On February 6, 2026, China's financial regulatory system simultaneously released two highly significant policy documents: the "Notice on Further Preventing and Disposing of Risks Related to Virtual Currency and Other Matters" (Yin Fa [2026] No. 42) jointly issued by the People's Bank of China and seven other ministries, and the "Regulatory Guidelines on the Overseas Issuance of Asset-Backed Security Tokens by Domestic Assets" concurrently introduced by the China Securities Regulatory Commission (CSRC).

Centered on the core design philosophy of "Rational Romanticism," the upgrade achieves a complete reconstruction across four dimensions: perception, texture, color, and space.

Beijing Business Today: Hong Kong Stablecoin License Review Nears Conclusion, Industry Reminds of Mainland Regulatory Policy Differences; White House Advisor and Former House Financial Services Committee Chairman: Crypto Market Structure Bill Could Pass by End of May.

Providing more scalable infrastructure support for trading, liquidity management, and DeFi application scenarios.

Tencent Finance: A fund based in Hong Kong began buying the dip starting February 6; Morgan Stanley Analyst: Two mining companies are expected to rise over 150% within a year.

Eight departments, including the People's Bank of China, jointly issued regulatory provisions concerning virtual currency and the tokenization of real-world assets (RWA): The People's Bank of China, the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Public Security, the State Administration for Market Regulation, the National Financial Regulatory Administration, the China Securities Regulatory Commission, and the State Administration of Foreign Exchange issued the "Notice on Further Preventing and Disposing of Risks Related to Virtual Currency, etc." (Yin Fa [2026] No. 42) (hereinafter referred to as "Document No. 42").

ERC-8004 does not define new assets nor alter how transactions or payments are executed. Instead, it attempts to establish a permission model for on-chain behaviors that can be understood and validated by the system, turning authorization itself into an object that is describable, constrainable, and manageable.

While the crypto market continues to fluctuate in search of consensus, RWA is quietly approaching a critical point of industrialization. Moving from the on-chain restructuring of financial assets towards the capital connection of real production, the next step is: who will be the first to bring dormant assets into the global financial system?

Hong Kong Monetary Authority: Received 36 Stablecoin License Applications, Plans to Issue First Batch of Stablecoin Issuer Licenses in March; SEC Chair and CFTC Chair Launch Project Crypto to Unify Crypto Regulation.

The crypto industry is undergoing a brutal "species evolution," regressing from disruptor to dependent, shifting from creating assets to merely transporting them.

As an innovative product bridging traditional financial markets and the crypto derivatives system, stock contracts are reshaping the on-chain trading landscape at an astonishing pace.

Precious metals such as gold and silver are reclaiming a central position in asset allocation.

When assets migrate on-chain, what is truly redistributed is not the assets themselves, but the control over value formed around issuance and distribution.

By 2026, the privacy track will be an essential path for Web3 to evolve into a mature financial system.

Hong Kong Expected to Issue Stablecoin Licenses Later This Year; South Korea Considering Allowing Domestic Institutions to Issue Virtual Assets, Stablecoins Remain Controversial.

Against the backdrop of real-world asset tokenization becoming a focal point of financial innovation, "equity tokenization" is seen as a key mechanism to break the liquidity deadlock in the private market. This report focuses on the tokenization of underlying equity in non-listed companies (especially unicorns), aiming to clarify the evolutionary logic of this sector from early speculation to compliant infrastructure by analyzing the current market landscape, implementation pathways, and key challenges.