Caixin: Document No. 42 sets the tone for "strict control over overseas RWA"; CICC Hong Kong has already discussed cooperation with public blockchains and exchanges.
PANews reported on February 21 that, according to Caixin.com, just over the weekend that Document No. 42, "Notice on Further Preventing and Handling Risks Related to Virtual Assets," was released, CICC Hong Kong's team had already been in contact with major public blockchains and exchanges to explore business cooperation opportunities. Some public blockchain leaders also expressed their desire to explore business opportunities with relevant investment banks and other intermediaries. Ant Group and JD.com have both expressed high concern about the policy changes.
Related reports indicate that Hong Kong is one of the offshore issuance locations for RWAs. Sources familiar with the regulations stated that RWAs with Hong Kong assets as underlying assets are not within the scope of Regulation 42 and are not under the jurisdiction of domestic regulatory authorities. Currently, there are no RWAs with underlying assets in Hong Kong or other offshore locations based on domestic securities or funds. If such RWAs exist, they would be under the jurisdiction of the Institutional Department of the China Securities Regulatory Commission (CSRC). Furthermore, "Previously, it was completely prohibited. Now, it's not said 'completely prohibited,' but there is strict regulation of RWAs with domestic assets exported overseas. This does not imply 'encouragement,' and should not be interpreted as 'promoting development' or 'rapid expansion,' but rather as 'strict regulation.'"
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