CSRC Issues Regulatory Guidelines on Overseas Issuance of ABS Tokens Based on Domestic Assets

On February 6, 2026, China Securities Regulatory Commission (CSRC) issued Regulatory Guidelines on Overseas Issuance of Asset-Backed Securities Tokens Based on Domestic Assets (CSRC Announcement [2026] No. 1) (the “Guidelines”), effective as of the date of promulgation.

The Guidelines define relevant activities as the overseas issuance of tokenized equity certificates backed by domestic assets or related rights cash flows, utilizing cryptographic technology and distributed ledgers, and require strict compliance with regulations on cross-border investment, foreign exchange management, network and data security, and the fulfillment of approval, filing, or security review procedures. The Guidelines specify that related business activities must not be carried out under certain prohibited circumstances, and stipulate that domestic entities actually controlling underlying assets must file with the CSRC, submitting a filing report and the complete set of overseas issuance documents to ensure materials are authentic, accurate, and complete. After filing, any completion of overseas issuance or occurrence of major risks must be reported in a timely manner. The CSRC will conduct supervision in accordance with laws and regulations, and advance cross-border regulatory cooperation and information sharing.