The basic framework for China's future regulation in the crypto sector has been established:

1. Complete Ban on Virtual Currencies: Ten government departments jointly issued a document classifying virtual currencies and RWA-related activities as illegal financial activities. There will be ongoing high-pressure crackdowns, and any domestic services or promotions are strictly prohibited. RMB stablecoins are also explicitly banned.
2. RWA Opens Only a "Narrow Gap": The China Securities Regulatory Commission (CSRC) issued the "Guidelines for the Regulation of Asset-Backed Securities (ABS) Issued Overseas Using Domestic Assets," allowing the issuance of securities tokens overseas backed by cash flows from domestic assets. However, registration with the CSRC is required, and currently, it is mainly open to state-owned enterprises, with private companies and individuals finding it very difficult to participate.
3. Regulatory Authority Reverts to the CSRC: Similar to the U.S. SEC, the CSRC is responsible for filing and supervising asset-backed securities tokens issued abroad. Unauthorized issuance is considered illegal.

Virtual currencies remain fully banned, RWA is only accessible through a "compliance channel," which is extremely narrow and has very high entry barriers. This is not a game for ordinary players but a compliance pathway for national teams going overseas. China is participating in the global asset tokenization competition in its own way, but the rules are entirely set by itself.

If you're an institution, first check if you have "filing eligibility"; if you're an individual, it's recommended to stay away from related speculation to avoid risks. $ONDO