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2026-02-10 16:25:58 Last Friday (6th), eight Chinese central government departments jointly issued the “Notice on Further Preventing and Handling the Risks of Virtual Currency” (Yinfa Document No. 42), CMBI said in a report. On the same day, the China Securities Regulatory Commission implemented the “Regulatory Guidelines on the Issuance of Asset-Backed Securities Tokens for Domestic Assets Abroad”, marking the first time that regulations have positively defined Real World Asset (RWA) and provided a clear regulatory framework. CMBI believed this regulation has three major implications. First, it distinguishes business forms between virtual currency and RWA, clearly defining RWA and establishing a record-based regulatory framework for the overseas tokenization of domestic assets. It allows domestic entities and overseas subsidiaries of domestic financial institutions to compliantly promote RWA financing abroad. Second, regulation is enforced based on the classification of RWA underlying assets. The regulation stated that domestic entities conducting RWA business abroad should adhere to the principle of “same business, same risk, same rules”, applying corresponding compliance regulation akin to traditional financing business. The classifications include foreign debt RWA, equity RWA, asset securitization RWA, and other forms of RWA. Third, as a global digital asset center, Hong Kong is anticipated to be the first to benefit from the incremental demand for quality asset outflows from China, promoting Hong Kong's RWA sector from innovative trials to a stage of normalization and scaling. Among institutions that can provide compliant listing, custody, and trading clearing services abroad, licensed Virtual Asset Trading Platforms (VATP) in Hong Kong are expected to become core participants in the industry chain. The broker believed that beneficiaries of the expanded overseas RWA financing channels include two tiers: “T1” beneficiaries include (1) financial infrastructure and service providers such as YUSYS TECHNOLOGIES (300674.SZ), LONGSHINE (300682.SZ), and SUNLINE TECH (300348.SZ); (2) overseas subsidiaries of brokers with cross-border securitization experience such as CITIC SEC (06030.HK), HTSC (06886.HK), BOC HONG KONG (02388.HK), and GUOTAI JUNAN I (01788.HK); and “T2” beneficiaries include Hong Kong licensed VATP brokerages and trading platforms such as Futu (FUTU.US), Up Fintech Holding (TIGR.US), HASHKEY HLDGS (03887.HK), and OSL GROUP (00863.HK). ~ AASTOCKS Financial News Website: www.aastocks.com | |