Author：吴说区块链
Author: Jin Jianzhi
Original link: https://x.com/JianzhiJin/status/2020352607135686944
On February 6, 2026, eight departments, including the People's Bank of China, the National Development and Reform Commission, and the Ministry of Industry and Information Technology, jointly issued the "Notice on Further Preventing and Handling Risks Related to Virtual Currencies" (Yinfa [2026] No. 42, hereinafter referred to as the "Notice"). On the same day, the China Securities Regulatory Commission (CSRC) issued the "Regulatory Guidelines on the Issuance of Asset-Backed Securities Tokens Overseas by Domestic Assets" (hereinafter referred to as the "Guidelines"). Subsequently, relevant officials from the People's Bank of China and the CSRC answered reporters' questions regarding the "Notice," further clarifying the policy direction and implementation requirements.
For a long time, China has maintained a high-pressure, comprehensive ban on financial activities related to blockchain and cryptocurrencies. Against this backdrop, any new policy announcements are generally positive, as things are unlikely to get any worse.
What new information was included in the notice, guidelines, and Q&A session released on February 6th?
1. Stablecoins for the RMB cannot be issued. The offshore RMB stablecoins that everyone tried before have definitely failed. This decision is consistent with our previous understanding: as a highly controlled currency, the attempt to create an uncontrolled stablecoin is seen by the top leadership as facing far more uncertainty than benefits.
2. Real-world asset tokenization cannot be conducted domestically. Real-world asset tokenization, colloquially known as RWA, has always been prohibited in China. Previously, it was practiced covertly in Hong Kong. Now, higher authorities believe it can be done overseas. The China Securities Regulatory Commission (CSRC) provided detailed guidance on how to do this in Announcement No. 1 of 2026. The CSRC's Announcement No. 1 of 2025 was "Opinions on the Application of Securities and Futures Law No. 19 – Application Opinions on Articles 13 and 14 of the
3. The tokenization of real-world assets should be properly conducted overseas. No country or country will turn down money. However, as a responsible major power, even RWAs issued overseas must be of high quality. Those with problematic domestic assets or issuers will not be allowed. Out of responsibility to the global community, we will only issue RWAs with high-quality domestic assets, backed by the China Securities Regulatory Commission (CSRC). This is because issuers must register with the CSRC, submitting registration reports, complete overseas issuance documents, and other relevant materials, fully explaining the information of the domestic registration entity, the underlying assets, and the token issuance plan.
Previously, the China Securities Regulatory Commission (CSRC) regulated the issuance, listing, trading, custody, and settlement of stocks, bonds, funds, futures, and derivatives markets, as well as the business activities of related operating institutions. The fact that it's now regulating RWA indicates that this is no longer an ordinary business that just anyone can participate in. The first compliant offshore asset tokenization deal will undoubtedly belong to Big Player. However, if real-world asset tokenization has lower compliance costs and raises more funds than traditional asset securitization, then our cryptocurrency community will certainly make an indelible contribution to the overall economic development of China.
It looks like a good thing no matter how you look at it.
