According to Caixin reports, foreign debt-related RWA falls under the supervision of the National Development and Reform Commission (NDRC); equity-related RWA and asset securitization-related RWA are regulated by the China Securities Regulatory Commission (CSRC). Similar to traditional overseas financing activities, overseas RWA also involves the issue of funds raised abroad being remitted back to China, which is overseen by the State Administration of Foreign Exchange (SAFE). Other forms of RWA are jointly regulated by the CSRC and relevant departments based on their respective responsibilities. Analysts point out that issuing tokens for financing through licensed exchanges in Hong Kong aligns better with China's strategic goals. Currently, the Hong Kong Stock Exchange holds exclusive rights to the Hong Kong stock market, and it should also open up licensed cryptocurrency exchanges to conduct token trading based on equity as the underlying asset. https://www.(wublock123.com)/index.php?m=content&c=index&a=show&catid=6&id=56366