Caixin: Foreign Debt-Type RWA to be Regulated by NDRC; Equity-Type and Asset Securitization-Type RWA to be Regulated by CSRC

Odaily News Caixin published an article titled "Chinese Government Allows Onshore Assets to Issue RWA Offshore, Regulatory Framework Announced," which points out: The issuance of RWA (Real World Asset Tokenization) offshore by Chinese onshore assets will no longer be a gray area. Regulatory authorities believe that foreign debt-type RWA, equity-type RWA, and asset securitization-type RWA should be regulated in accordance with the principle of "same business, same risk, same rules," referring to the corresponding traditional financing businesses for these three scenarios. Therefore, foreign debt-type RWA will be regulated by the National Development and Reform Commission (NDRC); equity-type RWA and asset securitization-type RWA will be regulated by the China Securities Regulatory Commission (CSRC). Similar to traditional offshore financing businesses, offshore RWA also involves the repatriation of funds raised offshore to onshore, which will be regulated by the State Administration of Foreign Exchange (SAFE). Other forms of RWA will be regulated by the CSRC in conjunction with relevant departments according to their respective responsibilities.

In short, for foreign debt-type RWA, equity-type RWA, asset securitization-type RWA, and other forms of RWA, the first three correspond to traditional offshore financing businesses: corporate foreign debt is reviewed and registered by the NDRC, stock issuance follows "exchange review, CSRC registration," and asset securitization is reviewed by exchanges. All other scenarios beyond these three are categorized as the fourth type.