China's RWA Regulatory Framework Officially Released: Interpretations and Outlook On Feb. 6, 2026, the PBOC and seven agencies issued Yin Fa [2026] No. 42 on virtual currency risks, while the CSRC released rules on offshore issuance of asset-backed tokenized securities backed by onshore assets. RWA is defined as tokenizing asset rights via cryptography and DLT. Onshore RWA is generally banned unless approved; offshore RWA requires strict compliance, CSRC filing, and disclosure. Stablecoins are seen as having legal tender–like functions, posing FX risks. Oversight is divided among NDRC, CSRC, and SAFE, with offshore RWA by domestic institutions under unified risk control. Read more