Caixin: RWA related to foreign debt will be regulated by the National Development and Reform Commission, while equity and asset securitization RWA will be overseen by the China Securities Regulatory Commission.

Odaily Planet Daily reports that Caixin Online published an article titled “Chinese Government Allows Domestic Assets to Issue RWA Overseas and Announces Regulatory Framework,” which states that: The issuance of RWA (Real-World Asset Tokenization) from domestic assets to overseas markets will no longer be a gray area. Regulatory authorities believe that external debt RWA, equity RWA, and asset securitization RWA should be regulated in accordance with the principles of “same business, same risk, same rules,” and should be regulated similarly to traditional financing activities corresponding to these three categories, in compliance with laws and regulations. Therefore, external debt RWA will be regulated by the National Development and Reform Commission; equity RWA and asset securitization RWA will be regulated by the China Securities Regulatory Commission. Like traditional overseas financing activities, overseas RWA also involves the repatriation of funds raised abroad and is supervised by the State Administration of Foreign Exchange. Other forms of RWA will be regulated by the CSRC in conjunction with relevant departments according to their responsibilities.

In short, external debt RWA, equity RWA, asset securitization RWA, and other forms of RWA— the first three categories correspond to traditional overseas financing activities, where corporate external debt is reviewed and registered by the NDRC, stock issuance is reviewed by the “Stock Exchange and registered by the CSRC,” and asset securitization is reviewed by the Stock Exchange. All other cases outside these three categories are classified as the fourth type.