Caixin: Foreign debt RWAs will be regulated by the National Development and Reform Commission (NDRC), while equity and asset securitization RWAs will be regulated by the China Securities Regulatory Commission (CSRC).

Caixin.com published an article titled "China Announces Regulatory Framework for Allowing Domestic Assets to Issue RWAs Overseas," which states that the issuance of RWAs (Real-World Asset Tokenization) overseas by Chinese domestic assets will no longer be a gray area. Regulatory authorities believe that foreign debt RWAs, equity RWAs, and asset securitization RWAs should be regulated according to the principle of "same business, same risk, same rules," referring to the same legal and regulatory oversight as their corresponding traditional financing businesses. Therefore, foreign debt RWAs are regulated by the National Development and Reform Commission (NDRC); equity RWAs and asset securitization RWAs are regulated by the China Securities Regulatory Commission (CSRC). Similar to traditional overseas financing businesses, overseas RWAs also involve the repatriation of funds raised overseas, which is regulated by the State Administration of Foreign Exchange (SAFE). Other forms of RWAs are regulated by the CSRC in conjunction with relevant departments according to their respective responsibilities. In short, there are three types of RWA: foreign debt RWA, equity RWA, asset securitization RWA, and other forms of RWA. The first three correspond to the traditional overseas financing business, where corporate foreign debt is reviewed and registered by the National Development and Reform Commission, stock issuance is reviewed by the stock exchange and registered by the China Securities Regulatory Commission, and asset securitization is reviewed by the stock exchange. All other situations are classified as the fourth type.