Overview
- A joint circular from eight agencies repeals the 2021 notice and broadens prohibitions, reaffirming the ban on cryptocurrency trading, exchanges and ICOs, and extending restrictions to unauthorised RWA activity and related advertising.
- Onshore tokenisation of real-world assets remains prohibited, and any sanctioned domestic activity is confined to state‑designated financial infrastructure.
- The CSRC’s Document No. 1 (2026) sets a filing regime for cross‑border issuance of tokenised securities backed by domestic assets, including extensive disclosures and a negative list of barred asset types.
- Domestic firms and offshore entities under their control are barred from issuing virtual currencies overseas without approval, and yuan‑pegged stablecoins are prohibited without authorisation.
- Investors lifted select Hong Kong and mainland RWA‑linked stocks as brokers framed the shift as a narrow, compliance‑led opportunity that could benefit banks and tech providers able to meet the new requirements.