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PBOC (China central bank) and CSRC (China securities regulator) unveil China’s RWA (real-world assets) framework

According to Feb. 6, 2026 notices, PBOC (China central bank) issued Yin Fa [2026] No. 42 on virtual currency risks, and CSRC (China securities regulator) released rules for offshore issuance of asset‑backed tokenized securities (blockchain-based asset tokens).

VIRTUAL

Summary

On Feb. 6, 2026, the People’s Bank of China, or PBOC (China central bank), alongside seven agencies, issued circular Yin Fa [2026] No. 42 addressing virtual currency risks. The China Securities Regulatory Commission, or CSRC (China securities regulator), released rules governing offshore issuance of asset‑backed tokenized securities (blockchain-based asset tokens). Together, these actions were presented as the official release of China’s regulatory framework for RWA (real‑world assets).

Terms & Concepts
  • RWA (real-world assets): Traditional assets—such as bonds, credit claims, or real estate—represented and managed as tokens on a blockchain.
  • Tokenized securities (blockchain-based asset tokens): Regulated financial instruments recorded as tokens on a blockchain, enabling on-chain issuance, transfer, and settlement.
  • Tokenization (converting assets to blockchain tokens): The process of representing ownership or claims to an asset as digital tokens on a blockchain for programmability and settlement efficiency.