CSRC Issues Regulatory Guidelines on Overseas Tokenization of Domestic RWA Assets with Strict Filing Requirements

On Feb. 7, the China Securities Regulatory Commission released document [2026] No.1, a regulatory guideline on overseas issuance of asset-backed security tokens based on domestic assets, which takes effect immediately, BlockBeats reports. The guideline classifies tokenized products linked to domestic assets and issued offshore, particularly RWA-style asset-backed security tokens, as activities subject to "strict supervision" to curb speculation, cross-border risks and illegal financial activities, and requires compliance with cross-border investment, foreign exchange, cyber and data security rules, including necessary approvals, filings or security reviews. It defines such tokens as crypto- or DLT-based certificates issued overseas that are backed by cash flows from domestic assets or related rights, and explicitly bans issuance involving assets or entities barred from capital market financing, those deemed potentially harmful to national security by State Council departments, parties with certain criminal records in the past three years, parties under ongoing criminal or major violation investigations, assets with major ownership disputes or legal transfer restrictions, and cases falling under the negative list for domestic asset securitization. The CSRC will require the onshore entity that effectively controls the underlying assets to file with the CSRC before launching any related business and submit a filing report and complete set of overseas issuance documents detailing the filer, underlying assets and token issuance plan, and will refuse filings that do not meet the guideline, while obliging filers to promptly report any major subsequent developments.