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#深度创作营 Compliance will be the only pass for the 2026 RWA track. In this context, how will the RWA track develop?
For the Web3 sector, regulatory policies have always been the key variable influencing industry development. As the core 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 the RWA track in mainland China. It established the core principle of "strictly prohibited domestically, strictly managed overseas," drawing a clear red line for RWA-related activities within the country. According to the policy, all forms of RWA tokenization business are fully prohibited domestically, including the issuance and trading of tokenized traditional assets within China, and the provision of services such as underwriting, custody, and trading matching for RWA tokens by related institutions. Individuals or organizations are also prohibited from participating in RWA token trading domestically. This regulation aims to prevent financial risks that may arise from RWA tokenization and to maintain the stability of the domestic financial market.
Regarding overseas operations, the policy does not impose a blanket ban but clarifies compliant outbound pathways:
Allow domestic assets to be legally exported through a model of "ODI filing + domestic rights confirmation + overseas issuance." That is, domestic enterprises or asset owners must first complete overseas investment filings (ODI), then legally confirm rights to the assets domestically before issuing and trading RWA tokens on compliant overseas Web3 platforms. Additionally, these activities must be subject to transparent supervision by regulatory authorities, ensuring full traceability of fund flows, asset rights confirmation, and transaction processes to prevent cross-border financial risks.
Furthermore, the CSRC explicitly stated 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. Unauthorized issuance and trading of RWA tokens without registration 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:
- 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 an independent third-party custodian to ensure fund security;
- Stablecoins must support redemption within one day to ensure liquidity for users;
- Usage scenarios will be strictly limited to RWA settlement and institutional cross-border payments, prohibiting retail transactions and payments to prevent speculative risks.
Regarding RWA admission standards, Hong Kong regulators clarified the scope of RWA, including bonds, green assets, real estate, private equity, and other mainstream traditional assets, and set out three core requirements:
- Dual confirmation of on-chain and off-chain rights to ensure a one-to-one correspondence between RWA tokens and 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-attribute RWA tokens to be registered with the SEC, and 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 the scope of regulation, specifying compliance requirements for issuance, trading, and custody, and establishing cross-border regulatory cooperation mechanisms to ensure compliant development of RWA businesses within the EU.
From a global regulatory trend, the RWA track's regulation 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 track, 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 dense rollout of global regulatory policies has completely broken this deadlock. For the RWA sector, regulation is not a "shackle" but a "safeguard," capable of eliminating non-compliant and low-quality projects, attracting more high-quality institutions and assets, and pushing the track toward maturity. Traditional institutions should 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 remain vigilant against risks from non-compliant projects and choose compliant, high-quality RWA-related products.
For the Web3 sector, regulatory policies have always been the key variable influencing industry development. As the core 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 the RWA track in mainland China. It established the core principle of "strictly prohibited domestically, strictly managed overseas," drawing a clear red line for RWA-related activities within the country. According to the policy, all forms of RWA tokenization business are fully prohibited domestically, including the issuance and trading of tokenized traditional assets within China, and the provision of services such as underwriting, custody, and trading matching for RWA tokens by related institutions. Individuals or organizations are also prohibited from participating in RWA token trading domestically. This regulation aims to prevent financial risks that may arise from RWA tokenization and to maintain the stability of the domestic financial market.
Regarding overseas operations, the policy does not impose a blanket ban but clarifies compliant outbound pathways:
Allow domestic assets to be legally exported through a model of "ODI filing + domestic rights confirmation + overseas issuance." That is, domestic enterprises or asset owners must first complete overseas investment filings (ODI), then legally confirm rights to the assets domestically before issuing and trading RWA tokens on compliant overseas Web3 platforms. Additionally, these activities must be subject to transparent supervision by regulatory authorities, ensuring full traceability of fund flows, asset rights confirmation, and transaction processes to prevent cross-border financial risks.
Furthermore, the CSRC explicitly stated 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. Unauthorized issuance and trading of RWA tokens without registration 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:
- 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 an independent third-party custodian to ensure fund security;
- Stablecoins must support redemption within one day to ensure liquidity for users;
- Usage scenarios will be strictly limited to RWA settlement and institutional cross-border payments, prohibiting retail transactions and payments to prevent speculative risks.
Regarding RWA admission standards, Hong Kong regulators clarified the scope of RWA, including bonds, green assets, real estate, private equity, and other mainstream traditional assets, and set out three core requirements:
- Dual confirmation of on-chain and off-chain rights to ensure a one-to-one correspondence between RWA tokens and 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-attribute RWA tokens to be registered with the SEC, and 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 the scope of regulation, specifying compliance requirements for issuance, trading, and custody, and establishing cross-border regulatory cooperation mechanisms to ensure compliant development of RWA businesses within the EU.
From a global regulatory trend, the RWA track's regulation 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 track, 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 dense rollout of global regulatory policies has completely broken this deadlock. For the RWA sector, regulation is not a "shackle" but a "safeguard," capable of eliminating non-compliant and low-quality projects, attracting more high-quality institutions and assets, and pushing the track toward maturity. Traditional institutions should 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 remain vigilant against risks from non-compliant projects and choose compliant, high-quality RWA-related products.
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