#深度创作营 Compliance will be the only pass for the RWA track in 2026. In this context, how will the RWA track develop?

For the Web3 sector, regulatory policies have always been the core variable influencing industry development. As the key vehicle connecting traditional finance and Web3, the regulation of RWA has attracted global attention. In February 2026, mainland China, Hong Kong, and major economies worldwide introduced RWA-related regulatory policies, clarifying the compliance boundaries of the track and ending the long-standing "regulatory ambiguity." Today, we will comprehensively analyze these major policies and see how the RWA track will develop in the era of compliance.

1. "Strictly Prohibited Domestically, Strictly Managed Overseas"

On February 6, 2026, the People's Bank of China, the China Securities Regulatory Commission, and six other departments jointly issued the "Notice on Regulating Business Related to Real-World Asset Tokenization," marking the first comprehensive regulatory policy targeting RWA in mainland China. It established the core principle of "strict prohibition domestically, strict management abroad," drawing a clear red line for RWA-related activities within the country. According to the policy, all forms of RWA tokenization activities are fully prohibited domestically, including the issuance and trading of tokenized traditional assets within China, and related institutions are banned from underwriting, custodianship, and trade matching of RWA tokens. Individuals or organizations are also prohibited from participating in RWA token trading domestically. This regulation aims to prevent financial risks associated with RWA tokenization and maintain the stability of the domestic financial market.

Regarding overseas activities, the policy does not outright ban them but clarifies compliant pathways:
Allow domestic assets to go overseas through a "ODI filing + domestic rights confirmation + overseas issuance" model. That is, domestic enterprises or asset providers must first complete overseas investment filings (ODI), legally confirm rights over assets domestically, and then issue and trade RWA tokens on compliant overseas Web3 platforms. Additionally, these activities must be subject to transparent supervision by regulatory authorities, ensuring traceability of fund flows, asset rights confirmation, and transaction processes to prevent cross-border financial risks.

Furthermore, the CSRC explicitly states in policy interpretations that RWA tokens possess securities attributes, especially equity-type and ABS-type RWA tokens, which must be registered in accordance with securities laws and regulations. Unregistered RWA token issuance and trading are considered violations.

2. Implementation of the First Batch of Regulatory Rules

As a global hub of Web3 innovation, Hong Kong announced the "Stablecoin Regulatory Rules" and "RWA Admission Standards" on February 21, 2026, clarifying compliance requirements for stablecoins and RWA. It also announced that the first batch of stablecoin licenses and RWA-related business licenses would be issued in March, marking Hong Kong's RWA track entering the "compliance and standardization" development phase.

The stablecoin regulation is particularly strict:
- Stablecoin issuers must hold sufficient reserve assets, with a reserve ratio of 100%, limited to fiat currency, sovereign bonds, and other low-risk assets;
- Reserve assets must be held by independent third-party custodians to ensure fund safety;
- Stablecoins must support redemption within one day to ensure liquidity for users;
- The use cases for stablecoins will be strictly limited to RWA settlement and institutional cross-border payments, prohibiting retail transactions and payments to prevent speculation risks.

Regarding RWA admission standards, Hong Kong regulators have defined the scope of RWA to include bonds, green assets, real estate, private equity, and other mainstream traditional assets, with three core requirements:
- Dual confirmation of on-chain and off-chain rights to ensure RWA tokens correspond one-to-one with real assets, avoiding asset forgery;
- Introduction of AI risk control technology for real-time monitoring and assessment of RWA asset risks to reduce credit risks;
- RWA issuers must possess relevant asset management capabilities and compliance qualifications to ensure legal and compliant operations.

3. Compliance Becomes the Mainstream of RWA Development

Besides mainland China and Hong Kong, major global economies such as the United States and the European Union also introduced RWA-related regulatory guidelines in early 2026, gradually improving the regulatory framework for the RWA track.

The U.S. SEC clarified the securities regulation standards for RWA tokens, requiring all securities-attributes RWA tokens to be registered with the SEC. It also strengthened supervision of RWA trading platforms to prevent fraud and market manipulation. The EU, through revisions to the "Markets in Crypto-Assets Regulation" (MiCA), included RWA tokens within its regulatory scope, clarifying compliance requirements for issuance, trading, and custody, and establishing cross-border regulatory cooperation mechanisms to ensure compliant development of RWA activities within the EU.

From a global regulatory trend, the regulation of the RWA track is shifting from "vague and unclear" to "clear and standardized." Compliance has become the only pass for institutional entry. The implementation of regulatory policies not only helps prevent financial risks but also provides guarantees for the long-term healthy development of the RWA sector, promoting scalable and high-quality growth.

Conclusion
For a long time, regulatory ambiguity has been the core bottleneck restricting the development of the RWA track. Since 2026, the intensive implementation of global regulatory policies has completely broken this deadlock. For the RWA sector, regulation is not a "shackle" but a "safeguard vessel" that can eliminate non-compliant, low-quality projects, attract more high-quality institutions and assets, and drive the sector toward maturity. Traditional institutions need to strictly follow local regulatory policies and participate in the RWA track through compliant channels; Web3 entrepreneurs should focus on compliant innovation, developing products and services aligned with regulatory requirements; investors should be vigilant about the risks of non-compliant projects and choose compliant, high-quality RWA-related products.