Strictly cracking down on #虚拟货币 , why is the asset token allowed?

Yesterday, Chinese regulatory authorities issued two regulatory documents. The first one is a joint effort by eight ministries to strengthen the regulation of virtual currencies, and the second one is the regulatory document released by the Securities Regulatory Commission regarding asset-backed securities tokens issued abroad.

These two documents seem contradictory, but the logic is very clear: strictly crack down on "currencies," and allow "assets."

The document from the eight ministries targets virtual currencies and stablecoins, with the core focus on preventing speculation, preventing capital outflow, and preventing currency sovereignty risks, thus continuing high pressure and even expanding the scope of the crackdown.

The Securities Regulatory Commission allows domestic assets to issue asset-backed securities tokens abroad, which are essentially securitized products supported by real cash flows, not just freely issuing tokens, and certainly not tools for speculating on currencies. The premise is recording, disclosure, and compliance, all within the regulatory framework.

Why open this door?

The core logic has three points:

First, this is "asset securitization on-chain," not "liberalizing virtual currencies."

The regulatory authorities are well aware that the world is promoting RWA, which essentially allows dollar assets to siphon off global liquidity through blockchain. Given this, Chinese assets can also utilize on-chain tools to obtain foreign funds, but the premise is controllable, recordable, and traceable. This is completely different from stablecoins; stablecoins involve currency substitution, while ABS tokens are merely financing tools.

Second, this is an extension of revitalizing existing assets.

China has been promoting REITs, ABS, and infrastructure securitization, all essentially aimed at "bringing future cash flows forward." If securities tokens can be issued abroad, it can attract global liquidity, lower issuance costs, and enhance trading efficiency, then it is merely a technical upgrade of traditional securitization, not a reconstruction of the financial order.

Third, this is a pilot-style refined regulation, not a comprehensive opening.

From the perspective of the recording system, information disclosure, foreign exchange restrictions, etc., the scale will not be too large in the short term, more like a controllable window.

The regulatory stance is very clear: illegal speculation will be resolutely cracked down on, and compliant financing will be moderately experimented with.

Therefore, the statement "Bitcoin surged because China liberalized RWA token issuance" is actually an excessive interpretation of market sentiment. China has not liberalized virtual currencies, nor has it liberalized stablecoins; it has only allowed certain real assets to be securitized on-chain under a strict regulatory framework.