China to Overhaul Digital-Asset Rules, Tighten Oversight of RWA Tokenization
Summary
- China said it plans to overhaul its digital-asset regulatory framework and tighten oversight of real-world asset (RWA) tokenization.
- The report said China will improve its virtual-asset regulatory policy framework and strengthen investigations and analysis of groups involved in illegal foreign-exchange transactions and fund transfers related to virtual assets.
- It also said the government will build a standing enforcement system targeting digital-asset mining and is shifting the nature of the digital yuan from cash to deposit money.
Forecast Trend Report by Period
China plans to overhaul its digital-asset regulatory framework and tighten oversight of real-world asset, or RWA, tokenization.
A State Council financial work report released on Nov. 7 said People’s Bank of China Governor Pan Gongsheng submitted the document at the 25th meeting of the Standing Committee of the 14th National People’s Congress on Nov. 3.
The report said China will improve its regulatory policy framework for virtual assets and strengthen investigations and analysis of organizations involved in illegal foreign-exchange activity and fund transfers tied to virtual assets.
It also said the government will establish a standing enforcement mechanism to crack down on digital-asset mining and tighten supervision of RWA tokenization.
The report also addressed a shift in the role of the digital yuan, saying it is being transformed from cash into deposit money.
Uk Jin
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