Caixin: Document No. 42 sets the tone for "strict regulation of overseas RWA," China International Capital Corporation Hong Kong has already explored cooperation with public chains and exchanges
PANews February 21 News, according to Caixin.com, just after the release of Document No. 42, “Notice on Further Preventing and Disposing of Risks Related to Virtual Assets,” the team at CICC Hong Kong has been engaging with major public blockchains and exchanges to explore business cooperation opportunities. Some blockchain project leaders have also expressed a desire to collaborate with relevant investment banks and intermediary institutions to explore business opportunities. Ant and JD.com have both shown high concern regarding policy changes.
According to related reports, Hong Kong is one of the offshore issuance locations for RWA. Industry insiders familiar with regulations stated that RWA based on assets in Hong Kong does not fall under the regulatory scope of Document No. 42 and is not under the jurisdiction of domestic regulatory authorities. Currently, there are no underlying assets based on domestic securities or funds in China Hong Kong or other offshore RWA. If there are, they are under the responsibility of the China Securities Regulatory Commission’s Institutional Department. Additionally, “Originally, all were not allowed. Now, it’s not said that ‘all are not allowed,’ but strict regulation of outbound RWA based on domestic assets is in place. There is no ‘encouragement’ here; it should not be interpreted as ‘promoting development’ or ‘rapid expansion,’ but as ‘strict regulation.’”
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