China tightens stance on RWA tokenization and offshore yuan stablecoins, reiterates crypto ban

China's central bank and several key state regulators issued a joint notice reaffirming that all cryptocurrency activity remains illegal in the mainland. The notice explicitly expanded enforcement to cover Real-World Asset (RWA) tokenization and the issuance of offshore stablecoins pegged to the renminbi without regulatory approval. The regulators stated that speculative crypto activity, including RWA tokenization, has disrupted financial order. The directive reiterates that all cryptocurrencies lack fiat status and bars domestic entities or their offshore subsidiaries from issuing virtual currencies abroad without consent. Furthermore, RWA tokenization conducted overseas based on domestic rights must adhere to 'same business, same risk, same rules' supervision, requiring relevant approvals.

(Source：The Block)