped companies like GCL System Integration Technology and Langxin Technology complete RWA financing worth tens of millions to hundreds of millions of RMB. Ant Group uses the income rights of assets under these companies as the underlying assets, splitting them into standardized digital tokens through blockchain technology to assist enterprises in issuing digital tokens for fundraising. These RWA projects follow the model of “domestic assets confirmed in Hong Kong and circulating globally,” and according to Hong Kong regulatory requirements, they are not open to retail investors, only to institutional/professional investors, with no secondary market trading.

Experts familiar with policies indicate that, in principle, any domestic assets that meet regulatory requirements are suitable for offshore RWA, but they must not belong to asset categories listed on China’s negative regulatory list.

Some crypto industry insiders point out that high-quality domestic companies capable of an offshore IPO would not choose RWA, as RWA cannot meet Hong Kong listing requirements. For domestic assets to be used in offshore RWA, it is essential first to ensure the safety of assets, funds, and information. Cross-border investment, foreign exchange management, data security, and other related departments must pass review step by step, ultimately submitting for securities regulatory approval. During the approval process, case-by-case considerations will also be taken into account.