China Issues Regulatory Guidance on Offshore RWA Token Issuance Backed by Onshore Assets

China's securities regulator released the 2026 No.1 announcement titled "Regulatory Guidelines on Offshore Issuance of Asset-Backed Security Tokens Backed by Domestic Assets," defining oversight responsibilities for different types of real-world asset (RWA) tokens, Caixin reported on February 7. Under the guidance, foreign-debt type RWA will fall under the National Development and Reform Commission, while equity-based RWA and asset-securitization RWA will be regulated by the China Securities Regulatory Commission, and issues related to repatriation of funds raised offshore will be overseen by the State Administration of Foreign Exchange. The guidelines state that other RWA structures will be supervised by the CSRC together with relevant agencies based on their mandates, and some analysts cited by the report argue that using licensed Hong Kong exchanges for token-based financing with equity as underlying assets aligns more closely with China's strategic objectives.